Senator Barrasso predicts that the tax bill will pass the senate tonight, at the latest tomorrow. A follow up bill might be necessary to undo the negative effects of this bill
Posted on | November 30, 2017 | No Comments
Senator Barrasso (R-WY) appeared on FOX this morning. He expects the tax bill to pass the senate tonight or at the latest tomorrow.
My feeling is that, since the House has a larger GOP majority, they might just pass the Senate version. This will be bad news for homeowners, as all of the state and local deductions are wiped out in the senate bill. A lot of homeowners will see their taxes go up. A lot of people in CA, NY NJ, states with high state taxes, will see their taxes go up, even if they are not homeowners.
Since the tax cuts for corporations are permanent, while the tax cuts for individuals will be fazed out in the senate bill, by 2027 majority of taxpayers making less than $75,000 will see their taxes go up.
Yesterday Laura Ingraham spoke about border taxes. In my opinion we might need to go back to border taxes on cheap foreign products to be assessed on corporations in order to give homeowners and taxpayers back their deductions and truly reduce their taxes. Let’s not forget, when we had tariffs (border taxes) we had virtually no debt. Now we have $20 trillion in debt, homeownership is going down now and the middle class is dwindling. It appears that this tax reform will happen, whether we like it or not, but further changes will be necessary, border tax might be one of those necessary changes.
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