To the Editor:
Remember the Republican tax cut bill that Rep. Paulsen worked so hard to pass? It’s the one that massively cut taxes for corporations and the top 1 percent.
For us, it will mean a 23-percent increase in our taxable income and a 35-percent increase in our federal tax bill. We are retired and pay estimated taxes throughout the year. Our CPA did the arithmetic with the new tax bill and our 2017 income to figure out what we should be paying in estimated taxes for 2018 and he shared all the numbers with us. The result has been a 23-percent increase in our estimated tax payments; the final results are above.
We know this tax bill cut taxes for corporations and the top 1 percent; they are undoubtedly grateful to Rep. Paulson (sic). Wonder what it did for your 2018 tax bill.
Gwen and Mason Myers, Minnetonka
Minnetonka Sun-Sailor, September 10, 2018