monitoring Trump and relevant contemporary events

Wells Fargo CEO reveals the scam at the heart of Republicans’ tax bill

In an interview with CNN Money, Wells Fargo CEO Tim Sloan made it clear what he plans to do with the corporation’s tax windfall — and it doesn’t benefit the average American worker.

“Is it our goal to increase return to our shareholders and do we have an excess amount of capital? The answer to both is, yes,” Sloan told CNN Money. “So our expectation should be that we will continue to increase our dividend and our share buybacks next year and the year after that and the year after that.”

Not only is the tax-cut bill a gigantic giveaway to wealthy corporations who don't need the funds - and won't create any new jobs with those funds - it is full of pork and direct, targeted benefits that enrich the president and many GOP senators.

http://www.ibtimes.com/political-capital/senator-orrin-hatch-says-he-wrote-tax-provision-center-corker-controversy-2629922



Remember: your tax cut is small and temporary, so theirs could be large and permanent.



Cycloptichorn

The GOP's tax overhaul bill doubles the current child tax credit from $1,000 to $2,000 per child under age 17, and allows parents to receive up to $1,400 as a refund, if the credit is larger than their federal income tax liability.

Currently, the child tax credit is $1,000 and only partially refundable.

The latest tax bill doubles the standard deduction to $24,000, but wipes out the deduction for personal exemptions, meaning that larger families will get less of a break.

1) I don't think corporate tax rates needed to be lowered (especially not to 21%), especially without conditions that any recouped tax savings would need to be spent on employees as opposed to investors/CEOs.

2) Hate that it adds to the deficit.

3) Hate that savings are heavily centered on the rich.

4) Love doubling the standard deduction, that benefits millions of tax payers, especially lower income ones and those who didn't qualify for the biggest deductions (mortgage interest, property tax). It also simplifies the taxes for millions of people, and this change is permanent. Even though I own a home now, I think this change is still wonderful for all those people who rent (poorer and younger Americans)

I haven't seen too much around some of the tax loopholes that are closing, but I hope they are significant.

We’re witnessing the wholesale looting of America
Unchecked by norms or political prudence, it’s smash-and-grab time for the GOP.

Over the course of 2017, both in Congress and in the executive branch, we have watched the task of government devolve into the full-scale looting of America.

Politicians are making decisions to enrich their donors — and at times themselves personally — with a reckless disregard for any kind of objective policy analysis or consideration of public opinion.

John Cornyn wrote:

Under #TaxCutsandJobsAct a married couple earning $100,000 per year ($60,000 from wages, $25,000 from their non-corporate business, and $15,000 in business income) will receive a tax cut of $2,603.50, a reduction of nearly 24 percent.