LETTER TO THE EDITOR: Tax bill will hurt local residents

Editor,

Looking at how the tax bill that just passed the Senate affects the average Miles City resident helps us really understand its impact on your average working class American. A recent report on the household income in Miles City tells us that half of the 3,677 households in Miles City earn $44,000 or less. Some of these households are single adults, some two parent families, etc. If you’re one of those average households and married, earning $44,000 or less as a couple, this new tax plan will give about 5 percent of you a continuing tax decrease 10 years from now, but raise the income tax on 22 percent of us in Miles City.

For those who have a low-income job between $10-20,000 a year, 3 percent of you will have a continuing tax decrease 10 years from now, while 22 percent of you will have a tax increase, some over $500 a year. For those of us making adjusted gross incomes from $30,000 a year up to about $75,000, about 12 percent of us will pay lower taxes and 23 percent of us will pay more taxes.

It’s all pretty even from $75,000 a year up to $500,000. But for those who earn more than a half-million a year adjusted gross income, more taxes go down than up, and the more you make, the better the tax deal gets. The high earners trully get rewarded. If there are any people in Miles City making over $500,000 a year, 58 percent of them will see their taxes go down, and 37 percent will go up. For those making over a million, 60 percent will be paying a lower tax, and 38 percent will be paying more.

These figures come from the US Congress’s Joint Committee on Taxation, Nov 16, 2017. It makes it very clear that more people in Miles City making an income between $10,000-$75,000 a year will pay more taxes rather than less. But those at the top are much more likely to pay lower taxes with this Republican tax bill.

Don’t ask “Does my political party support this tax plan?” Ask instead”Is this fair for me?”

 

Bob Thaden

Miles City

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