Senate Majority Leader Mitch McConnell and House Speaker Paul Ryan have taken time out from not building a wall and not repealing Obamacare to see if they can botch an effort at tax cuts. So far, McConnell and Ryan are an unstoppable team! We suspected all along that they despised President Trump and the entire Make America Great Again movement, as well as the voters, but who knew that they were so good at multitasking?
The House and Senate GOP are now working on dueling tax “cut” bills and both are awful. Don’t believe anything that the spin doctors, the media, Ryan or McConnell are telling you about these bills. Both bills stink and here is why.
There are some obvious cosmetic differences between the bills, but the biggest problem is the fact that the House and Senate are both trying to figure out how to “offset” approximately $2 trillion in tax cuts. When did the Republicans in Congress all turn into Democrats? Offsetting means that in order for one sector of the economy to get a tax cut, another sector has to get an equal tax increase. That way the government’s bottom line is not affected and Congress will never, ever, have to make the painful decision as to which redundant federal departments or agencies to do away with.
Imagine the howls of indignation, cries of discrimination and civil rights lawsuits if a private business tried to operate the way a Republican Senator’s mind works: “I’ll give customers of one race a discount — and I’ll pay for it by charging another race of customers more!”
This is why President Trump was such an incredible breath of fresh air to the voters in 2016. He hasn’t lived in the government vacuum for five decades, so he understands that the real economy is out here in the real world, not ensconced in the federal government. Ryan, McConnell and all career politicians truly seem to believe that the sky will fall if the government doesn’t get to suck every loose nickel out of our pockets. Heaven forbid they should pay for tax cuts by actually reducing the size of the federal government!
Both the House and Senate are going after state income and property tax deductions in their respective plans. The House plan would cap deductions at $10,000 and the Senate would do away with these deductions entirely. Several pundits have pointed out that this will hit taxpayers in New York and California the hardest and therefore, we should just stick it to those people.
Never mind the fact that killing or shrinking state income tax deductions would hit plenty of red states as well, like Georgia, North Carolina, Montana and others with a high cost of living. Sen. Ted Cruz (R-TX) says this elimination is a big fat mistake, and he’s right. Unfortunately, he’s a very lonely voice crying in the wilderness of the Senate.
The Senate plan would make Karl Marx proud with its seven progressive income tax brackets. We’re all supposed to be equal in the eyes of the law in America, except when it comes to the progressive income tax and keeping an illegal server loaded with Top Secret information in our closets while serving as Secretary of State.
While a majority of Americans would see a tax cut under the Senate plan, millions of households would still see a tax increase to “offset” any potential government losses. For example, among households that earn $75,000 to $100,000 a year (or, “the rich” as Obama used to refer to them), 78 percent would receive a tax cut while 21 percent would get a tax increase.
For households earning between $100,000 and $500,000, 34 percent would receive a tax increase while the rest would see their taxes go down by about $2,000 to $4,000 a year. Suggested slogan for McConnell’s next campaign: “We only raised taxes on a third of our base!”
The federal government is the entity that really needs to “pay” for any tax cuts. Perhaps the goal of Ryan and McConnell is to make the American people hate tax “cuts,” so we’ll stop asking for them. “Sure, taxpayers, some of you can have a tax cut. But, unfortunately, the rest of you have to let us hit you with this hammer and we’ll let you know which ones AFTER we pass the bill!”
Before you get your hopes up that Ryan and McConnell will pass a great tax cut plan for America, just keep this in mind: The Obamacare Open Enrollment period ends on December 15th.
~ American Liberty Report