Tax Bill Likely to Pass: Now We Wait and Watch the GOP BS in Full Bloom

GOP Promises Today

(As always breaks for whom) 

GOP after their Tax Plan Takes Full Root

(The impact on the most-needy general public)

Heading for the “home stretch” as it were and key points from day-one right until now (well, almost) according to most tax experts, independent analysis, and the view of over 60 percent of all Americans – my emphasis added. 

Now the House and Senate must agree on one single bill that Trump will sign – while the country stays on edge.

Introduction from The AP here and from Business Insider here

Tax savings under Senate Republicans' tax plan. The estimates in the chart show how much single, childless taxpayers at different income levels who claim the standard deduction might save if the Senate's tax plan becomes law:

1.  $25,000 salary: estimated annual tax savings of $369

2.  $75,000 salary: estimated annual tax savings of $2,129

3.  $175,000 salary: estimated annual tax savings of $5,240

Tax savings under House Republicans' tax plan. Our previous calculations using the House's tax plan showed slightly lower savings for single, childless taxpayers who claim the standard deduction:

1.  $25,000 salary: estimated annual tax savings of $202

2.  $75,000 salary: estimated annual tax savings of $2,078

3.  $175,000 salary: estimated annual tax savings of $4,289

Differences exist between the tax brackets and other details in the Senate and House tax plans, which will ultimately have to become one plan before tax reform can be enacted.

•  The Senate's bill would allow single filers to deduct $12,000 — slightly higher than the current combined $10,400 deduction, which includes the standard deduction and one personal exemption.

•  The House's bill proposes a standard deduction of $12,200. Both plans eliminate personal exemptions.

According to the most recent IRS analysis of individual tax returns, 70.4% of taxpayers claim the standard deduction on their tax return. Single Americans who claim the standard deduction would be able to reduce their taxable income slightly under both versions of the tax plan, in turn reducing their tax bill.

Most Americans will see a slight increase in their take-home pay under the current proposals, but that could change in the future as many of the provisions are set to expire after 2025. Some analysts have said that nearly half of Americans would see a tax increase at that time.

B/L as we all say and predict: This Trump/GOP-driven tax plan, if it passes, will free up a little cash in the typical household's monthly budget. But the biggest winners are likely to be the wealthiest Americans, who are poised to save significantly under both proposals.

Overall, this “plan” promises more jobs, more money in paychecks, and growth – little Trump/GOP mention but apparently no concern about blowing up the deficit which they always bashed Obama and DEMS for … 

Now, hell no biggie, um? 

So much more in these my previously blogged tax plan-related posts for your consideration and comparison:

1.  https://politicalrapids.blogspot.com/2017/11/more-winners-and-losers-under-gop-so.html

2.  https://politicalrapids.blogspot.com/2017/10/boo-happy-halloween-gop-tax-reform-on.html

3.  http://danzview.blogspot.com/2017/11/gop-2017-lousy-tax-bill-empty-room-no.html

4.  http://danzview.blogspot.com/2017/11/the-gop-flim-flam-show-now-fully-up-and.html

5.  http://danzview.blogspot.com/2017/11/gop-tax-reform-plan-for-america-mostly.html

6.  http://weaselwart.blogspot.com/2017/11/gop-and-trickle-down-tax-cuts-redux-for.html

7.  http://weaselwart.blogspot.com/2017/11/republicans-falling-in-line-to-pass-tax.html

Finally this which I call a very good summary in one fine article from The Hill here in part (the key parts):

The newly-released Tax Cuts and Jobs Act (TCJA) is mostly a big income tax cut for businesses. 

While the new tax brackets for earned income will cut some families’ taxes, these are mostly financed with tax increases elsewhere in this part of the tax code.

The vast majority of the net tax cut provided by TCJA comes overwhelmingly from steep cuts in business income tax rates. This means two things:

First, the direct, short-run effects of the TCJA are steeply regressive, providing much larger tax cuts to the already rich than everybody else. On this point, there is no disagreement among analysts. 

Second, the only way for the TCJA to turn out to be a win for ordinary families is if Republican claims that its ripple effects will powerfully boost wage growth in the long-run turn out to be true. 

On this point, there is plenty of disagreement, but a review of the evidence strongly indicates that American wages are unlikely to be budged by the TCJA.

My last word on this – since it looks like it will pass: This is a stressful moment on our history – a major bill w/o debate or public input and we are supposed to take Trump’s word for it being great, beautiful, and the best tax cut program ever. 

Then we will hear Trump and the all GOP-run government in their floor speeches call this “for the American — we are keeping our promises — this is for the working families, small businesses, farmers, and job creators.” 

In a word: What a crock…!!! Sure; the Sun rotates around the Earth, which is flat, right science-denying GOP, right? Oh, yeah, trickle down works. 

Thanks for stopping by.