Trump tax plan serves only the wealthy

I vehemently oppose Trump's tax plan. The Institute on Taxation and Economic Policy estimated that the top 1 percent of Americans would get 67 percent of the benefits. That comes to $90,000 apiece, compared to an average tax cut of $240 for the bottom 60 percent of Americans.

Elimination of the state and local tax deduction along with the personal exemption is totally unacceptable. Even if the standard deduction is increased as proposed, I would end up paying more federal income tax, as would many other Illinois residents.

Regarding the cost of the tax plan, there is no way that the tax cuts will pay for themselves via an improving economy, which is absurdly optimistic. We can't afford to increase the federal debt just to benefit the top 1 percent of wealthy Americans. And I sure don't want to pay more in taxes just to give that top 1 percent a tax break.

Also, if Trump thinks that reducing corporate taxes will encourage U.S. corporations to invest in America, he's sadly mistaken. Companies such as Apple will not build a single factory in America to manufacture their products. They will continue to manufacture offshore in the LCC (Lowest Cost Country) that gives them the biggest profit margin.

And who benefits more than Trump and all of his wealthy friends from the elimination of the estate tax? What a joke this proposition is on the average American taxpayer.

As far as I'm concerned, forget about tax reform as currently proposed. It just will not produce any of the results that Trump imagines it will, except for the gift that he is trying to give himself with the elimination of the estate tax.

Stan Rozycki

Hawthorn Woods