This is detailed and fairly understandable: "The
GOP Tax Bill Is Out—and Now We Know Why It Was Secret for So
Long," by David Dayen, The Nation, November 2,
2017.
The one big thing that hopefully you can remember for good and always, is that the trickle down theory has been thoroughly debunked. The rich getting more money does not create more jobs or otherwise benefit those with less money. The wealthy people do not jump to investing in industry or to adding jobs. They just put their money away where it does nobody any good.
You might want to see Trickle-down economics - Wikipedia. You might also want to see ”Does Trickle-Down Economics Work?”
--and A message to Congress: Don’t make the same mistake we did in Kansas, by Kansas State Senate member Dinah Sykes, Washington Post, October 19, 2017. Kansas cut its state income taxes on small business owners in an effort to stimulate job growth. That did not work, and they are still trying to recover from their economic disaster.
Otherwise, you might want to note among other things that the new GOP proposal would cut back to $10,000 deductions for property taxes and altogether cut out deductions for state and local taxes. A new $24,000 standard deduction is proposed, but then there is an increase in the tax rate for the next $18,000. "[T]he deductions for student-loan interest, or moving expenses, or medical expenses [are eliminated]. Elderly people in nursing homes and struggling students lose benefits so the rich can get a tax cut...... ."
There's more in the article.
love to you and your family,
Larry
The one big thing that hopefully you can remember for good and always, is that the trickle down theory has been thoroughly debunked. The rich getting more money does not create more jobs or otherwise benefit those with less money. The wealthy people do not jump to investing in industry or to adding jobs. They just put their money away where it does nobody any good.
You might want to see Trickle-down economics - Wikipedia. You might also want to see ”Does Trickle-Down Economics Work?”
--and A message to Congress: Don’t make the same mistake we did in Kansas, by Kansas State Senate member Dinah Sykes, Washington Post, October 19, 2017. Kansas cut its state income taxes on small business owners in an effort to stimulate job growth. That did not work, and they are still trying to recover from their economic disaster.
Otherwise, you might want to note among other things that the new GOP proposal would cut back to $10,000 deductions for property taxes and altogether cut out deductions for state and local taxes. A new $24,000 standard deduction is proposed, but then there is an increase in the tax rate for the next $18,000. "[T]he deductions for student-loan interest, or moving expenses, or medical expenses [are eliminated]. Elderly people in nursing homes and struggling students lose benefits so the rich can get a tax cut...... ."
There's more in the article.
love to you and your family,
Larry
