But this is bigger IMHO. Everybody on our side is pissing and moaning how bad the tax bill is. So I will put on my Nomex underwear and tell what I see cause and effect.
* Death Tax elimination keeps family businesses intact without a plethora of Attorneys and other parasites sucking the cream off the top from what should be a natural transfer of an asset.
* The 20 & 25% new tax rates on business should be the same, but it is a start, perhaps it will become the same percentage.
* The repatriation of Capital brings capital where it belongs IMHO so business can do things, and that is here.
* 100% expensing for 5 yrs, should be permanent, but might set a precedent.
* The new 20%/25% business tax rate, the 100% expensing up front, and the Capital back get rid of the parasitic drag of accountants and attorneys on business, they can concentrate on product and making money, not lobbyist, my sweet heart deal, and paying all those professionals.
* We go to 3 rates. If I remember correct TEFRA in 1986 with Reagan had us at 2 rates before Darmon-Sununnu-Bush-Mitchell FUBAR'd that. I have been saying for eons here, PDJT is a reset to 1988, this is almost Reagan's bill by eliminating all the time consuming unproductive crap in the Tax Code. Again focus on making money, Nuke the Tax code enough so we don't worry about it.
* The State Tax deduction elimination? Again, The Art of the Deal, it will be surrendered when the Blue States that have all the Sanctuary Cities give them up to keep their tax break, end of story.
Tell me were the heck I am wrong here, again Perfect is the enemy of the good and getting anything done. I'll take this bill, and my guess is my brilliant CPA gnome who I haven't spoken too yet will as well as they can concentrate and change their practice to help businesses make money, not play the tax game...
TEFRA was Bob Dole’s gigantic tax hike of 1982.
Tax Equity and Fiscal Responsibility Act.
Introduced all sorts of new surveillance, in addition to the tax hikes.