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Nationalist Pundit

America First and Always!

Tax Reform Bill Completed In Conference

The House and Senate Conference Committee has finished work on the tax reform bill. The latest version which will be voted on next week does have some changes. The corporate tax rate will be set at 21% instead of 20%. There will be reductions in all individual rates. One sticking point between the House and Senate versions was the SALT or State And Local Tax deductions. You will still be able to claim up to $10,000 in such taxes. The compromise bill satisfies most of what President Donald Trump had been asking for. A vote is scheduled for next week and once it passes, most Americans will begin to notice more money in their paychecks by February.

 

 

 

Now, we are still not quite at the sort of tax reform we had hoped for, but this is a big step in the right direction. About 95% of wage earners will see substantial savings. In addition, the lower corporate tax rates should help boost business growth, leading to more jobs and higher wages. Most Americans will benefit from the increases in the individual and dependent, or children, deductions. The elimination of the Estate or ′Death′ tax will also make life much easier for passing on farms and small businesses to heirs.

 

All in all, the new tax reform bill should put about an extra $2,000 dollars in the hands of citizens. Depending on how wages fair as the economy improves, workers may earn an extra $4,000 a year once the reforms kick in. The Gross Domestic Product, or GDP, should tick upwards from the current annual rate of about 3.3% to the 4% or 5% range next year. While the tax deductions may add to the Federal Budget Deficit some $1.5 Trillion dollars on the outset, the increase in GDP, plus job, profit and wage growth should balance the books within a few years.

 

For more REAL NEWS and views, follow Andrew Zarowny on Facebook and on Twitter @mrcapitalist.

 

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