Trumps Tax Reform Act Who was behind this turkey of a ‘tax cut’ bill?

Question

Trumps Tax Reform Act

Who was behind this turkey of a ‘tax cut’ bill that adversely affects many taxpayers, particularly low-income people who can least afford it.

While businesses got an across-the-board rate reduction, individuals lost the personal exemption deduction and possibly ran into the SALT limitation. Low income seniors with high medical expenses got particularly hit hard.

Why were long-standing deductions/expenses eliminated or reduced on a personal level? Why are taxpayers in high-tax states pitted against heir local government to revolt and reduce taxes? Are they encouraging migration to lower-tax states and falling real estate values in the Northeast?

It certainly was a mean-spirited bill and Trump’s advisors better make some radical changes to the bill.

RICK · Accepted Answer

The GOP never thinks of that
The Reagan tax cuts, revenue dropped so they raised taxes, left the income tax rates alone but more than doubled the gas tax, started taxing SS benefits and started having government employees pay taxes, all these offset the income tax cuts to wealthy.
The Bush tax cuts only created massive deficits but caused local taxes to skyrocket, he also thought of raising gas tax (which mainly hurts the poor) 
Trumps tax cuts need to be divided/separated into personal income and corporate.
First corporate taxes needed to be cut, it was long overdue, ( what bothers me though if corporate tax cuts were needed so bad why did the GOP reject Obama's proposal to cut therm? Just think thee economy would have got a shot in arm 4 years earlier, but the GOP would never let thee Blackman have the credit). And the corporate tax cuts have fueled the economy
On the other hand the personal income tax cuts mainly went to the upper 20% and all it did was increase the deficit

Jim · Answer

My tax liability went up 50% due to loss of the personal exemptions. I am a low-income disabled person with high medical expenses who always itemized. The new tax law is good for renters who get a higher standard deduction. My itemized deductions exceed even the new higher Standard.

babyboomer1001 · Answer

Do you realize that you said they cannot afford a tax "cut".  You obviously don't know what a tax "cut" means.  It means they will be paying LESS in taxes.

Max Hoopla · Answer

The Tax Cuts for the Rich bill was passed with no Democratic support.  Figure it from that.

ahandle101 · Answer

The current standard deduction is $12000 for an individual, as opposed to a standard deduction of $6350 and a personal exemption of $4050, for a total of $10400.  I don't see how the increase in simple deductions would adversely affect low-income taxpayers.  I do know that he limited what rich people could claim from their state income taxes, so that may support your "many" claim, but low income, I don't think so.

EdWinter · Answer

One man's turkey is another man's Thanksgiving feast. Didja know that, Jimbo?

Please share!

Judy and Charlie · Answer

DIRTY REPUBLICANS!

? · Answer

Economy has been on a roll since 2009. Sooner or later, probably within a year, we will all be singing, "Turn out the lights, the party's over......." and Trump and Republicans will be thrown out of office. Only Obama could double the stock market. Trump need Dow 36,000 before he can brag. Ain't gonna happen.

Anonymous · Answer

I  would ordered  some   spending  cuts  and  merged   duplicate  programs into  one  ,cut the  pork  IPCC   and UN

Anonymous · Answer

Economy is roaring and you are mad because Trump will get re-elected on the back of it. So suck it up Ginger, only 6 more years!

Mao Bidden · Answer

Your characterization of the bill is your opinion, most people like the results.  LOL

Trumps Tax Reform Act Who was behind this turkey of a ‘tax cut’ bill?

13 Answers