If you're anything like me, it's hard to keep track of all the problems, schemes and GOP tricks in the Republican tax cut/reform legislation winding it's way through congress. Every iteration presents a new set up deceptions meant to dupe the American public.
So I decided to just copy and paste what I came across...no links, just observations made by reporters and economists. Since Republicans keep moving the target purposely, this is just a snapshot in time. But with a history of misdirection crap like this, can you really trust anything they're saying? Latest Senate trick:
- The proposal to eliminate that deduction in the Senate bill would only apply to individuals and families, whereas businesses would still be allowed to deduct state and local taxes, as these would be protected as a business expense. Such a difference could further inflame Democrats, who have criticized the GOP tax cut effort as offering too many benefits for companies and stripping benefits away from individuals and families.Here's another one that bears repeating:
- 45 percent of all middle-class families would pay more in taxes in 2026 than they would under current rules. about one-third would pay more in 2018
- Millions of middle-class families — particularly those with children — would see an immediate tax increase, averaging about $2,000.
- Many of the provisions that would benefit middle-class taxpayers in the House bill were set to expire or lose value over time.
- Under the House G.O.P. Plan, Tax Cuts Shrink Over Time for Everyone but the Richest'
- By 2027, for example, 22.5 percent of those making $40,000 to $50,000 per year would see taxes go up by more than $100, as would 23.7 percent of those making $50,000 to $75,000 and 25.9 percent of those earning between $75,000 and $100,000.
- People who drive hybrids and electric cars would be the exceptions. Hybrid registration fees would go up by $30 per year, while electric car registration fees would go up by $125 annually.
- Cut a tax on multinational corporations and clamp down on some low-income workers claiming a tax credit.
- Completely eliminate the adoption tax credit ... Designed to help cover “reasonable and necessary adoption fees, court costs, attorney fees, and other expenses,” the credit is available for up to $13,460 per child.
- Graduate students say the Republican tax reform plan could raise their taxes by nearly 300%.
- The tax plan would eliminate several tax credits for higher education expenses. Many graduate students are given free tuition, as well as a stipend, in exchange for teaching classes or doing research for their professors. The proposed GOP tax plan would count those tuition waivers as taxable income ... cause taxes to rise from $3,600 to $4,700 for a Berkley research assistant. At Carnegie Mellon’s college of science, a graduate student’s annual taxes could rise from $2,384 under current tax law to $9,459 under the proposed tax plan — an increase of 297%.
- Rep. Gordon Hintz: Spreading the wealth? GOV Walker gave 11 people who each earn more than $30 million per year, a $22 million tax cut.
- Almost a third of taxpayers would not see a change of more than $100 in their favor or against them.
- Ending the medical-expense deduction would eliminate a source of relief that has helped people cope with steep medical costs...about 800,000 took advantage of the medical expense provision, deducting more than $17,000 on average from their taxes.
- The ability to deduct the interest on your loan would be eliminated; tuition paid by an employer would become taxable.
- Eliminate the electric vehicle tax credit, axe the permanent 10 percent Investment Tax Credit for solar and geothermal power
- Health Coverage Mandate 13 million fewer people having insurance coverage by 2027, people would not want to buy insurance others couldn't afford it ... average premiums would be 10 percent higher in most years than they would be under current law.
- National parks would charged $70 per vehicle, up from the fee of $30 for a weekly pass. At others, the hike is nearly triple, from $25 to $70.
- 32 million people could lose their health insurance by 2026, and premiums in the individual insurance market could double.
- Premiums by 2026 would increase by an average of 20 to 25 percent for a 64 year-old from $1,700 to a whopping $14,600 under the GOP bill,
-But instead of thinking twice, GOP lawmakers may be even more intent on passing a measure now. Republicans may want something big they can to point to next year, rather than just running on unfulfilled promises. California Republicans have shown a remarkable willingness to go along with their leadership’s plans, even if it means tax increases on some of their constituents.
There is no such thing as a free lunch. Every taxpayer is not going to get a tax cut. To pay for those tax cuts for the rich someone is going to have to pay more, and those who are going to be paying more are the taxpayers who can least afford it. Ryan also plans to pay for his tax cuts by gutting Social Security and Medicare, so it is possible that not only will your taxes go up, but the social safety net could be gutted.