Come next February, everybody should check their paycheck, because their withholding is going to be better. They’re going to get more money in their paycheck starting out. House Majority Leader Kevin McCarthy said on Fox’s Sunday Morning Futures.
The changes are going to be too small for people to recognize. Most families won’t see anything from the plan until they file their 2018 taxes in April 2019. Jared Bernstein, a senior fellow at the Liberal Center on Budget and Policy Priorities said.
When this gets signed by President Trump, this is going to be a generational achievement. House Majority Whip Steve Scalise of Louisiana said on Fox News.
Regardless of how this plays out for Americans in the next few months, the reality is that most Americans are not expecting much in terms of more money in their paycheck. The majority of the tax cuts, and what most of the “figures” are based on, will benefit higher earners. There was supposed major tax relief passed in 2009 after the housing market crash that didn’t have the perceived assistance that Congress had hoped. An $800 difference on your taxes equates to about $11 more per week in your paycheck. The new bills, one from the House and one from the Senate, offer only a marginal increase to lower earners and a more significant increase to higher earners in their federal tax deductions.
Most of the support for this “generational” tax bill is coming from the wealthy and the corporations they own. You don’t have to go too far back into our history to see that this is the same type of tax reform that went into place in the early 1980’s under Reagan. It didn’t work well then and most feel it won’t work now. Trump and the GOP are grasping at anything to show a first year win after 8 years of bitching that the Democrats held everything up. Well, they have the control and not surprising, they can’t get anything passed. What’s the problem now?
Out of Touch
Our countries government is operating in a world of their own making where real world problems don’t seem to touch them. Their healthcare is better than what regular Americans can get. Their retirement is better than what Americans will probably never see again. Their bank accounts are padded with lobby money that no one outside of politics can ever dream of getting. SAYING that this tax relief bill is what Americans want, then making sure that “the haves” are covered, is not an example of a government elected “by the people for the people.”
People are going to be very enthusiastic and excited. They are going to be buoyed by the fact that true tax relief — that most people haven’t seen in their entire lifetime — they are going to be receiving. Representative Karen Handel of Georgia said to Bloomberg.
How do you get a ticket to the reality she’s living in?