We have a new tax law…or will have one soon assuming that trump signs the bill. No public hearings were held. That means no industry or personal testimony was given in favor of or opposed to the bill. Lots of different viewpoints and I can’t decide which of them is correct or close to correct. I’m guessing that since trump is saying this is a wonderful thing for the middle class that it’s exactly the opposite and if I’m considered in the middle class, at some point real soon I will be feeling the shaft.
The facts of the bill…the US deficit is going up by $1.4T trillion, that is $1,400,000,000,000. I can’t imagine that much money. The tax rates of the very, very, very wealthy will put millions and millions more in their pockets. Rates are supposedly cut for other than the very rich but it doesn’t really add up to much and the cuts disappear in a few years.
What’s really disturbing is that the people who passed the bill are the same ones that HATE deficit spending. So…I’m guessing that the behind the scenes dealing all had to do with social program cuts which translates to cutting social security, medicare, medicaid, and other safety net programs that are the targets of the uber-rich. And probably beginning in 2019, corporations will begin to pay larger dividends and buying back their own company stock. It’s better to have rising stock prices than rising revenue margins…at least better for the shareholders. So America, we’ve been screwed.
Ho! Ho! Ho! Scrooge wins this one.