For someone who is opposed to having a law for everything one could imagine, I sure blog often about the need for more laws. The truth (remember truth?) is I am being silly about needing all these laws I propose and I am kidding you...Or am I?
Today I would like to tell you about the undeniable need for Secrecy in Government. I say the heck with transparency. I am certain that, after I lay out my case for Secrecy in Government below, each and every one of you will see the logic of what I propose…Or will you each?
The Subject of this Blog Posting above is the exact quote from my morning newspaper today (11/10/17) and therein is our problem…
Ø The House of Representatives has proposed a new set of provisions for their Tax Reduction/Simplification/Revision Proposal.
Ø The Senate has been ensconced in Happy Hour patiently waiting and doing no work on their Counter Proposal until they receive the House’s Proposal.
Whenever any Senator is asked what he “thinks” the bill should look like before the House’s Version is published, he declines to comment but he does admonish the questioner along these lines…
Do you really expect the Senate to spend any time coming up with a Counter Proposal before there is something Counter?
Within 45 minutes of the House’s Proposal, the Senate lays out its Counter Proposal using the House’s Proposal for the basis of the their proposal.
Almost everything the House has proposed the Senate will Tweak, Adjust, Take A Position Opposed To, Modify, Raise and/or Lower (Yes, in our 9% Approval Rated Congress, there is a difference between Tweak, Adjust and Modify).
Hardly anything that is proposed by the House is agreed to without change.
In this case the Senate agreed to…
· Lower Corporate Rate to 20%.
· Nearly double Standard Deduction.
· Eliminate Personal Exemptions.
· Eliminate Alternative Minimum Tax.
The Senate has quibbled with…
|
| House Bill | Senate Bill |
| Top Individual Rate | 39.6% | 38.5% |
| Number of Individual Tax Brackets |
4 |
7 |
| Estate Tax | Expands exemption to about $11 million a person & repeals in 2025 | Expands exemption to about $11 million a person |
| Corporate Rate Reduction To 20% Takes Effect |
2018 |
2019 |
| Top Pass-Through Rate | 25% with caveats | Above 30% |
| State/Local Reduction | Preserves for Property Tax up to $10,000 | Eliminates |
| Medical Expense Deduction |
Eliminates |
Preserves |
| Student Loan Interest Deduction |
Eliminates |
Preserves |
| Child Tax Credit | $1,600/Child | $1,650/Child |
If you find yourself wondering about whether some of these changes were derived by use of the Dart Board at Happy Hour, you just know the Dart Board came into play when you gaze upon the last one above…a $50 difference?! I just heard that famous tennis player shout, You Can’t Be Serious!
Would I kid u?
Smartfella
