Oh, bull crap! If he had concerns about the deficit, maybe he'd start cutting spending. Same for all the other phonies who trot this argument out.
So instead of quoting the lead-in BS in your summary why didn’t you summarize the principal differences, i.e. what most of us care about, the definition of and tax rates on the bracket that constitutes the middle class?
Notwithstanding a range of disagreements with what is in it and what is not in it, the Senate version is an improvement over the House version, so hopefully the House will sign on to the Senate version.
Seven tax brackets allowing more income in lower brackets.
Nearly doubles the standard deduction.
Eliminates personal exemptions.
Expands the child tax credit.
Kills state and local income tax deduction, limits property tax break.
Keeps mortgage interest deduction as is.
Repeals the individual mandate to buy health insurance.
Preserves the estate tax, but exempts almost everybody.
Overall there is a simplification for many taxpayers that probably will reduce taxes as several components seem to balance each other out.
Itemizers may pay more than those using the standard deduction.
I would pay 300 less under the House plan and 900 more under the Senate because of the difference in rates.
How can the bill cost 1.4T over 10 years? It is our money, not the government’s money. There is no one in DC willing to cut the first cent in spending.
Amazing that most of the people in this country who will pay higher taxes are on this thread.
Good Lord. I was using the old brackets per the bill at the beginning of the month and miscalculated the savings. I thought I would see about a 12% reduction in my taxes.
Looks like I’ll “only” see an 18% reduction instead.
Take your tax return and run the numbers. You might be very pleasantly surprised.
Democrats Erupt In Anger After ‘Corrupt’ Tax Bill Passes The Senate
Huffpost ^ | Carla Herreria
Posted on 12/2/2017, 4:54:36 PM by Libloather
Many Democratic senators said they weren’t able to read the entire draft of the tax rewrite, which contained handwritten notes and crossed-out pages, ahead of the vote. Others promised they would keep fighting against the bill, which still needs to be reconciled with the House version before it becomes law.
“This Congress doesn’t work for working families,” Sen. Elizabeth Warren (D-Mass.) tweeted early Saturday morning. “It works for corporate lobbyists & campaign donors in backroom deals & 1:30 a.m. votes.”
She added, “This corruption is hollowing out America’s middle class & tearing down our democracy.”
(Excerpt) Read more at m.huffpost.com ...
http://freerepublic.com/focus/f-news/3610022/posts