Current GOP Tax Plan

[Benton]

(12-04-2017, 01:49 PM)CKwi88 Wrote: I similarly will confess to not being all that knowledgeable about tax legislation. To me, it looks like a time bomb. In the next couple of years, a decent amount of people (specifically Trump's base and the super rich) will see at least a modest decrease in taxes.

But down the road the tax breaks will cease. Insurance premiums will be up. And we will again see that rich people getting massive tax breaks does not magically increase jobs or wages. 

Perhaps the GOP is banking on that coming post 2020? They might be hedging bets that they can either a) fix it if they maintain control of Congress/presidency or b) let it explode while the Dems are in control.

From expectations I've heard and what i've read, largely this is going to give a big chunk of people hundreds of dollars off their taxes (ranging from a few hundred to a couple grand for a lot of us; we won't even bring up the super rich here and their savings as that's probably not going to impact most people on this board). Which sounds awesome... until the economic factors kick in and you have to spend more in local taxes, state taxes, your kid's education, to offset your once-again rising insurance costs, etc. If you're in the middle chunk getting $400-$800 knocked off your taxes, you'll likely see that eaten up in higher bills and higher local taxes in a few years.

And that's not even factoring in that taxpayer's future liability by the increased deficit.