Tuesday, 5 December 2017

6 ways to make the Trump tax cuts better.

Tax cuts are coming.

There’s now a Senate bill and a House bill that would slash taxes by roughly $150 billion per year over the next decade, with GOP leaders in Congress determined to speed up the usual tedious process for merging House and Senate legislation into a single bill for both chambers to vote on. Barring surprises, it’s likely President Donald Trump will have a final tax-cut bill to sign by the end of the year.

That doesn’t mean the GOP tax cuts are popular. They’re not. Both the House and Senate bills are heavily weighted toward business tax cuts, with working- and middle-class voters likely to see just a fraction of the total tax savings Republicans are doling out. Various provisions would harm graduate students, people with high medical expenses and other groups that don’t typically have high-priced lobbyists fighting for their cause in Washington. But Congress can change the bill during the final few weeks of haggling, to make it less damaging and more politically defensible.

By Rick Newman.

Full story at Yahoo News.

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