Hey, I’m all for a good thing. You betcha. This Republican tax reform bill though? It’s far from good – at least for much of the Middle Class. Not that it’s all bad, either. There’s some positives to be found, namely in the form of much-needed reduced corporate tax rates, but these Republican “leaders” in Congress sure seem to have a knack for over-complicating what should be simple politics – do right by the people and they’ll do right by you.
The American Middle Class has been getting hammered from all sides for far too long. The tax reform bill in its current form pretends to alleviate some of that in the form of doubling the standard deduction to $24000. The problem is other deductions are then reduced or even eliminated altogether meaning the overall plan offers at best a marginal reduction in taxes that historically, ranks the plan as among the lowest of all federal tax reductions. In fact, the Reagan tax cuts in 1981 were many times greater overall. As for the Trump-era proposed tax cuts? Not so much. Even George W. Bush’s reductions were much more: