SETH MAGAZINER, Rhode Island general treasurer, was one of 15 millennial-age elected officials in the Ocean State to write a letter to federal lawmakers, urging the rejection of the Congressional Republicans’ tax-cutting legislation known as the "Tax Cuts and Jobs Act." / PBN FILE PHOTO/MICHAEL SALERNO
PROVIDENCE – A host of millennial-age elected officials last week wrote a letter to federal lawmakers, urging the rejection of the congressional Republicans’ tax-cutting legislation. The group wrote the bill would have a negative impact on younger U.S. citizens. “This bill represents a massive tax increase on many young people in Rhode Island, while benefiting…
Sadly, this group of individuals is doing nothing more than spouting left-wing talking points. The errors in their arguments are too numerous to refute here. In short, the cut in tax rates, combined with the large standard deduction increase … will more than offset any loss of smaller deductions for all but a very few wealthy households. Virtually all non-millionaire millennials will see a net tax reduction.
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Sadly, this group of individuals is doing nothing more than spouting left-wing talking points. The errors in their arguments are too numerous to refute here. In short, the cut in tax rates, combined with the large standard deduction increase … will more than offset any loss of smaller deductions for all but a very few wealthy households. Virtually all non-millionaire millennials will see a net tax reduction.