Letter: Critics have the wrong idea about 2017 tax cut legislation
To paraphrase Ronald Reagan, here we go again, now referring to the lies coming from the media, Democrats and opinion writers. The 2017 Tax Cuts and Jobs Act created tax cuts for every bracket, with the largest cuts going to low- and middle-income taxpayers. At the same time, it brought in record tax revenue.
People should stop relying on the mainstream media and look for the truth on their own. It is very easy to find the true story by looking at the Statistics of Income Report published by the IRS. It details the percentage of tax decrease for every tax bracket.
There are new deductions in the new bill that I don't see anyone writing about, like no tax on tips, overtime and Social Security payments and deducting car loan interest on vehicles built in America. I don't think there are any millionaires or billionaires who will be able to take advantage of these new tax cuts, I'm just saying.
The Republicans are not cutting Medicaid benefits, they are trying to cut waste, fraud and abuse. Some of the things they are going to cut are removing over 1 million illegals immigrants, instituting work requirements for able-bodied people, stopping double payments and other fraud. President Donald Trump's favored nation drug plan will also reduce Medicaid costs.
It truly is the golden age of America, and everyone who keeps criticizing the president should just enjoy the new America.
Dennis Wasser
Windsor Township
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fox News
12 minutes ago
- Fox News
'He's not a big factor': Trump's Senate allies dismiss Elon Musk's calls to 'kill the bill'
Elon Musk's diatribe against President Donald Trump's "one big, beautiful bill" continued Wednesday as Senate Republicans embarked on their own course to tweak and reshape the gargantuan legislative package. The former head of the Department of Government Efficiency (DOGE) rehashed a similar talking point from his takedown of a previous House GOP government funding bill in December, which, after his input, was gutted and reworked. The nation's debt sits at over $36 trillion, according to FOX Business' National Debt Tracker. "Call your Senator, Call your Congressman," Musk said among a flurry of posts on X. "Bankrupting America is NOT ok! KILL the BILL." Though Musk's continued tirade against the bill sent House Republicans into a tizzy, on the other side of the Capitol, senators were busy hashing out the finer points of the legislation. This time around, Musk, who just ended his four-month tenure as a special government employee rooting out waste, fraud and abuse, may not have the same level of impact, given that senators want their chance to shape the bill. "I mean, if Elon was going to give me advice on how to get to the moon, I'd listen," said Sen. Kevin Cramer, R-N.D. "You know, if he was going to give me advice on how to raise several billion dollars from other billionaires, I'd listen." "But… he doesn't govern, you know, and so, to be honest, Elon, he's not that big a factor," he continued. "I know he's a glamorous sort of celebrity, but he's not a big factor." Cramer's comments came after Senate Republicans heard from the chairs of the Senate Banking, Armed Services and Commerce committees on how they would approach their respective portions of the megabill in a closed-door meeting. After that meeting, members of the Senate Finance Committee, which will handle the tax portion of the package, met with Trump later to shore up support for the tax package. Sen. Roger Marshall, R.-Kan., said that the president's main message during the meeting was to "pass the damn bill" with as few changes as possible. When asked if Trump seemed concerned about Musk's impact on the bill's fate, the lawmaker said "absolutely not." "It was almost laugh— more of a laughing conversation for 30 seconds," he said. "It was very much in jest and laughing, and I think he said something positive about Elon, appreciating what he did for the country." Congressional Republicans intend to use the budget reconciliation process to skirt the Senate filibuster, meaning they do not need Senate Democrats to pass the package. However, they do need at least 51 Senate Republicans to get on board. The Senate's shot at tinkering with the reconciliation package comes after months of deliberations and negotiations in the House that culminated in a package that Trump has thrown his full support behind. Some lawmakers want higher spending cuts to the tune of $2 trillion, others want a full rollback to pre-pandemic spending. Then there are pockets of resistance solidifying around cuts to Medicaid and green energy tax credit provisions baked into the House's offering. Among the green energy provisions on the chopping block are electric vehicle tax credits. Speculation has swirled that their proposed demise could be the driving force, in part, behind Musk's anger toward the bill. "Any senator with a brain sees Elon's comments for what they are, a CEO worried about losing business," a Senate Republican source told Fox News Digital. "The only reason he's causing a fuss is because we're getting rid of pork that benefits his electric car company." Musk had been pushing for deeper spending cuts until his new demand that the bill be nuked. Currently, the House GOP's offering sets a goal of $1.5 trillion in spending cuts over the next decade that, coupled with expected growth, would help offset the roughly $4 trillion price tag of making the president's first-term tax cuts permanent. Sen. Mike Lee, R-Utah, engaged with some of Musk's posts on Tuesday and appeared to agree with the tech billionaire's position that the bill had to go further to cut spending. "I think most of what he's saying is he would like it to do more and be more aggressive to try to address the debt and deficit problem," Lee said. However, the nonpartisan Congressional Budget Office found in its latest report that the bill would only cut $1.3 trillion, reduce revenues by roughly $3.7 trillion and add in the neighborhood of $2.4 trillion to the deficit. Some lawmakers who had found common ground with Musk's earlier anger with the "big, beautiful bill" still found a common ally on the second day of his rant. Sen. Rand Paul, R-Ky., reiterated to Fox News Digital that he shared Musk's "skepticism" of the bill. He would not say whether he agreed that congressional Republicans should start from scratch, but noted that his main objection to the bill was a plan to increase the nation's debt limit by $5 trillion. "My main goal is to say, take the debt ceiling and make it a separate vote, and then vote on a separate bill, and then there's still a need for less spending," he said. "But I would be very open to supporting the bill if we had more spending cuts and the debt ceiling was a separate vote."
