It is certainly possible that we will see a tax bill passed to appease big business, not because it is considered wonderful, but because it is needed so Republicans can say they got something done.
The bill itself is clearly not of much benefit to anyone not already fairly wealthy although it does throw the masses a few bones. Of course the real impact won't be felt until people file their 2018 tax returns, well after the midterms and before that many individuals might actually see small increases in take home pay as the tax rates get reduced.
The vast majority of Americans today actually use the tax system as sort of a forced saving device where what the pay every pay period is a little too high resulting in a refund when they file their taxes.
Having that little more in you pay check may seem fine until you find out the usual refund from personal deductions and other things has vanished.
As I said, the details are still vague and we know the benefit to low and middle class people is almost nothing, with increases likely in many States that have high taxes, but its simply impossible to do all the math until the bill is actually finalized and conferenced.
That's not going to stop our dotard talking about how it doesn't help people like him (it does) and how it is all aimed at the middle class (it isn't).
We do know it is going to be a bonanza for business and wealthy individuals and that it will significantly increase the debt. The only hope would be that it stimulates the economy so much that the increase economic activity offsets the expenses. However, considering the looming worker shortage and the current level of activity, the chances of that are pretty slim.
More likely to have the opposite effect, as any excess can be used to buy down debt as the Fed increases the discount rate.
Let's hope not.
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