Senator Cory Booker
359 Dirksen Senate Office
Building
Washington, DC 20510
Dear Senator Booker,
Congressman Rodney Frelinghuysen
2306 Rayburn House Office
Building
Washington, DC 20515-3011
Dear Congressman Frelinghuysen,
As a constituent I would like to
give my opinion regarding the proposed Tax Plan. Specifically as relates to
deductions.
Local
Taxes and Real Estate Taxes are by Personal Choice
Despite the high tax burden in
New Jersey for both income and real estate taxes, I and many people have made
that choice. That is especially so for those in high income brackets for whom
this tax is discretionary. If I do not like it I can move. Lower income people
do not benefit from this deduction, especially given the proposed increase in
the standard deduction. Thus, any elimination of this would not benefit the
wealthier but the contrary.
Charitable
Deductions Benefit the Wealthy. They are by choice and all too often are
Government subsidized ego trips.
Charitable deductions are also
discretionary. The new tax proposal allows them. They benefit the wealth. The
allow for the pyramids built in the names of donors and via complex tax
benefits allow near in write offs while sheltering significant incomes. Now I
make substantial donations primarily to cancer research. However I do so anonymously
and would continue to do so no matter what the tax situation is. Many however want
their names in lights as well and benefitting from this deduction. Thus,
charitable deductions benefit the wealthy much more than anyone else. The
benefits are both financial and ego building. Ego gratification should not be
subsidized by the tax payer. Especially the poorer ones who cannot even afford
healthcare.
Medical
Expense Deductions Dramatically Burden the Poorer and are Highly Regressive.
They are not by choice but are true calamities.
As a result of the ACA I have
seen healthcare costs explode for the middle class. Ballooning insurance and
exploding deductions. Then along comes a medical crisis and the costs truly
explode because none of the plans provide truly catastrophic coverage. People
and families suffering a health crises now face a financial crisis. I have seen
many family and patients die of this disease and have seen the financial burden
that they have had to bear.
Yes it happens that the new tax proposal will take
this away from these poor people while allowing the rich to maintain massive healthcare
plans paid for with tax deductible dollars at the corporate level and getting
massive deductions for their "charitable" yet ego building
deductions. Here the poor are truly underwriting the rich! Frankly this is
grossly immoral and reflects in my opinion the total disconnection between the
current administrations financial analysts and the real world. Goldman Sachs
has not clue how a truck driver lives. A child gets Hodgkin's disease or
leukemia and they are driven to bankruptcy. I have seen this again and again.
While this is happening the rich and their "donations" go to fine
dinners and tell each other how wonderful they are.
Entrepreneurial
Capital Gains and Hedge Funds do not Equate
I have spent several decades in
venture capital. I have personally started and developed near a dozen companies
and have invested in and overseen a total of thirty-five. In all cases I not
only took the financial risk but conceived of the idea, structured the company,
raised capital, operated the entity and monetized the result. Hedge funds are
merely financial intermediaries. The entrepreneur is wedded to their concept
and creation, twenty four hours a day. The hedge fund operator may at best
attend a board meeting and collect a check. As such the tax code should incent
the entrepreneur and tax the hedge fund operator as normal income.
Not only do we have the above
problems in the Administration's proposal, but the wealthy would get the
benefit of eliminating the Estate Tax. The poor would see no benefit there, nor would the middle
class. The middle class clearly bear the burden of this proposal and those 1%
folks get a massive tax cut, paid for by the Middle Class. I feel this to be
grossly immoral.
I am asking that you consider my
concerns as not just those of a single constituent but reflective of the many
who cannot voice what they face. Medical Expense should be inviolate. It is the
least that we as a society can do for those in need. The others are by choice.
If you keep one, just one, keep the Medical Expense for the millions who will
benefit during times of need.
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