Posted by The Taint on 3/19/2018 11:05:00 AM (view original):
Not everyone got higher paychecks and those paychecks lose some of the savings every year until 2027 when everyone's taxes actually go up...well except for corporations, their's are permanent.
The Tax Repatriation Act of 2004 was an utter disaster...unless you are a shareholder of a major corporation. Why will it be different this time? Because Trump is telling you it will?
Predatory lending was a problem then and is about to become a problem again:
https://www.washingtonpost.com/news/wonk/wp/2018/03/12/the-senate-is-poised-to-roll-back-rules-meant-to-root-out-discrimination-by-mortgage-lenders/?utm_term=.0f639ddbb711
Tax rate and effective tax rate are two entirely different things and I suspect you know that.
One time bonuses happened but yes to your point the corporations will make out long term. Again he wanted to halt corporate inversions like companies going to Ireland and paying a 12% tax rate vs. 40% in the US. You are right about effective tax vs. tax but in terms of corporations and especially small businesses or mid market firms they were paying in the ~40% range. Now its 21%. Big delta.
In terms of people, a lot more will not itemize so filing is a lot easier. The $24k in a standard deduction is more than most will get because of the limit on mortgage interest and state income tax.
While you can blame Trump or congratulate him, we are not an autocracy. The house and senate supported these cuts. So blame the GOP I guess? Right?