POLITICS/TAXES: “The tax bill moving through Congress is about 500 pages long, containing enough paper to wrap lots of Christmas presents for boys and girls across the land.
The gifts in the text are tax cuts—more than $1.4 trillion of them over the next decade—scattered throughout a bill that Republican lawmakers are striving to make into law next week.
The centerpiece of the plan is a lower corporate tax rate that will help domestic retailers, who are chief among businesses that pay close to the 35% corporate tax rate in effect now.
Not everyone will benefit. The GOP plan also takes away some longstanding tax breaks, including the ability for individuals to fully deduct their state and local taxes. That’s going to be a problem for upper-middle-class wage-earners in high-tax states such as New York and California.
And the nearly $1.5 trillion the plan is projected to add to the nation’s budget deficit over the next decade will require future taxes, spending cuts or more borrowing.
Join us in the video above to see who is getting gifts from the Republican tax plan—and who is getting a lump of coal.”
-Richard Rubin, “A Christmastime Tax Cut for Some, a Lump of Coal for Others,” The Wall Street Journal online, Dec. 14, 2017 06:00am