James Arnett: Proposed state property tax dodge another loophole for wealthy

Re “Who will help protect us from this tax reform?” (Page 6A, Jan 6): Who are President Pro Tem Kevin de Leon and The Bee editorial board trying to protect? Is this not another tax loophole for the wealthy using the middle class as an excuse? According to Table T17-0131 of the Tax Policy Center, the top 20 percent of income earners receive 83.7 percent (top 1 percent receives 43.9 percent) of the benefit from state income and local tax deductions. Other income groups fair a little better on property taxes but table T17-0133 shows the top 2 percent receiving 67 percent of the benefit from property tax deductions.

Though everyone’s tax situations are different, I consider myself middle class (homeowner, two incomes, household income over $100K) but I am not in the top 20 percent of income earners. I will fair slightly better under the new tax law.

I did not agree with the Republican plan that gave such a large tax break to the wealthy and adding to our federal deficit using the middle class as an excuse. But this legislation will do the very same thing. State tax reform, not another loophole for the wealthy, would be better legislation.

This story was originally published January 10, 2018 at 11:36 AM with the headline "James Arnett: Proposed state property tax dodge another loophole for wealthy."