Thursday, December 12, 2024

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Playing the Numbers Game

By Joe Murphy, Town Bank

To the Editor: 
There’s a phrase “Numbers don’t lie, only liars use numbers to lie.” The sales scam used to promote the new tax reform bill was a case in point.
The recent change from 35 percent to 20 percent for corporations was an example. Under the old 35 percent rate corporations paid on average 12.6 percent never 35 percent or even close to it.
Last year AT&T paid 8 percent. This was because of the loopholes in the corporate tax laws. These reduced the 35percent rate by 36percent, a major break for corporations.
These loopholes are still there for the phony 20 percent rate. So we can expect the 20 percent, by reducing it by 26percent to become an accurate rate of 7.2 percent.
Government will still need money to continue so its source will be the middle class. We will continue to be beaten without even being kissed.

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