What President Trump Asked For vs. What Congress Built
This tax scheme targets those deductions that primarily aid middle class taxpayers. When over the course of 2018 all these hundreds of thousands of taxpayers realize that they have been screwed then does the GOP really think they won’t want to take it out on their congressmen and senators?
This tax scheme targets those deductions that primarily aid middle class taxpayers. When over the course of 2018 all these hundreds of thousands of taxpayers realize that they have been screwed then does the GOP really think they won’t want to take it out on their congressmen and senators?
These are “poison pill” provisions designed to ensure that nothing gets passed. Pretty simple.
Since the federal government moved into higher education, tuition and fees have soared. Go back to charging what was prevalent in the ‘60s and many more students could afford a degree. As someone who graduated in four years while working my way through college, I know that it used to be done that way for millions of Middle Class students.
What President Trump Asked For vs. What Congress Built
So because many people have not been paying their fair share because of tax loopholes, the GOP is the bad guy for trying to end this. I admit I will likely pay more in taxes under this plan, since I itemize, but it is more than worth it to finally see the beginning of the end of the use of the tax code as a political tool to buy votes.
Government is forever.
It ALL begins with a false demand and a false analysis.
The false demand is that any “tax reform” must be “revenue neutral”, that spending “as is” is sacrosanct. The false analysis is the acceptance of Congressional budget scoring-analysis of tax changes as “always right and never wrong”, when it has usually been always wrong and never right. Any large tax reduction on any demographic or GDP sector is likely to be an economic boost and wind up generating more revenue than Congressional analysts predict.
But with those two errors in hand the RINOs in charge go looking for winners and losers they would exchange in the tax code in order to keep the changes “revenue neutral”. They start with the winners they want to create, often rightly so, and then go looking for whose ox to gore to keep everything “revenue neutral”.
I can understand all that and appreciate some it. But I do believe they are wrong in their education deduction targets. Yes, I realize the biggest beneficiary is the education industrial complex that has not performed a single cost reduction measure on itself in over four decades, outstripping every other economic sector in the inflation of what it’s charging. All the “assistance to students” has had the affect of removing customer-market forces to induce the educational industrial complex to restrain its costs and lower what it is charging. No need; the politicians will pretend to rescue the students when they are really rescuing the educational industrial complex.
All true.
However, with the mess of the that financial and economic dependency created and in place for so long, IT WILL BE CUTTING OF THE STUDENTS COLD TURKEY and with the entire education industrial complex “supporting the students” they will be no time in the next year to convince anyone that the real target of the tax deductions is the extravagant education industrial complex, and trying to empower market forces (customers) to get education costs lowered.
In as much as the RINO biggest failure is communication, of course they have not laid out any economic or philosophical rationale for the removal of the tax deductions for education. Because although there are good philosophical reasons for them, they were not the reasons behind the RINOs choice. They merely did the math, looking for sums of deductions that would collectively add up to the tax reductions they want to make - to keep everything revenue neutral.
There are good reasons for the business tax reductions they want to give. But as long as they stick to the demand for “revenue neutral” they will only produce another tax mess, of either raising very much the tax rates on “high earners” or cutting off abruptly many tax deductions the Middle Class has become dependent on. Frankly, to keep hold in D.C. a year from now, they will have to take the former course (taxing high earners) or totally lose the “blue collar” vote that kept the GOP majorities in Congress and elected Trump.
Under this round of “tax reform”, the Chamber of Commerce will get their tax breaks, and they will be paid for by Main Street.
Will Athletes getting free tuition & other benefits also have to declare it as income???
yeah - it "goes back centuries...."
Tax breaks/credits are just a ploy to make the code more complex and insure the government has many un-Constitutional avenues for redistributing tax payer funds.
They made it seem palatable by initially "encouraging families and home ownership" and then broadened it into ways to try to control the activities of the People - usually with the onus being on the lower income folks by taxing items that they wanted to "discourage".
Congress should not hurt college students and property owners as the currently proposed Tax Redistribution Bill does.
