Tom Reed at Glenora

Tom ReedThanks to Glenora Wine Cellars for having me out today to talk about tax reform and trade.–Tom Reed

Tom wanted to talk taxes, but the business people assembled at Glenora had other concerns. Nevertheless, he persisted:

John Christensen, writing in The Chronicle-Express, lists Tom’s proposals for “reform.”

  • Lowering the tax rate for corporations and capital gains
  • Full cost deduction for business machinery and equipment, rather than taking depreciation
  • Eliminating the Alternative Minimum Tax
  • Separating small business income from wage income for individuals
  • Exempting companies from paying taxes on money earned from selling goods overseas.

I note that:

  • Many giant corporations (Google, GE) avoid income taxes entirely.
  • Capital gains are taxed at a low rate today. How is this fair?
  • The proposed deduction for machinery is a stealth tax cut for business.
  • The Alternative Minimum Tax supposedly insures that wealthy taxpayers must pay at least a minimum income tax. Repeal would be a gift to the rich and super rich.
  • How is it fair to tax wages and business profits differently?
  • How is if fair to exclude profits earned overseas from taxable income?

Surprisingly, the business people assembled had more pressing concerns than taxes. How Reed addressed these concerns wasn’t reported.

http://www.chronicle-express.com/news/20170419/reed-holds-yates-county-round-table

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About whungerford

* Contributor at NewNY23rd.com where we discuss the politics, economics, and events of the New New York 23rd Congressional District (Allegany, Cattaraugus, Chautauqua, Chemung, (Eastern) Ontario, Schuyler, Seneca, Steuben,Tioga, Tompkins, and Yates Counties) Please visit and comment on whatever strikes your fancy.
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3 Responses to Tom Reed at Glenora

  1. pystew says:

    It’s like Reed’s Town Hall Meetings. He tells you what he wants you to know. Reed is trying to promote Trump’s campaign promises that might get worked on (Taxes) but tries to be silent on the problems that really concerns the Wine Industry in Upstate NY–Immigration. The vineyardists hit him hard at the Pulteney Town Hall Meeting in March.

    • whungerford says:

      Today Tom thanked the New York Farm Bureau for “having me out to talk about the important issues facing farmers.” As usual, nothing about the discussion was reported.

      • Carol says:

        He never really gives any real information, just Tomspeak, so there is nothing of substance to report on. It’s just another photo op. Since he did his town hall meetings early, Smilin’ Tom is using this time to “glad hand” any group or business that he can meet with. He has been having quite a Twitterfest this week bragging about his photo ops, as well as on Facebook.

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