Republicans Are About To Pass The Most Important Tax Bill In A Generation

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Republican members of Congress are racing to pass the tax reform bill so that they can get home in time for Christmas, and it looks like it is actually going to happen.  The key is the Senate, and at this point it looks like there will be enough votes, but we have seen surprises before.  As I have stated previously, I would have voted for this bill, but nobody should pretend that this fixes our tax system.  The tax code is still going to be more than two million words long, the regulations are still going to be more than seven million words long, and Americans are still going to spend billions of hours and tens of billions of dollars complying with the most complicated tax system on the entire planet.


The House of Representatives passed the tax reform bill on Tuesday, but because of a couple minor snags they are going to have to vote again on Wednesday.  The following summary of where we are currently at in the process comes from USA Today

House Republicans on Tuesday passed the most significant overhaul of the tax code in three decades, but the bill hit a late-afternoon glitch when the Senate parliamentarian ruled that three minor provisions in the bill did not comply with strict budget rules and would have to be stripped out.

That means the Senate will likely vote on a revised bill Tuesday night, forcing the House to vote again Wednesday on the tweaked tax package before Republicans can claim their first major legislative win and deliver the $1.5 trillion package to President Trump before Christmas, as he requested.

Even though there is still so much work to be done, at least this is a step in the right direction.  Any time we can lower tax rates we should do so, and this bill also includes many other desperately needed fixes.  The following list of 16 major things that this bill accomplishes comes from CNN

1. Lowers (many) individual rates
2. Nearly doubles the standard deduction
3. Eliminates personal exemptions
4. Caps state and local tax deduction
5. Expands child tax credit
6. Creates temporary credit for non-child dependents
7. Lowers cap on mortgage interest deduction
8. Curbs who’s hit by AMT
9. Preserves smaller but popular tax breaks
10. Exempts almost everybody from the estate tax
11. Slows inflation adjustments in tax code
12. Eliminates mandate to buy health insurance
13. Lowers tax burden on pass-through businesses
14. Includes rule to prevent abuse of pass-through tax break
15. Slashes corporate rate
16. Change how U.S. multinationals are taxed

Sadly, none of these changes apply for the 2017 tax year.  So when you are preparing your tax return next spring all of the old rules will still apply.  For much more on the details of this tax bill, please see my previous article entitled “Do You Know What Is In The Tax Bill That Congress Is About To Pass?”

As I discussed in that article, the most important change that this tax reform bill makes is a dramatic reduction in the corporate tax rate.

You may be thinking that the big corporations don’t need more money, and you wouldn’t be wrong.  But that is not the point of this change.

Right now, the U.S. corporate tax rate is much, much higher than almost everywhere else in the world.  This gives corporations an incentive to locate operations elsewhere, and that means fewer good jobs for American workers.

We want corporations to locate operations inside the United States, and so it is imperative that our corporate tax rate is competitive with other industrialized nations.

Unfortunately, the Republicans have done an extremely poor job of selling this tax plan to the American people, and as a result support for this tax reform bill is extremely low

The plan includes a steep tax cut for businesses and temporary tax cuts for individuals. Middle-income households would see an average tax cut of $900 next year, while the wealthiest 1 percent would see an average cut of $51,000, according to the nonpartisan Tax Policy Center.

Some 52 percent of adults oppose the tax plan, while 27 percent support it, according to Reuters/Ipsos polling.

Once again, if I was already a member of Congress I would have voted in favor of this bill.  It is a step in the right direction, but eventually the goal should be to do away with our current tax system altogether.  From 1872 to 1913 there was no federal income tax, and that turned out to be the best period of economic growth in United States history.

Our current system of taxation is a complete and utter nightmare, and I don’t understand why so many politicians believe that we should keep it.

This is just another reason why it is time to boot out the professional politicians and start restoring some common sense to Washington.  It is time to take our government back, and I hope that you will join the team.  It isn’t going to be easy, but Donald Trump showed us that anything is now possible in American politics, and if we all work together we can get the job done.

Michael Snyder is a Republican candidate for Congress in Idaho’s First Congressional District, and you can learn how you can get involved in the campaign on his official website. His new book entitled “Living A Life That Really Matters” is available in paperback and for the Kindle on

  • DJohn1

    It would be nice if the tax plan did more for the average person out there and less for the extremely rich people.
    But the people in the Congress were financially obligated to those that financed their election. That financing means they will vote for something that benefits the corporations owned by the people that financed their election.
    That financing also means the current version of Obamacare is owed to the Republicans not fulfilling their promise to get rid of it. Lying can only get you so far before the people do wake up.
    The very best thing that happened to the Democrat Party was Hillary lost and Trump took office. Why? Because now a whole lot more people will be willing to put Democrats in the Congress than they were before after Mr. Trump took office.
    It swings back and forth. As one party smells worst than the other one we just unelected.
    What I do not like is dirty politics and the Democrat party appears to be full of dirty people. Like slandering an opponent because people are too stupid to see through it. Like fixing an election with a bunch of dead people voting. Like moving people from one election station to another and voting many times. Or getting illegal immigrants to vote.
    That appears to be how things are right now.
    The surprise for a lot of people were Republican Rhinos.
    If you really want a reformed tax code vote the current one out and put together a plan that is simple to operate without a lot of regulations that no one but someone with a master’s degree in tax law might understand.
    If no one actually understands tax law is it legal?
    Or does it favor one group over another that can afford the expert help to get the job done?
    Last I heard such law is considered discrimination and is illegal. Now if a court of law judge allowed that arguement the entire congress would have to go to work.
    KISS. Keep It Simple Stupid.
    But then an entire generation of bureaucrats would be out of work.

    • “Democrat party […] dirty people. Like fixing an
      election with a bunch of dead people voting. Like moving people from one election station to another and voting many times. Or getting illegal immigrants to vote.”

      If you have even a SMIDGEN of evidence which supports any of those claims, you can become extremely wealthy by sharing the evidence you’re privy to to either Alex Jones, Sean Hannity, or even Don the Con himself. Each of them has been squawking such claims, but when pressed to provide literally ANY proof, they all clam right up and change the topic.

      Seriously though, you could become wealthy beyond your wildest dreams if you come forth with evidence to make Alex, Sean, or Donald appear to be telling the truth about faked votes.

      • 4K

        You’re just as wacked out as the people who want the Christian version of Sharia law like the blogger or Ted Weiland, just at the opposite end of the spectrum.

        • Cool unfounded and meritless claim, bruh.

          If you can refute my claims, it would show me to be incorrect… and you can’t do that. You can only toss lazy ad homs, and that only strengthens my position while weakening yours ¯_(ツ)_/¯

  • Tim

    It looks like Republicans are going to raise taxes for people who are not married.

  • 4K

    Please try to get everyone you can to use CASH when they get their taxes back. I just had a dream the elite were going to use bitcoin to make everyone be part of the Catholic? system or else they can’t buy anything.

  • Undecider

    So long as everyone is still being coerced to paying the Federal income tax, nothing has changed.

  • kubbs

    There’s even more loopholes for the top 1% than there was before.

  • Chris Gerber

    It’s about time they passed something besides gas!

  • Napoleon

    Wonderful unless you live in one of the states where taxes went up because of this bill. Some in NY will be paying several thousand more.

  • Isaac

    The tax reform plan is a bunch of HOGWASH!

    A big giveaway to very rich and corporations!

    Republicans and Trump don’t really care about the average people. It’s all about how much wealth they can get. Ordinary people get a tiny handout.

    Mark my words. This trickle down economics will lead to another big stock market crash, job losses, and suffering; Trump and the Republicans will get their butts kicked!