The horrid Trump/Republican Tax Bill just delights the GOP until their toes curl. There are two reasons they love this massive bill written in the dark of the night. The first is it helps tear down the government. The second reason is that Congress has given itself and its donors huge profits. Unfortunately, the bill hits the rest of America right in the gut – hard. Here is how.
The New York Daily News came down big time on the bill for what it will do to the middle- and lower-income people in its cover story: “Art Of The Steal.” This is the biggest theft in history.
Paul Ryan claimed on MSNBC that this bill will “grow the economy.” No, it will not. Republicans base their entire tax foundation upon the faulty idea of trickle down economics. Basically, that means when the government hands out a fortune in tax cuts to huge international businesses and rich people, these companies and people will generously pass on the money to the middle- and low-income population. Wrong.
President Ronald Reagan tried it, and he ended up raising taxes again. President George W. Bush did not learn from Reagan’s mistake and repeated it. Now, the Republicans are doing it again, expecting a different result. Only seven percent of Americans believe the Trump/Republican Tax Bill will help them, and the rest are right.
The totally misnamed Tax Cut And Jobs Bill lowers corporate taxes from 35 percent and 21 percent. This is a permanent tax cut. The very meager tax cut for individuals fades out in 10 years, and that cut was offset by other hits.
The standard deduction will almost double to $12,000 for individuals and $24,000 for couples. That looks pretty good until people notice that Republicans raised the deficit between $1.5 and $2.2 billion. The party in control of the government will borrow that money to sell out the middle class, and healthcare will cost dramatically more.
Congress will give its own members millions of dollars in tax breaks that have nothing to do with the average American.
Republicans changed the tax brackets to 10%, 12%, 22%, 24%, 32%, 35% and 37%. According to the New York Daily News:
‘A couple with an income of $76,000 for example, would move from paying 25% under the current levels to paying 12%. Caps for each level for couples are $9,050, $77,400, $165,000, $315,000, $400,000 and $600,000 before reaching the top rate of 37%. For individuals the caps are $9,525, $38,700, $82,500, $157,500, $200,000 and $500,000.’
Senator Bob Corker of Tennessee said he would not raise the deficit – until he did. He flipped when Republicans inserted a very lucrative real estate deal that gives him and Donald Trump millions.
The GOP eliminated the state and local tax deduction people used to have on their federal returns. Republicans also eliminated property tax deductions on people’s homes. Finally, they allowed $10,000 a year but only if people’s homes are worth $750,000 or less. Besides, that cap goes up to $1 million after 2025. That hits people in states where homes are especially expensive, such as New York and California, both blue states.
People can claim $4,000 for each individual in their household on their 2017 taxes, but that disappears in 2018. The GOP doubled a child tax credit to $2,000. Republican Florida Senator Marco Rubio saw the writing on the wall and demanded the bill raise the refundable portion to $1,400. That was a nice political move.
Worst of all, Republicans plan to fill that stunning deficit with cuts to Medicare, Medicaid, and Social Security. Americans are not stupid, even though the GOP appears to think so.
If Republicans implement this draconian bill and topple government, don’t they realize they will be out of power and out of work?
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