The WSJ published a column by the young Congressman from the upper midwest. As majority leader of the House of Representatives, it's Paul Ryan's job to sell the legislation that will cross Mr. Trump's desk tomorrow or Friday for a signature putting it into law. This is the first major tax law in over 30 years. The Republican majority used the reconciliation method for passage, meaning they did not have to consult with the minority party because they hold a majority. However, they will have to revisit the law w/i 7 years or it will sunset off the books. Considering that the Republicans have a slim chance of holding on to their majority position beyond November of 2018, it is likely that this law will crash and burn within 18 months. Dem Nancy Pelosi calls it the worst bill ever to come out of the House.
It appears, in the opinions of most economists, that this new tax law revision does not simplify anything, and at the same time creates a whole hosts of targets for tax lawyers around the country, whether in business or ordinary tax filer.
The meat of the law is too long to summarize here in the Mayor's column, but any survey of business publications, magazines, blogs, and reports will certainly itemize the many sections that will affect small businesses and employees everywhere. The big winners: large corporations and that includes banks and trading houses on Wall St. Home owners and prospective buyers will take it in the shorts. Live in a high tax state(NY, CA, NJ, CT, MA): get ready.
I can only imagine the furor that will be raised in 2018 as the Congress takes aim at entitlements(SocSec, Medicare, Medicaid, etc). The uproar will be heard in Europe. The new tax law eliminates the Obamacare mandate, or that portion of the health law that requires a penalty if one does not buy health insurance. This takes the young and healthy out of the paying sector of healthcare. Insurers see this coming and have been raising premiums wholesale across the landscape.
Give us single payer, now.
More after the Trumpster signs tomorrow.
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