Many Freepers who are cheering this tax increase on are in for a BIG surprise.
I am old enough to remember George Herbert Walker Bush's "luxury" boat tax. It did wipe out the boating industry in the US - along with tens of thousands of direct jobs (most of them blue collar), not to mention many small businesses that were boat manufacturer suppliers who laid of thousands of worker. It also inflicted a great deal of economic pain on marinas and restaurants - the "benefits" of that tax just rolled down hill.
Even if the Senate allows for some deductibility on property taxes (as the House bill does), that will have unintended consequences.
Because state and local taxes will still not be deductible, and tax payers will be horribly squeezed by both the Feds and at the local level, the States will respond by jacking up property taxes even more. They will argue that "at least some of that is deductible in the GOP tax bill."
Even National Review acknowledged this fact.
Further, if the GOPe removes the hypocritical and political nightmarish provision that corporations (who are already getting a HUGE tax cut in this bill) are no longer able to also deduct their SALT taxes, that still won't help individuals. Instead, the Senate is planning on using that additional revenue on the business side - again! They want to feed the money to S corps, LLCs, and other "pass throughs." Again, no one cares about the middle class.
And here is how short sighted (and frankly, stupid) many Freeper are:
Senators ponder automatic tax increases if revenue falls short
Well, revenues probably will fall short. I don't think these tax cuts will bring the "growth" they believe, because many corporations are not going to "re-invest". Many are simply going to use the cash to buy back their own stocks.
The Moment Gary Cohn Realized His Entire Economic Policy Is A Disaster
So AFTER they take away your deductions - FOREVER - they will then implement "Automatic" tax increases as revenues do not keep up with what was "Projected."
And they won't even have to vote on that - it will be in the new Tax Law!!!
And most Freepers are buying this load of manure Tax Bill lock, stock, and barrel.
