I love that The Telegraph uses the words “newfound money.” Taxpayers aren’t “finding” their own money. They know where it went. Tax cuts just mean that the people who earned the money get to keep more of the money they earned.
This tax reform will drive many big government statists nuts. Between this and the re-deregulation of the Internet, the control freaks are not going to be happy this Christmas. Of course there is for sure plenty of crony statism embedded in this bill, one can pretty much count on that. And we will highlight this. However we appear to be moving in the right direction and away from the mistakes of the Obama years which slowed this country down and eroded its mojo.
Americans want to be optimistic. Their disposition is toward achievement and creation, in contrast to the old and ossified countries of Europe. There might be a small (but very wealthy) group in this country that is enamored with the hyper regulatory, aristocracy dominated Euro model, but Americans in their hearts recognize that such a model is a betrayal of the American spirit, indeed the American Revolution.
As Antiwar.com‘s Justin Raimondo reminds us, The American Revolution is the only successful libertarian revolution in the history of the world. So far.
Let America breathe. Let it grow. Let it create wealth. Put the government busybodies in their place. (Which is on the sidelines.) Americans WANT to excel. Americans WANT to push boundaries. Americans want to be free in both the social and economic realms. That is what makes Americans Americans. We have a unique system. We are indeed different from the world. And no matter what Mr. Soros says we have a spirit that DAVOS MAN can’t crush.
Of course, as we said we are sure there’s plenty of cronyism lodged in this giant bill. There is no way there isn’t. However, the cruise liner appears to be turning, finally, toward toward fairer seas.
By the way. You know who pays the corporate tax? YOU the consumer do.
We’ll see how it goes and whether they can get things over the finish line. DAVOS MAN is calling in favors. But he may have already called in too many.
(From The Guardian)
It makes changes to the income levels where the tax rates would kick in, raising the top tier by about $30,000 so only those earning $500,000 or more would be in the top bracket.
A change to the deductibility of mortgage interest will limit it to the first $750,000 of new home loans.
And Americans who inherit property won’t have to pay estate taxes on the first $11.2 million. That’s double the current exemption.
Some tax breaks that were written out of early versions of the bill are back in.
Those include a deduction for medical expenses and an exemption for graduate school tuition waivers. Americans paying off student loans will still be able to deduct the interest.
A promised $10,000 deduction for income and property taxes paid to states, counties and cities is also included – a compromise that attracted the support of lawmakers from high-tax states like New York and California.
The bill includes an expanded child tax credit, a move calculated to win the support of last-minute holdout Marco Rubio,. a Florida Republican senator.
It also eliminates the tax penalty placed on Americans who don’t buy medical insurance required by Barack Obama’s Affordable Care Act.