print“Really it was very nice to work as a collective towards a unified nation,” intoned Ivanka Trump, who lobbied hard—and successfully—for the Trump Tax Bill, passed.
Only a handful on the “Right” are daring to challenge the fairness of this Bill to individual taxpayers. Business is still über alles in Trump’s GOP.
Question (if one is allowed to question in strictly bi-partisan America): Under President Trump’s Tax Bill, ALL individual tax relief is said to sunset in 2025. Why? Why is Business above all?
The Economist (“Over the Hill: Tax reform has passed. What now?” 12/20):
Workers will benefit from across-the-board cuts in income taxes until 2025, after which, if Congress takes no further action, most levies for individuals will return to today’s levels or even rise.
AND: “Tax reform: How the Republican tax bill compares with previous reforms” 12/9:
… the Senate bill’s cuts to individual income taxes are to be phased out after 2025, to keep the costs down. What is initially a tax cut for most lower- and middle-earners will turn into a tax increase, because of changes to how tax brackets will be adjusted for inflation.
UPDATE (12/26):
Millionaires on average will get an extra $69,660 boost from Trump #TAXPLAN. Those with less than $10,000 will get an extra $10 to play with. … Things change however once 2025 rolls around. If no change is made, what were tax cuts will become tax hikes, even relative to current law. A majority of Americans in a decade’s time will then pay higher taxes, including 69.7% of the middle quintile.