As well as his own slashing, despairing comments, Edsall includes a number of tax experts’ opinions — one of which is anonymous because the guy doesn’t want to enrage his clients (he says it’s for confidentiality reasons; sure, fine, I don’t care). It’s clear, precise, easy to comprehend and visceral.
For all of us who are screaming, here it is, in its entirety, so we can state expert facts when we scream. I’ve bolded some things because I feel so fucking helpless otherwise. Bolding is an action:
(1) The corporate rate reduction is permanent, for individuals only temporary. Completely obnoxious. In effect the money “saved” within the 10 year budget window by making those individual cuts temporary helped to underwrite the cost of making the corporate/pass though side permanent
(2) Carried interest provision. When Trump was careening around in his populist candidate mode, he promised to end it. Here is one campaign promise that he “somehow” failed to redeem when the clear and available chance presented itself.
(3) Restriction on state and C local tax deduction — consciously vindictive imposition of double taxation on citizens of certain Democratic states; corporations and pass through businesses, the darlings of the Republicans, still get to deduct those very same taxes in full.
(4) Expanding the standard deduction but financing the cost of so doing by repealing the personal exemptions is a bit of a bait and switch maneuver. Some people might be worse off.
(5) In a bill in which 100s of billions of dollars were sloshing around to provide steep tax cuts for already wealthy and highly prosperous corporations and pass through businesses, the Republicans could only find the will to raise the refundable portion of the child care tax credit from $1000 to $1400. Rubio wanted it to be raised to $2000 and his Republican brethren refused to even meet him halfway. Pitiful.
(6) Deduction for extraordinary medical expenses — retention of this deduction did not even get the five-year sunset window applied to all the other individual tax provisions, two years only. Vicious.
(7) Pass through business taxation — the bill is a massive tax gift to some of the wealthiest people in the country, who are conducting business operations in non-corporate form or are investors in same.
“Completely obnoxious.” “Vindictive.” “Bait and switch.” “Pitiful.” “Vicious.”