But people making $30,000 don’t get a tax break!! Oh wait, they don’t pay any tax.
The biggest winners are business owners that convert income to ‘Pass Thru income’ ...
Deficit hawks will definitely claim that this does nothing to alleviate our mountain of debt we are racking up on a daily basis.
Red Herring.
The “Budget” has NOTHING to do with Tax Law, Never has and Never will. They are two totally separate issues. Stop acting like there is a relationship between Taxation and Spending, there isn’t.
Nobody trusts elite global and corporate interests, except for elite global and corporate interests and the pols they bought and paid for. Unless the money they bring back tax free has to be spent on employees and growth of the business in the US, it’ll be used for their salaries, benefits, dividends, and other schemes.
Here in CA, I’m looking to get about a $5K-$7K haircut.
“...repealing the deduction for state and local income and sales taxes...”
A direct and subtle attack on the big tax dummocrap-led states - NY, CA, IL.
To keep the whining GOPe members from high state income tax states(NY, NJ, CA…) from voting against the entire bill because they are selfish, the solution is a “freedom of choice” option suggested by a Freeper:
Give an option of keeping all the state income tax write-offs and get none of the new tax cuts, or give up the state income tax write-off and get the new cuts. Seems logical, so it won’t be tried.
I read you can no longer deduct medical expenses.
It’s more accurate to call this a tax INCREASE, or socialist income redistribution scheme, not “tax cut” or “tax plan”.
Now saying it will NOT be retroactive!?!?!?
AAAAACKKKK!