December 10, 2017
IF GOD DID NOT WANT THEM SHEARED, hE WOULD NOT HAVE MADE THEM SHEEP:
Trump's Tax Bill Promise Taking a U-Turn (Damian Paletta, 12/10/17, The Washington Post)
The GOP tax plan on the cusp of becoming law diverges wildly from the promises President Donald Trump and top advisers said they would deliver for the middle class -- an evolution that shows how traditional Republican orthodoxy swamped Trump's distinctive brand of economic populism as it moved through Washington.The bill was supposed to deliver benefits predominantly to average working families, not corporations, with a 35 percent tax cut Trump proposed on the campaign trail as part of the "Middle Class Tax Relief and Simplification Act." [...]As top lawmakers from the House and the Senate now rush to complete negotiations to push the tax plan into law, it amounts to a massive corporate tax cut, with uneven -- and temporary -- benefits for the middle class that could end up increasing taxes for many working families in future years.All told, the plan would cut taxes for businesses by $1 trillion, would cut an additional $100 billion in changes to the estate tax for the wealthy, and spreads the remaining $300 billion over 10 years among all households at every income level.
Posted by Orrin Judd at December 10, 2017 8:43 AM
