Many benefit from new tax law
There’s been extensive coverage by the media that the new tax law was only going to benefit the rich and big corporations. I am sure they will benefit the most because they are paying the largest portion of the income tax, but ordinary working people also will benefit.
To substantiate this tax savings, I examined four tax returns. I applied the new tax law to their 2016 income. First, a single person with no dependents saved $1,858. Secondly, I reviewed a married couple with no dependents with both working, they saved $1,613. Thirdly, I reviewed a married couple with two children both working and their savings was $2,822 due to lower tax rates and the increased child tax credit. Lastly, I reviewed a retired married couple whose tax was $1,169 in 2016 and under the new law was $856 for a savings of $313.
For Nancy and Chuck this might be crumbs, but for working families this a lot of money.
Due to the doubling of the standard deduction, people age 70 1/2 who are required to take distributions from a retirement account should make their 2018 charitable deductions directly from their retirement account. Otherwise, their gift will not be deductible unless their itemized deductions exceed the new standard deduction. People who weekly give to their church will need to check with their tax adviser immediately.
Hopefully your tax savings will more than offset the tax increase imposed by the City of Owensboro.
Larry O’Bryan, CPA
Chairman, Green River Area Community Foundation
We all have a responsibility to protect our planet
I am an adjunct professor at Brescia University. As a Muslim woman, environmental stewardship is a fundamental aspect of my faith.
However, this is not unique to my faith. Care and respect for the environment is universal among all other major religions — Buddhism, Christianity, Hinduism and Judaism. Buddhism teaches that all beings are equal and deserving of equal levels of empathy, or “loving-kindness.” In Genesis, God gave humankind dominion over the earth — dominion, not domination. In Hinduism, protecting the environment is a dharma, a duty. The practice of ahsima (to do no harm) and compassion, calls for Hindus to refrain from injuring anything and to be kind to people, animals, plants and the earth itself. In Judaism, the Torah teaches that mankind are meant to be stewards of the planet.
OMU is not immune to God’s call to care for His creation. I am calling on them to take the advice of their own experts and replace the Elmer Smith coal-fired power plant with renewable, clean energy. Clean energy is an untapped source of jobs and economic output that Owensboro desperately needs right now.
Regardless of our identities, there is one thing we all share in common: our planet. We only have one, and it is our job to protect it.