Tax Reform November 13, 2017

Tax Cut? A Grand Old Mess

WASHINGTON, DC - SEPTEMBER 27: U.S. Speaker of the House Rep. Paul Ryan (R-WI) (L) speaks as Senate Majority Leader Sen. Mitch McConnell (R-KY) (3rd L), Sen. Ted Cruz (R-TX) (2nd L) and Sen. Pat Toomey (R-PA) (R) listen during a press event on tax reform September 27, 2017 at the Capitol in Washington, DC. On Wednesday, Republican leaders proposed cutting tax rates for the middle class, wealthy and businesses. Key questions remain on how they plan to offset the trillions of dollars in lost tax revenue.

These folks could screw up a two-car funeral. The Grand Old Party has made a grand old mess of tax cuts. The one issue that has long been central to Republican-ism is lower taxes. Since Ronald Reagan, it has been the core driver of the party ideology. Cut taxes and businesses will grow, families will spend. The economy will explode! Well, maybe a bad metaphor. Growth was the goal.

And after the disaster that was the health care debate, the Republicans desperately needed a win on something, anything. Enter tax reform and a middle class who the GOP believes is desperate for a break.

Donald Trump: “It’s a tax bill for middle class.”

Paul Ryan: “The focus is on middle-class tax relief. ”

Well, not exactly. Yes, taxes are cut, but a lot of it depends on where you live. It’s complicated. But here’s something you can take to the bank. The wealthy will get a bigger break than most. Corporations will get a huge cut. It’s a s*** show that’s about to be rammed down your throat. Pay close attention folks because this is going to get ugly very soon. Here’s an easy to understand take from The New Yorker.