The same Republicans who locked up the government under Obama for a month in a failed bid to prevent a hike in the debt ceiling, now thinks it's OK to increase debt by $1.5 trillion.
The average tax benefit for the average person making $100,000 a year is a mere $100**.**
I am all in favor of tax "reform". However, the bill is anything but reform.
It does not kill the Alternative Minimum Tax, it has eight brackets vs four in the House version, and beyond 2027 it does not lower individual taxes to any extent at all.
The New York Times reported Tax Bill Offers Last-Minute Breaks for Developers, Banks and Oil Industry.
Four companies, Apple, Cisco, Microsoft, and Oracle stand to gain an immediate windfall on $500 billion held overseas.
Cisco chief Chuck Robbins told CNBC that he would put the money toward a combination of dividends, buybacks and M&A activity.
Mergers, dividends, and buybacks will not create one job. In fact, mergers are likely to decrease jobs.
Spend Your $100 Wisely
By 2027 benefits dwindle for anyone making less than $100,000. I calculated the average annual gain for someone making $100,000 as $100.
For details, please see Tax Bill Analysis: Spend Your Extra $100 Wisely.
Benefits dwindle even faster for the lowest wage earners, and in some cases increase.
Bill Deserves to Die
This bill deserves to die, and the vast majority of the American public knows it.
- More than three-quarters of respondents to a CBS News survey this month said it would benefit corporations, while less than a quarter said it would help their own family (and 69 percent said it would help the wealthy.)
- A USA Today-Suffolk University poll released Sunday found 64 percent said the wealthy will get the most benefits, while just 17 percent said the middle class will.
What You Can Do
- Please call the U.S. Capitol Switchboard at(202) 224-3121. A switchboard operator will connect you directly with the Senate office you request. Tell them you do not want the tax bill to pass.
- Email your Senators Here is a Senate Contact Sheet. Open that page, find your senators and let them know what you think.
Please phone and email your senators, especially Collins in Maine, Rubio in Florida, McCain in Arizona, Lee in Utah, Corker in Tennessee, and Paul in Kentucky.
Make two calls. One to each of your Senators. Have your friends do the same. Let them know how you feel about this bill!
Mike "Mish" Shedlock