Opinion

Do the math on Trump's tax plan

Posted November 27, 2017 12:00 am

I calculated the impact of Trump's tax plan on my taxes. My federal income taxes will go up $2,200. I'm retired, and one of the key reasons for my tax increase is that Trump will eliminate the deductions for medical expenses, i.e., premiums for health, dental and long-term-care insurance, as well as for out of pocket medical expenses.

After deliberately sabotaging and destabilizing the health insurance markets, Trump will also increase taxes by eliminating one of our most important deductions. Nothing like a one-two punch to our standard of living. This is unconscionable.

So who benefits from all of this? The key beneficiaries are the wealthiest people in the country and large corporations. These groups will see tax reductions.

Besides retirees, who else will be losers? Our grandchildren. Why? Trump and the Republicans will increase the federal deficit by $1.5 trillion.

Our grandchildren will need to repay this debt. Another unconscionable act from so-called fiscal conservatives.

Don't let Trump and the Republicans con you. Do the math. There are online calculators to help you see the effect of this destructive plan on your own taxes.

Kevin O'Neill

Aurora

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