Under The New Tax Bill, Everybody Loses

The recently passed Tax Cuts and Jobs Act is remarkably equitable in its effects. If you live in a high-tax blue state, you lose, because you can no longer deduct your state and local taxes from your federal tax return. If you are a teacher, you lose, because you can no longer deduct teaching-related expenses. If you are a student, you lose, because you can’t deduct the cost of your student loan interest. If you rely on the Affordable Care Act, you lose, because your premiums will likely go up due to the repeal of the individual mandate. And if it looks like your individual tax rate really is reduced, you can rejoice…at least until 2025, when your cut expires. Everybody loses!


From all this information, it may seem like the tax code really hurts all Americans. Fear not, though: this is actually not true. Several people are greatly helped by the new code. If you run a corporation, for instance, your taxes are slashed. If your parents are rich, and you stand to inherit over $5.5 million, that money is no longer taxed. And if you are Donald Trump, you might save over $11 million on your taxes. Thank God that the true bedrock of American society is rescued from, perish the thought, paying their fair share. Furthermore, the whole thing costs the country a bargain $1.5 trillion.


Frankly, when a bill that impacts just about every single person in the country is passed along party lines with several majority party members hesitating, it is obvious that the bill is unpopular and ill-advised.  In fact, according to a survey conducted by The New York Times, about 58% of Americans disapprove of the bill. Putting aside partisan lines for a moment, why would any party pass a bill that is not supported by anyone from the minority, eleven members of its own party, and a majority of the people of the United States?


Perhaps they passed it because they had not achieved any other major legislative success in 2017, or maybe because they needed to appease major donors. Whatever the reason, one thing is clear: Republicans have defied the will of the people and have ignored their own constituents. They have created a law that does not help ordinary Americans and could potentially spell economic doom for the entire nation.