Business Insider
13 minutes ago
- Business Insider
One corner of the job market is doing surprisingly well
Hello there! The NBA Finals begin tonight. The playoffs feel incredibly less interesting now that my beloved New York Knicks are gone, but the NBA would beg to differ. Despite it being two small-market teams — the Indiana Pacers and Oklahoma City Thunder — NBA executives spoke to BI about why they still see the series as a big opportunity. In today's big story, a worse-than-expected jobs report reinvigorated President Donald Trump's attacks against Fed Chair Jerome Powell to lower rates. (But one corner of the job market is doing surprisingly well.) What's on deck Markets: Jamie Dimon just got more backup for his critique of private credit. Tech: What's fueling those annoying job offer scams you keep getting texted. Business: The one person Donald Trump won't fight back against. But first, missed expectations. If this was forwarded to you, sign up here. The big story A jolting jobs report Brandon Bell; Kevin Dietsch/ Getty images In the pantheon of legendary rivalries, Donald Trump vs. Jerome Powell is rising in the ranks. Private payroll data from ADP showed 37,000 new jobs were added last month, much worse than economists' expectations of 110,000. That was all the president needed to take another shot at one of his favorite targets, writes BI's Jennifer Sor. "'Too Late' Powell must now LOWER THE RATE. He is unbelievable!!!" Trump posted on Truth Social. Trump's latest attack is well-timed. We're less than two weeks away from the Fed's next decision on interest rates on June 18. His pitch is straightforward: The job market is weakening, so it's time for the Fed to step in to stimulate the economy. But the picture of the economy doesn't end with the ADP report. The Bureau of Labor Statistics' monthly nonfarm jobs report drops Friday. The monthly inflation report isn't far behind, arriving on June 11. Those two data points will likely hold even more weight for the Fed. Meanwhile, Trump's onslaught of tariffs could be the real issue for the Fed. Plenty of economists have predicted the president's trade wars will increase inflation, dulling the hopes of a rate cut. There's also an outside-the-box data point to judge the job market on. At a time when the labor market is in flux, one corner is doing incredibly well: the military. The Army has already met its annual goal of recruiting 61,000 troops, and the Navy is also in good shape, BI's Kelsey Baker and Allie Kelly write. At first glance, that might seem like more ammo for Trump. The military has historically benefited from a weaker economy. Young job seekers see it as a safe haven, and fewer job openings and a slowing economy are certainly a factor this time. But it's not as straightforward as economy down = military up. Gen Z has been more interested in blue-collar work, too. The military's tuition benefits also solve the all-important issue of student debt that many young people struggle with. There's also a growing appetite for defense in Silicon Valley. Meta announced a partnership with defense tech startup Anduril on a US military project in May. Meta's tech chief said on Wednesday it marked a " return to grace" for the industry's relationship with the military. Overall, the data paints a complicated picture of an economy that can seem like it's on the cusp of disaster or completely fine. 3 things in markets 1. Investing tips for recent college grads. It's not easy to invest when you're just starting your career and not making much. BI compiled a four-step investing guide on how you can set yourself up for success. 2. Commercial real estate says RIP, Trump bump. April sales activity plunged, dashing the industry's hopes of a big rebound. According to some experts, the slowdown is a possible early sign of unintended consequences from the president's sweeping agenda. 3. One point for Jamie Dimon in the private-credit debate. The JPMorgan CEO has been a skeptic of private credit, even as his own bank allocates billions of dollars to the sector. A recent report from Moody's Analytics, a former advisor to the Treasury Department, and an SEC economist appeared to side with Dimon. 3 things in tech 1. It's not just you: Job text scams are on the rise. Fake text messages offering lucrative gigs have exploded in recent years, and it could get worse, writes BI's Emily Stewart. Unemployment is rising, and Americans are more eager to work. Plus, AI is making these scams more sophisticated. No one is immune. 2. Google's CEO is jumping on the vibe coding bandwagon. Sundar Pichai said he's casually building a web page with AI coding tools. Speaking on Wednesday at Bloomberg Tech, he said: "It feels so delightful to be a coder in this moment." 