Last edited Mon Oct 2, 2017, 10:34 AM - Edit history (1)
What he's saying is that he can guarantee that middle class taxes will go up.
If you look more closely this is an even greater screw job than the Reagan and Bush tax "reform".
Corporate tax rates will be slashed, but the corporate loopholes??? Hell, they won't even look at them. The top tax rate for individuals will go down, but all those sweet deductions that turn ordinary income into investment income--well those will most likely be expanded.
But the deduction for state and local taxes that will go bye bye.
They might even fuck with the brackets and force a bunch of people into a higher bracket than they're in now. (Since I wrote this I've seen that this bill will push those in the 10% bracket (the lowest) into a 12% bracket (the new lowest). Ain't math fun? When you're dealing with a mathematically impaired populace you can sneak all sorts of stuff by them.
The net net is that just like in 1986 a bunch of people will realize in the year following passage of this grotesque monstrosity that their taxes have gone up. Those in the top income brackets will, of course, make out like bandits.
The really really great thing from the Republican/Randian/libertarian standpoint is that when the deficit again soars it will make going after Medicare/Medicaid and Social Security much easier as people hyperventilate over the exploding deficit. Completely forgetting that there is lots and lots of money out there if Congress would just raise taxes and maybe institute a small tax on high frequency trading.
I have pointed out to many Republican voters that the largest chunk of that deficit they're bemoaning was accrued during first the Reagan administration and then during the 2nd Bush administration. They always start bleating about Obama and the stimulus. They just don't get it. And never will. Sigh.
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