Republicans congratulating themselves for this miserable tax plan--Was listening to a tax expert on
Was listening to a very prominent tax expert on the radio (who is neither liberal or conservative), who had studied this tax plan, and he said, this tax plan makes life worse for the vast majority of middle class and low income people across the country. He raised some major points in the bill to prove his point and I was just stunned. The little tax cut most will get will be temporary (until 2025), and it will be offset in increase in healthcare premiums and other costs because of the repeal of the individual mandate of Obamacare. He said the tax bill has so many other moving parts in it that will eliminate most of what appears to be benefits for the poor and the middle class. The rich and corporations not only have their tax cut set as permanent, but will also will be making a killing b/c of many last minute provisions inserted in the bill. Congress will now come back and look at to cut medicare and social security to make up for so much of the debt that this tax bill creates.
The one point he raised that stood out for me was about the bill actually ENCOURAGING companies to invest OUTSIDE of the United States as opposed here. Here is how it does it. The corporate rate for profits in the US was lowered from 37 pct to 21 pct. But guess what, the Republicans also lowered the rate on profits made abroad to 18pct. That is a difference of billions of dollars for many companies. They would rather pay 18pct than 21pct on their profits by investing abroad and making their money abroad. The expert said that will be the net effect of this tax bill----> Drive more companies to invest outside of the US.
That is TOTALLY the opposite of what Trump has been telling the nation about bringing jobs back to the US. Companies will be fleeing in record numbers to invest and profit abroad. Just watch.
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