Who Will Pay for the GOP Tax Cut?

This is as good an explanation about the new tax bill as I have seen. Please read it!

A lot from Lydia

“You cannot get the national debt under control, you cannot get that deficit under control, if you don’t do both — grow the economy, cut spending. We’re going to have to get back next year at entitlement reform, which is how you tackle the debt and the deficit,” ~Paul Ryan

Paul Ryan says this, at the same time he pushes a tax cut for corporations and billionaires.

The House and Senate are working furiously, with hopes of having a final version of the GOP tax plan signed before Christmas.

The meatiest part of the bill include—

  • A tax cut to corporations, a decrease from 35% to 20%,
  • Tax cuts for the wealthiest 1%

The bill means an increase in taxes for 87 million middle class families by way of:

  • A cap on tax deductions for homeowners
  • An end to state and local tax deductions, especially devastating for homeowners in high…

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About lifelessons

My blog, which started out to be about overcoming grief, quickly grew into a blog about celebrating life. I post daily: poems, photographs, essays or stories. I've lived in countries all around the globe but have finally come to rest in Mexico, where I've lived since 2001. My books may be found on Amazon in Kindle and print format, my art in local Ajijic galleries. Hope to see you at my blog.

3 thoughts on “Who Will Pay for the GOP Tax Cut?

  1. Marilyn Armstrong

    Do you know what is going to happen to all the people who own houses if they cannot deduct their state taxes? It’s going to cut the ground out from under the real estate industry — those are supposedly Trump’s pals — and they are NOT happy. But for everyone who owns a house — ANY house — it is going to devastate our ability to get any money back. It’s going to kill us. And that’s just the beginning of the slaughter. From there, it just gets worse and worse. What a horror show.

    Liked by 1 person

    Reply
    1. lifelessons Post author

      Just unbelievable that they would do this. If anyone votes Republican in the next election, they are a fool. How far does it have to go before they realize that the billionaires have staged a coup?

      Like

      Reply

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