Trump betrays people he swore to protect

It is amazing that Trump claims corporate America has the highest tax rate in the world.

While that is true on paper, the effective tax rate for corporate America is about 14.5 percent (the actual rate of tax paid).

Additionally, one in five of America’s largest corporations pay no tax at all. They have millions of dollars in their accounts, and they have billions of untaxed dollars being held in foreign accounts.

Those foreign held accounts would be returned to the U.S. and possibly taxed, then use to spur on the economy.

The last time corporate taxes were reduced, the tax benefits were used to increased CEO salaries, employee bonus, stock buy backs to increase the corporate value and produced greater dividends for the largest and wealthiest shareholders.

This is what your tax plan does:

n Households making more than $5 million get an average tax cut of $300,000 while those making less than $75,000 get a tax hike. giving the top 1 percent a huge tax break.

n Slashing funding for Social Security, Medicare and gutting children’s health care.

n Eliminates the deduction for student loans interest, and taxing graduate student tuition payments for universities work to complete their advanced degrees.

n Making permanent tax cuts for the wealthy and corporations and cuts for all other temporary.

You have not guaranteed the tax relief to corporations and wealth will be used to stimulate the economy.

Merry Christmas, corporate America.

Gary L. Schetrompf

Portage

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