What deductions were eliminated? State taxes for individuals, that's it. Individuals, not corporations for whom it's a legitimate deduction. Easier, for who? Easy to sell that was to wage earners, but the two level system for earned income vs pass through income is absurd. Kansas tried this and it accomplished nothing other than regulatory abuse. Sure, the chamber of commerce sells it as a boon to your local plumber, who will hire more plumbers. Personally I don't think my local self employed plumber should pay lower taxes and a wage earner on the same income. And laughing all the way to the bank are law firms, hedge funds, much of the financial industry, and the real estate industry. All of whom rely on pass throughs. Reagan did a great deal of elimination of abusive deductions, there's none of that in this bill. And he leveled rates, didn't matter how your income was earned. Go to work, sit home and collect interest or capital gains, same tax rate. This plan does the opposite. Doctor employed by a hospital could pay a 39.6% marginal rate. Contract with him or a new entity as self employed, 25% rate. Look for a lot of work for CPAs and lawyers. No simplification.
You make good points. With details, no caps and real numbers. You’re a breath of fresh air.
But do you see businesses (real ones, not lawyers etc - manufacturing ones) benefiting?
We’ll have to see Trumps’s response to this. It’s not exactly what I wanted to see, but it does cut taxes for many middle class earners and businesses. Small businesses as well, that have been struggling with excessive regulations and taxation. Like the one I shut down because fees, regulations, taxes of numerous kinds, insurance, and licenses made it not worth my time and investment.