Everything happens along Party lines these days. That’s just how it is.
Background – This is the first significant reform of the U.S. tax code since 1986. President Reagan signed major legislation for corporations and individuals in 1986. Since then, serious tax reform has eluded Republicans, though they repeatedly called for it as the tax code became longer and more arcane.
The Tax Reform and Jobs Act may result in you paying more or less tax. It will clearly help generate jobs and will help the economy along broad lines.
The wicked, lying, corrupt, smug, sly mainstream media have been working overtime to repudiate the benefits to the nation, characterizing the tax cut as a give-away to the rich. Clearly, the big winners are businesses who are being taxed at 21% rather than the 35% they were paying. The Democrats seem to want to return to the years of Obamanation when the DJI was 5,000 points lower. Whatever.
Three Years Ago – the following taxes were implemented as part of the so-called Affordable Care Act:
- Medicare tax went from 1.45% to 2.35%
- The top income tax bracket was raised from 35% to 39.6%
- The top income payroll tax went from 37.4% to 52.2%
- Capital gains tax went from 15% to 28%
- Dividend tax went from 15% to 39.6%
- A 3.5% real estate transaction tax was imposed.
There was also the individual mandate tax for those who chose not to buy government sanctioned healthcare insurance.
I read a piece on CNN that stated that Obama tax reform was larger than the present tax bill. It’s a blatant lie, but it’s what we’ve come to expect from CNN and other news outlets.