Two candidates’ tax plans in comparison
Presidential candidate Hillary Clinton proposes that people with incomes of $1 million or more pay at least 30 percent in taxes, and she would add a 4 percent surcharge on incomes of $5 million or more. The greatest increases cover the highest earners.
On the other hand, Donald Trump proposes decreases in all categories, but the decrease is substantial for only the highest earners.
When it comes to income taxes, history is overlooked. Over the last 50 years, prices for almost everything have gone way up; incomes have also risen but not as much. Effective income tax rates have fallen. For example, the tax on income of $400,000 for joint returns in 1964 was $271,680. The effective tax rate was 67.9 percent. For income of more than $400,000, the tax rate was 77 percent.
In 2015, taxes on $400,000 in income were $107,529. That’s an effective rate of 26.9 percent.
As proposed by Trump, reducing the income tax, especially on the highest earners, shows where his alliance lies. Trump also proposes to eliminate the estate tax.
Guess who benefits the most? Once again, it’s the wealthiest taxpayers with the greatest net worth, especially billionaires. For most middle income families, the benefit is minimal. For all others, nothing. Whom does Trump really represent? It’s not you or me.
Alvin H. Goldberg, Great Neck
Editor’s note: The writer is a retired certified public accountant.
America and LI’s melting pot at leisure
I advise people to treat themselves to an afternoon at Bar Beach and Hempstead Harbor parks. They will come away with pride and full hearts.
People of all races are represented, from infants to the elderly. People speak Japanese, Greek, English, Italian, Spanish and other tongues. There are large groups of families and friends, as well as solo relaxers — picnicking, sunbathing, snoozing, swimming, playing soccer or other sports, reading, listening to a ballgame or music.
This is our American melting pot, and we cannot let anyone take it away.
Elaine Berman, Port Washington