An assessment: the Tax Act may sound great, but actually IT'S DEADLY.
Take a detour for a minute. Entitled, "Lost Deduction has Seniors Worried," Tom Foley, 76, visits his wife, Lonnie Foley, 72, at Hawthorne Memory Care in Portland. Currently, Tom can deduct the $70,000 annual bill as a medical expense. The Republican-sponsored tax proposal would eliminate that deduction. ("The Oregonian," Dec. 1, 2017.) They'll use the money saved to pay for the new deductions for business and higher bracket payers.
Seniors with calamitous medical expenses will end up shoveling money toward wealthy and toward business owners. How can you justify that?
Study the illustration below. You'll see that the cut in 2019 for low income groups is least and for high income groups is greatest. Tax burden change is charted on the vertical dimension while tax years are displayed on the horizontal.
In every year the tax burden rises for low and middle income groups.
But the Act actually lowers lower tax rates on higher income taxpayers. Corporations aren't represented in the illustration but the Act proposes a corporate rate cut from the current 35% to 20%!
The Tax Act will also have the effect of raising the national debt to possibly $20 trillion. Retiring Federal Reserve Board Janet Yellen says, “That should alarm anyone who shares a concern for future generations.”
via Wikimedia Commons
Read a sample of their words below, spoken to the property accumulators of their time: