So, no surprise, the Republican tax bill rolled out yesterday would benefit the wealthy, hurt the middle class and poor, and increase the deficit. What else is new?
The New York Times has a list of deductions that would be eliminated by the tax bill. These include out-of-pocket medical expenses (a biggie for me, as I am old and poor) or losses like your house burning down. Seriously. On the other hand, embryos would be eligible forÂ tax-advantaged 529 college savings plans.
Some business organizations are already coming out against the bill because of the loss of deductions. The National Federation of Independent Business complained that the bill favors big business and leaves out small businesses. TheÂ National Association of Home Builders is up in arms because it puts limits on deductions of mortgage payments.
And then there’s this, in which Stephen Curry is called out in the bill because Trump is feuding with him.
The bill is a nasty piece of work, and the vote on it is going to be close. As with the health care bills, if Senate Democrats hang together there’s a chance it will fail to pass. However, that may be a bigger “if” than with health care.