Tax bill a shameful sellout

Tuesday, 26 Dec, 2017

President Donald Trump on Friday signed the most significant overhaul of the USA tax code in 30 years, delivering on a pledge to finish work on the long-standing Republican priority by Christmas.

Trump said he was going to wait until January to sign the bill in a larger, more ceremonial setting until he saw television news coverage Friday morning speculating about whether he'd sign it before Christmas.

President Donald Trump says he's getting ready to sign into law a $1.5 trillion tax overhaul package.

An analysis by The Center for American Progress, a Washington think tank, revealed Trump and six members of his inner circle will be the actual beneficiaries of the tax bill.

For the new year, Republican leaders in the House have their sights on decades-old programs for the poor that they say are too easily exploited by those who do not need them. This is a phenomenon that nobody even thought of, and now it is the rage.

The president cited a subset of that $5.5 trillion, the amount that he said would go to "American families". Speaker Paul Ryan, in unveiling the House plan in the fall, said the average reduction would be around $1,200. We hope the changes will finally force serious discussions in the Legislature about municipal and school consolidation, further benefit reforms and finding a different mix of taxes - one in which there is less dependence on property taxes to fund government services.

"Taxpayers care about the bottom line of how much they owe, not how much the beneficial provisions alone help them, ignoring those provisions that raise their taxes", Eric Toder, co-director of the Tax Policy Center, told us via email.

Trump tweeted the same on Friday in advance of signing the tax bill.

The bill is also not very popular among average people as a poll, before the tax cut vote, found more people have developed a dislike for the new tax bill over the past two months.

It was initially thought that Mr Trump would wait until the new year before signing the package into law, but instead, he chose to make it one of his final items of business before jetting off to his Florida estate for Christmas.

President Donald Trump's "America First" foreign policy has advanced the country's interests in the world, the White House said today, while listing out his efforts to enhance relationship with partner countries, including India.

Under the legislation, income tax rates will be reduced across all seven individual tax brackets.

It also ends fines for people who don't carry health insurance, though that doesn't take effect until the start of 2019, and other marquee components of President Obama's healthcare law remain.

Trump said his next priorities will include an infrastructure bill aimed at spurring investment in the nation's ailing roads, bridges, airports and waterways. Congressional Republicans trying to communicate the benefits of their bill to help their bid to maintain a majority in 2018 probably just wish he hadn't said it out loud.