Wednesday, December 20, 2017

Historical Tax Reform

A few hours since the House voted to send the final version of the Tax Cuts and Jobs Act to President Trump:
  • 'AT&T' just announced that it will give 200,000 employees a $1,000 bonus once the bill is signed into law. In addition, the company plans to keep its promise to invest an additional $1 billion in the United States.
  • Boeing is taking action as well, declaring that it will make a $300 million employee-related and charitable investment thanks to tax reform.
  • Fifth Third to raise hourly wages to $15/hour & give employees $1,000 bonus.
To me, one of the most important item is that the 13 million individuals forced to pay a fine on their income tax, because of no medical insurance at Obamacare standard minimum: Well, they will no longer have to pay it, and instead might be able to purchase a minimal emergency coverage.
I have been raging to think that government could force someone to buy something.

Of course, the NEW child tax Credit will double (thanks Senator Rubio of Florida for your stubborn requirement)

How much each individual will save on their paycheck in February will remain to be seen then.

That a family earning $70,000 a year will keep approximately an extra $2000 a year.... !

It is true that residents of states with an already High State Tax will have to pay more.
Understandably, their Republican Representatives (12 of them), did vote against the tax Reform.
Apparently, the 3 States the most penalized are California, New York, and New Jersey.
I surely hope their State legislature will hold Emergency meetings in order to reduce the Tax burden of their constituents (at the State level).

No comments:

Post a Comment