The Landmark Overhaul of Tax Structure (Since 1986) Is Passed By Both House and Senate on Wednesday, Dec. 20, 2017
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tax evasion and police handcuffs (presented at WindermereSun.com)
Dear Friends & Neighbors,
calculator and form (presented at WindermereSun.com)
calculator and form (presented at WindermereSun.com)
three piles of one dollar bills (presented at WindermereSun.com)
pink piggy bank (presented at WinderemreSun.com)
tax evasion and police handcuffs (presented at WindermereSun.com)
(Please click on red links & note magenta)
This truly landmark overhaul of the tax plan since 1986 had been demanded by Trump for months, pushing Republican lawmakers to send him a tax plan by Christmas of 2017. It is expected to be signed shortly after it has been cleared by Congress. Click HERE to read the full GOP tax bill.
Below, the video contains analysis of this bill back in Nov., 2017 (before the corporate tax rate was changed to 21%, various changes were made, or before Senate voted on it.)
“Today is a terrible day for millions of hard-working people, but it is a great day for giant multinational corporations and billionaires who fund Republican campaigns across this country,” Democratic Senator Elizabeth Warren of MA said on the Senate floor on Tuesday before the vote. “It is not a tax reform, It’s a heist.”
Activists opposing this bill sat in the public gallery, repeatedly interrupted Republicans as they introduced the tax measure in the House. Another group of activists interrupted the Senate vote with chants of “kill the bill.” Some of the House protesters were escorted out by Capitol Police officers. “You are lying to yourselves….You need to go back to school to learn math” one activist shouted at the House Republicans. A CNN poll that was released on Tuesday indicated that 33% of Americans supported this bill while 66% of them believe that this bill does more for the wealthy than for the middle class.
Republicans such as Paul Ryan who voted in favor of this bill are not worried about the bill’s polling, arguing that tax payers would be in favor of this package once they have seen their after-tax incomes rise. As a whole, this law pushes for traditional values and family, with greater benefits for corporations and ultra wealthy. It may had been better to gradually phase in the cap on local and state tax deductions (aka SALT, State and Local Taxes, deductions). As it is, the high tax states (such as CA, HI, NY, NJ, OR) will be hard hit while low tax states (such as AK, FL, NV, SD, TX, WA, WY) will benefit. Much remains to be seen. This 497 page document is definitely a landmark overhaul !
If you are thinking of donating to charities, give now before 2018. If you’re paying high property taxes, find out via your local assessor if you can pay next year’s tax early (because the deduction may be available now that may close next year).
Gathered, written, and posted by Windermere Sun-Susan Sun Nunamaker
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