Republicans Stick With Big Corporate Tax Cuts in House Bill

Here in CT, using my figures from 2017, my tax goes from $114 to $1460.

Thanks Congress.

On the other hand, it’s clearly designed to screw the blue states, which I love.

Looks like my chart and table were incorrect. I didn’t realize they were getting rid of the personal exemptions and lumping that into the standard deduction. The double standard deduction isn’t really double after all.

Let me explain why this is a collosally bad idea. Not the corporate tax cut (I’m fine with that) but the wholesale war on itemized deductions.

Under the current system the few defenses left to taxpayers include the mortgage interest, charitable and state tax deductions. That’s it, and you pay the top applicable rate on the rest of your income.

If GOP limits these deductions they will be gone for good, you can count on that, as the post-Rosty Dems have never enacted an individual tax break for middle class when they controlled Congress. Will never happen.

So now fast forward to 2021 (or 2025) when Trump is gone and you have Barbara Lee as Speaker and Chucky Schumer as Senate Leader. Congress votes to raise personal income tax rates back to Obama era levels (or worse, to pay for surging entitlement programs). Now where do you hide? Nowhere, because all your tax breaks are gone.

So that’s why we need to tell GOP congress that anybody who votes to remove or limit personal deductions will get a one-way ticket home in 2018.

Unless my rate goes down then they are just rearranging the deck chairs.

Lower taxes in one area yet raise in another?
Just lower taxes. Cut spending. Simple. The members of congress are all used car salesman.

Diary of a Legislative Body:
By Will Rogers

Monday – “Soak the Rich.”

Tuesday – “Begin hearing from the rich.”

Tuesday Afternoon – “Decide to give the rich a chance to get richer.”

Wednesday – “Tax Wall Street stock sales.”

Thursday – “Get word from Wall Street:” “Lay off us or you will get no campaign contributions.”

Thursday – “Decide we are wrong about Wall Street.”

Friday – “Soak the little fellow.”

Saturday Morning – “Find out there is no little fellow. He has been soaked until he is drowned.”
Sunday – “Meditate.”

Next Week – “Same procedure, only more talk and less res

Now where do you hide?

You have two options at your disposal to hide.

1) Vote with your feet. This will just speed up the move to red states (especially Florida).

2) Not being able to deduct them will make people clamor for tax cuts locally.

There is no reason to encourage more taxes at the local level in the federal tax code.

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