TAX REFORM HAS A GIMMICK
November 28, 2017 - Douglas Myser
Tax reform has a gimmick. The long awaited tax reform our nation has been told to anticipate, has a gimmick. Tax Reform is one thing, a tax reform gimmick is another. When you hear the Republicans discuss this bill, all you hear is that the middle class will get a tax cut. What is in the fine print is alot murkier. Down the road a few years, many in the middle class will actually be paying more in income taxes. Tax reform has a gimmick.
The Tax Policy Center released estimates of the current bill, and found that the bill would reduce taxes on average for most every income group up until 2025. The biggest savings come early on, used to gain popularity with voters eager some any type of tax relief. But the further down the road you get, the less tax relief you actually get, and the realization that the increases are on the way kick in. Actually, nearly 10 percent of IRS taxpayers would pay more by the year 2019. The increases go up from that year forward. By 2027, nearly 50 percent of all tax brackets will actually pay more in income taxes. Not much Tax Relief in this bill at all.
Once you get past the fluff and into the later years, this bill is really a tax reform gimmick. For the Senate to pass a bill with only a simple majority, instead of having to have 60 votes, they cannot add to the deficit in spending bills they pass over a ten year stretch. So what did they do to actual tax reform, give the savings upfront, then take them away down the road just so they could get 50 votes and give President Trump any type of victory, no matter how shallow it is.
If our government is so divided that they cannot even try to get together to pass what most Americans want, an honest, fair, and balanced tax reform package, that will lower income taxes, then we have serious government problems. The idea of passing something, just to pass it is really childish. A tax reform gimmick is not what we need.
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