Senate tax bill throws swamp water on successful Trump economy
Well, despite our strong debate on the virtues (or not) of taxes, deductions and such, apparently the Republicrats can be counted on to be their usual dysfunctional self's, and get exactly nothing done. However, I am betting this may cost them either the House or the Senate, as they have accomplished 0 since taking power.
Some form of tax revision will take place. The overseas funds repatriation alone represents a huge lump of revenue that Congress is eager to get its hands on. The estate tax will probably be reduced, either by a further increase in the estate value subject to tax, or a lowering of the percentage. The Alternate Minimum Tax probably won't go away, but the income subject to the AMT will probably rise, with the AMT automatically adjusted for inflation. Reduction in corporate tax will probably cut in stepwise, with reductions to 30%, 25%, and 20% in successive tax years.
If Republicans can get better at pushing the fact that doubling the standard deduction will make it possible for most filers to pay less and simplify their filings, a lot of the anguish over reduced or eliminated itemized deductions will vanish. Those eliminations only hurt the wealthy, who are spilling lots of crocodile tears over how this will hurt the middle class, who will actually benefit.
Those assessments aren't my desire for change, which is a low flat tax and fees for service, but what I think the negotiations will settle on. The Democrats are playing a dangerous game by emphasizing their disdain for ANY reduction in taxes, and insisting on static analysis, when the dynamics are playing out in front of the public's eyes.
I do think the swamp is deliberately neglecting the "sell" aspect of the tax reform plan, and catering to their lobbyist buddies. Whether or not the White House can instill courage in its few congressional allies to get this done is another story.
535 ppl control what 360 Million people get to say, do, and earn.
And those people are beholden to DONORS, not their constituents. And if they are replaced. The DONORS will educate the new comers.
The ONLY thing that scares them are people who do not need DONORS... Like Trump...
The American people have spoken/voted. And this is the Swamp 'splainin' how they are in control, regardless of what we want. And the donors would not mind democrat control of the house and senate in 2018.
How to judge a "successful" economy? Stock Market is going up? So what. If a DJIA company fails or lags it gets removed from the index and replaced by a company showing growth so the index is biased toward higher prices. Its not a measure of the economy at all.
Government issues lots of economic statistics and they are all biased to show success not failure because the pols want brainwashed pollyannas to feel the economy is getting better and to re-elect the thieves and looters currently in office.
Remove all government spending (all wasted), and account for expanding debt spent on frivolous toys and degrees in women's studies and the economy has been contracting for decades.
Supposed economic growth is all bullshit.
I will say that Trump had made people more excited about advancing forward with his stance on political correctness and reduction of regulations. When people are more motivated about working, the economy will improve as it has given the employment numbers have shown.
That said, the swamp has fought Trump at every turn, and as its becoming apparent that Trump cant get much done without the swamp agreeing to it, the enthusiasm is waning for sure. I can feel it.
The repubs wont get a tax revision through this year in my estimation, so I have given up on Trump really doing anything except what can be done by pure executive order (which I applaud him for).
I am more and more thinking that the collapse should be accelerated. Might as well get this whole socialist thing over with once and for all. Heavy education along with pro collapse actions will probably be required.
Oh, and the writer of this article is a Trump shill. Does she have any clue? Hard to tell.