3. What would you take from your house if there were a zombie apocalypse? That's the kind of question being used to train AI voice models for Elon Musk's xAI, alongside other topics like DIY plumbing and life on Mars, documents obtained by BI show. 3 things in business 1. Serve the right vibes. High-end restaurants have had to get creative in the face of rising food costs, labor shortages, and tariff threats. They're drilling down on live events, experiences, and in some cases, approachability — a vibes-based strategy to attract diners. 2. Criticize Trump; he'll roar back. Unless you're Elon Musk. The Tesla CEO recently called President Donald Trump's "One Big Beautiful Bill" on X a "disgusting abomination." Trump, uncharacteristically, hasn't responded. One conclusion, BI's Peter Kafka writes, is that Trump still wants Musk on his side, for now at least. Meanwhile, for those of you who aren't Musk, BI's Sarah E. Needleman shares the smart way to tell your boss they're wrong. 3. Thumbs down for David Zaslav. Shareholders rejected a proposed pay package for the Warner Bros. Discovery CEO, which included a 4% raise. WBD has seen a 60% stock decline in the last three years, and its debt rating was recently downgraded. In other news Dollar Tree's decision to ditch the everything-for-$1 strategy is helping it weather the tariff storm. There's doom and gloom about the economy, but million-dollar Hamptons home sales are booming. Why OpenAI engineers are flocking to rival Anthropic. In their investment era: Swifties celebrate helping their idol reclaim her music. 10 mistakes guests should never make at weddings, according to etiquette experts. This CEO collected almost $165 million last year — more than the boss of Apple or Blackstone. Digging into my HSA accounts taught me an important, five-figure lesson in investment fees. What's happening today The Business Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York. Ella Hopkins, associate editor, in London. Elizabeth Casolo, fellow, in Chicago.
Politico
24 minutes ago
- Politico
AOC backs Zohran Mamdani for NYC mayor
NEW YORK — Rep. Alexandria Ocasio-Cortez has endorsed fellow Democratic socialist Zohran Mamdani as her first choice for New York City mayor, putting her high-profile mark on a primary where he has surged among progressives. The lefty firebrand unveiled her preferred slate in the June 24 primary in an interview Thursday with the New York Times. She said she will rank Adrienne Adams, Brad Lander, Scott Stringer and Zellnor Myrie in that order after Mamdani. Adams, the City Council speaker, was also endorsed Thursday by Rep. Yvette Clarke as her No. 1 choice, POLITICO reports exclusively. 'Assemblymember Mamdani has demonstrated a real ability on the ground to put together a coalition of working-class New Yorkers that is strongest to lead the pack,' Ocasio-Cortez told the Times of the candidate whose district and platform overlaps with hers. 'In the final stretch of the race, we need to get very real about that.' Ocasio-Cortez's endorsement is among the most highly sought for liberal Democrats nationwide. The Bronx and Queens House member, whose national reach has widely expanded since her hometown's last race for mayor, will help Mamdani present himself even more clearly as the favorite among the non-Cuomo contenders. Her nods — which encourage voters to use the city's relatively new ranked-choice voting system and keep former Gov. Andrew Cuomo off their ballots — comes late in the primary season. Only nine days remain before the start of early voting. The candidates whose common goal is to topple Cuomo have yet to cross-endorse each other. Ocasio-Cortez told the Times no joint appearances were in her immediate future. But even someone with the political impact of her magnitude may not be enough to change Cuomo's frontrunner status. The former governor was the top target of attack Wednesday at a fierce debate co-hosted by POLITICO and WNBC-NY among nine contenders. Cuomo and Mamdani, who has polled consistently in second place and is closing the gap with Cuomo, clashed mightily over who was best positioned to take on President Donald Trump. Ocasio-Cortez, 35, and Mamdani, 33, share progressive values in addition to the parts of Queens they represent. She also represents parts of the Bronx. He has rallied left-leaning, younger voters with his call for free and fast bus service, a freeze on the rent and a push to tax the wealthy. Cuomo, who is seeking a comeback after resigning in 2021 amid sexual harassment allegations, has been the frontrunner by double digits throughout the race. Some of Ocasio-Cortez's congressional colleagues — Reps. Ritchie Torres, Greg Meeks and Adriano Espaillat — have endorsed Cuomo, even if they were among the slew of elected officials who called for his ouster four years ago. Supporters of Cuomo's rivals — including those affiliated with the DREAM, or Don't Rank Evil Andrew for Mayor movement — see ranked-choice voting as an opportunity to block Cuomo's return to elected office. But the left-leaning candidates running against him are still scrambling against him.
