For the bottom bracket, the tax rate is raised from 10% to 12% and the standard deduction increase is mostly offset by the loss of the personal deduction. At this level mostly just rearranging chairs.
100% agreement.
I do agree with cutting corporate tax to make US more competitive. That will lead to more jobs, imho, and corporations really do pass on their costs in their product prices. Prices should decrease.
The only real revolution in personal taxes would be the end of income taxes and a total sales tax based system. Won’t happen in my lifetime.
Although true, this process is in its beginning and the hocus pocus aspect of playing around with moving parts has been and will continue to be scrutinized in the same manner as the process continues. The key point here is that the GOP has been unable to pass any significant legislation this year. In addition, next year are mid-term elections. Smoke and mirrors will be a risky proposition and could possibly cause tax reform to be debated but ultimately avoided until 2019. Also risky for GOP incumbents. They’ve made their beds.