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Letter: Tax reform better than what we have now

Editor, Gazette-Journal:

Much has appeared in this space about the tax reform act signed by the president. Most complain that this is a giveaway to the well-off. While it is not perfect, it is much better than what is in effect now.

For starters, the standard deduction is doubled, from $9,000 for couples to $18,000. For those who don’t itemize, which is most taxpayers, this is a real bonus. Others complain that the tax rates expire in eight years. Realistically, do you really think that in eight years our do-nothing Congress will vote to raise taxes?

As for who benefits the most, consider these statistics from the Tax Foundation and the Pew Research organizations for the 2016 tax year:

—The top 1 percent of earners (above $450,000 income) earned 21 percent of the income and paid 39.5 percent of all taxes collected.

—Taxpayers with incomes over $200,000 accounted for 5 percent of returns filed but paid 59 percent of all taxes.

—The top 50 percent of taxpaye...

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