Dear editor:
Several weeks ago, I wrote to Sen. Cotton, Sen. Boozman and Rep. French Hill with a simple, but important, question. When the individual tax plan expires in 2025, will our deductions return to the 2017 rules? Those deductions allowed for all state taxes, medical expenses and other expenses.
At this time, I still have not heard from Sen. Cotton or Rep. Hill, although I continue to receive their campaign material. I have received a call from Sen. Boozman's office. They informed me that those deductions will not be restored. If restored, the corporate tax rate would have to be increased or the deficit would increase to unsustainable levels.
Why did they not make the individual tax cuts permanent in the first place -- because the average American will pay for the corporate tax cuts after 2025. Sen. Boozman's office did say they are working to make the tax cuts permanent, but the Congressional Budget Office says that we will need greater growth rates than the 4 percent we are seeing today.
They do not expect the tax cut to become permanent, so the truth is, the money we are receiving through the tax cuts today, we will pay back later with interest.
Bob Benjamin
Hot Springs Village
Editorial on 09/18/2018