Truly a wish and a prayer effort by the GOP, this tax "cut" for Middle Class is definitely going to benefit the ruck who donate to their campaigns, especially Corporations! I recognize this is a cynical sentiment, but can it work for the GOP to give rich donors more money to donate? Yes, it can.
We'll know what the GOP tax bill really does when we get our Turbo Tax CD next year to cover 2018. I am so excited o see that CD!
The GOP tax changes got rid of the Affordable Care Act mandate in 2018. We'll see what happens.
Example of Unintended Consequence of GOP Tax Cuts for jobs . . .
"How the Tax Plan Will Send Jobs Overseas"
Companies are going to be able to save a ton of money by locating factories abroad.
Gene B. Sperling Dec 8, 2017
https://www.theatlantic.com/business/archive/2017/12/tax-jobs-overseas/547916/
"As discussed in my previous Atlantic piece, the GOP plan was rumored to use only a 10 percent minimum tax, and to make it worse, would make the minimum tax determination based on the average of a company’s total global profits. What was problematic about this design was that it not only encouraged companies to move profits to tax havens, but it actually encouraged them to simultaneously move jobs and operations such as manufacturing to industrialized countries that had typical tax rates and to shift more profits to tax havens. Why? Because if you had $100 million of profits in Bermuda facing no tax, you might have still had to pay $10 million in U.S. taxes to meet the new global minimum tax. But if you moved a factory to Germany that made $100 million and paid 20 percent in taxes there, you could still pay zero on your profits in Bermuda because the average taxes paid on your global profits (from both Bermuda and Germany) would be the global minimum rate of 10 percent. This perverse design means the more a U.S. multinational shifts jobs and operations to industrialized nations with similar tax rates to the U.S., the more it can get away with shifting more and more profits to tax havens."
Read the article if you need more explanation/rationale predicting jobs will increase, but they will be OVERSEAS.
"Trump promised 'America First' would keep jobs here. But the tax plan might push them overseas."
by David J. Lynch Washington Post 15 Dec 2017
"Republican tax bills have too many loopholes for shipping jobs overseas"
By Robert Pozen and Steven Rosenthal, opinion contributor — 11/29/17
Hopefully the "good" bait does not last long past the "switch" where people start to experience the truth about this tax "cut" in painful ways.
"The Republicans’ “Win” on Taxes Is a Loss for American Democracy"
By John Cassidy December 20, 2017
"The wealthy interests that bankroll the Party have now achieved a major item on their agenda. What remains to be determined is whether this victory will help bring down the G.O.P."
Money buys favors. The rich get more, while the "middle class," the "forgotten," and the actually poor people pay for the GOP Corporate tax cuts.
"Jeff Merkley, the liberal Democrat from Oregon, asked his Republican “friends” to consider what could have been achieved by spending a trillion dollars on fixing America’s infrastructure, or making health care more affordable, or improving the education system. “This is the biggest bank heist, not just in American history but in the history of the world,” Merkley declared.Evidently, the American public agrees with him. A new poll from NBC News and the Wall Street Journal shows that just twenty-four per cent of Americans believe that the Republican bill is a good idea, and sixty-three per cent of them believe that it was designed primarily to help corporations and the rich. A number of Republican senators contested this, of course. More than one of them complained about the “fog of disinformation” that the critics of the proposal had created. Rob Portman, of Ohio, insisted, “The burden of taxation actually increases in this bill for the wealthiest Americans.”
Portman didn’t say where he got this information, which was probably wise. It certainly didn’t come from the Joint Committee on Taxation, which is the official scorekeeper on Capitol Hill. In an analysis published on Monday, the Joint Committee said that households that earn between five hundred thousand and a million dollars a year would see their tax rates reduced, from 30.9 per cent to 27.8 per cent, on average. Households earning more than a million dollars a year would see their rates cut, from 32.5 per cent to 30.2 per cent. The independent Tax Policy Center, in its analysis of the final bill, said that next year, households in the top one per cent of the income distribution would receive tax reductions of $51,140, on average. And households in the top 0.1 per cent would see gains of $193,380."
Here is the BAIT and SWITCH.
"Almost all the elements of the bill that benefit the middle class—reductions in personal tax rates, enlarged personal exemptions, and expanded child tax credits—are temporary measures. If they are allowed to expire, as the bill envisages, tax rates on middle-income people will go back up."
BAIT and SWITCH,
"The Most Frightening Aspect of Trump’s Tax Triumph"
By Masha Gessen 21 Dec 2017
. . . THE LIES TOLD BY OTHERWISE DECENT, HONEST MEN!
"The price of the tax bill has to be measured not only in the loss American society will face in the increase in inequality, in the impact on public health, and the growth of the deficit, but also in the damage to political culture inflicted by the spectacle of one powerful man after another telling lies of various sorts."
