Quote:
Originally Posted by reckless
I have no problem with you disagreeing with me, of course, but you say this bill is 'starting the process ...' Andy, for 50 + years the GOP has run on a platform of being the party of less, low and a simple tax system. Just like the ObamaCare 'repeal' scam... the GOP simply refuses to get legislation passed on issues that were their core issues for many years.
This bill was done primarily to get the Senate to shoot it down, and by extension, to make Trump look bad. That's what the GOP thinks anyway, that it will be Trump who will look bad. The GOP will be in for a rude awakening come 2018.
How much of 'tax reform' was thought through by the GOP or even 'comprehensive' when they didn't make the tax 'cuts' retroactive? They even had an out loud thought about cutting the amount of deduction after a 401(k) contradiction. Are they kidding?
This goes way beyond the GOP just being stupid.
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The process means unwinding all of the social engineering and feel-good statutes that permeate the IRC. there are so many sacred cows in the IRC that making a wholesale change could never fly politically. The House bill is a good start to turning things around.
Making tax cuts retroactive is easy if you are only considering rates. Because of the changes to actually computing taxable income it is unrealistic to make it retroactive. Also very unfair to people who planned based on a system in place.
Most people would be far better off to fund their 401-K plans with after tax dollars and have all withdrawals be tax free. The problem is that many people need a big carrot to save any money for retirement. The change would have been a timing issue giving the government more taxes upfront but certainly losing more taxes on the back end.
