The republicans are hoping that those in the middle class who get tax breaks will ignore the harm inflicted on the elderly, the poor the disabled and the sick. Republicans want to make us complicit in murder, and for a few lousy bucks a year. Make no mistake about it, the coming tide of "reform" (i.e. destruction) of the social safety net will kill tens of thousands of people who would otherwise get the help they need. The biblical tale of the golden calf rings particularly true these days. The denial of life itself to those deemed unworthy by the republican party as they celebrate their riches is a moral obscenity rivaled by regimes who similarly assigned worth (or the lack thereof) to classes of human beings. We are all Jews in 30's Germany now.
1
New Yorkers who can afford it are going to prepay their property taxes for 2018, in the next week, as they should. But I sure hope they won't blow through the extra funds.
"New York's state-funded debt is projected to reach $63.7 billion at the end of the current fiscal year and to increase over the following four years to $71.8 billion, according to a report issued today by New York State Comptroller Thomas P. DiNapoli.
New York's per capita debt is $3,116 or three times the median for all states. The annual debt service payments are projected to exceed $8.2 billion by the end of State Fiscal Year 2021-22.
"New York faces tremendous infrastructure challenges and the wise use of debt can be an essential part of the financing picture," DiNapoli said. "Still, backdoor borrowing imposes significant costs on taxpayers, lacks transparency and may limit flexibility in providing important services and programs. My debt reform proposal would help ensure effective capital planning and manageable debt levels.""
https://www.osc.state.ny.us/press/releases/dec17/121417.htm
I am sure Trump is getting lots of credit from his friends and family for the Trump Family Tax Cut Plan he just passed.
6
If business is booming and the stock market is roaring, who in their right mind thinks that corporate tax cuts will make things better for Middle America? An increase in jobs and salaries is dependent upon business, not taxes. The only reason a company expands is that demand increases and this depends upon trade and consumer spending.
7
Thoughtful people cringe at the blatat self enrichment and disgusting crassness of the Grate (intended) Leader.
So what are we gong to do about it? Wimper or follow the Greatest Generation to defend our birthright and our freedoms; to preserve our democratic ideals?
2
Just did calculations for my wife and I and our kids, all with nice tax savings. Our 401K is doing well and I see no evidence of Social Security going away. Tax bill not perfect but a good start.
If Trump was serious about helping the middle class all he had to do was mandate an increase in the minimum wage and guarantee health care to all. That big tax cut for corporation and the ultra rich should be more than enough to pay for it. Instead he throws out some chicken feed for those that pay the bills, gives tax cuts to corporations that are already making a bundle, and caters to the rich who don't need it, all while telling us that that it is a beautiful Christmas present that we will have to pay for with what's left of our safety net.
4
Trump calls it an overhaul of the tax system. An overhaul is about fixing things and replacing outdated parts with new and improved parts, not fixing things so they can't be repaired.
2
The funeral of Donald J.Trump will have a greater audience than his inauguration. More people will watch it on television or online than the funeral of John F. Kennedy.
Melania will look magnificent and may finally speak in front of the cameras, unlike her on-camera appearances with him during his lifetime. We'll see just how good an actress she is if she can manage a tear or two and not flash a beaming smile.
5
Even Ronald Reagan had to increase taxes again.
4
We should recognize a bottomless pit when we see it: Trump's desire for "more credit." Singularly the sorts of credit that he wants, not the sort he doesn't.
About 2/3 of the country thinks that he deserves substantive amounts of negative credit. So he is getting the credit he deserves--no surprise this is not what he wants.
4
All this talk of collapsing programs and gutting the middle class... like it's a bad thing. Anyone who has ever set a budget knows there is a time to trim the fat and cut off spending.
Want to "boycott" the system by not spending? Please do (and put it in savings)! It's called budgeting & the vast majority of Americans could learn a thing or two about it.
"'Every one of the networks was saying, ‘Will he keep his promise?’ the president said."
I heard his statement on the radio (NPR) yesterday. Then he said this was "the reason" HE personally had to hastily put together this meeting to demonstrate to the public that he was really, really signing this (horrible) tax bill. I yelled "What???" and laughed out loud.
Could someone please tell me exactly which networks actually said this? I took his statement as yet-another embarrassing example of Trump making up stuff for dramatic effect to showcase and celebrate himSELF that we certainly didn't and don't need.
If Trump does actually tell the truth at some point--such as for the Mueller investigation to save his skin--who can believe him?
7
Not enough credit? Not fair at all. President Trump should get full credit for further dividing the country, stoking racism, promoting voter suppression, undercutting the protection of public health, giving public lands to the mining and petroleum interests, making us more vulnerable to the ill effects of climate change, setting the courts against the people, and so much more. Congratulations Mr. Trump.
10
Be patient. The Republicans own Trump, and vice versa. This will all end in a tremendously epic mess for them. They'll reap what they have sown. Bigly.
7
How can Republican Congressmen from the suburbs, where property taxes and other state and local taxes, employee expenses and charity donation account for $1000s of deductions on every voters itemized tax return, possibly be re-elected? Maybe in Texas, or maybe not even there.... These are not values voters who vote against abortion and gay rights. They vote in their own self interest... 30% of tax returns itemize deductions. That's a big chunk of voters who will be very energized in April of 2019.
7
ME! ME! ME! That's all you hear from our Top Kleptocrat. This tax bill was specifically designed to make Donald Trump even richer at everyone else's expense. Then he has the gall to complain he isn't getting enough credit for making himself richer. ME! ME! ME!
12
Trump deserves no credit whatever for a tax bill that serves corporate American and turns its nose up at the more important middle class--backbone of American life.
Where is the healthcare---the most priceless thing the middle class and poor need desperately? Why wasn't Medicare turned into a national healthcare bill as it should have been-cheaper and better for everyone? This bill promotes the death of the poor and middle class physically and morally. The bill is patently and evil.
8
I hope Trump plans on carrying the blame too when the government goes bankrupt
Why put the 325,000,000 souls at risk for your ego?
Thanks Republicans
6
The last sentence was news to me, and my first thought was we wouldn't need to spend $4 billion on missile defense (presumably against N. Korea) if the Idiot in Chief would keep his mouth shut.
5
quote
"However, once Congress reached a deal this week to avoid the possibility of the spending cuts...Mr. Trump wanted to sign the bill into law as soon as possible."
So the mandatory PayGo cuts won't go into effect, requiring deep cuts to discretionary spending, such as Medicare, Medicaid? I wonder if this is true.
Paul Ryan has wanted to cut Social Programs for instance, with "vouchers" to replace Medicare.
See article "The Tax Bills automatic Spending cuts.."
https://www.nytimes.com/interactive/2017/11/29/upshot/paygo-medicare-cut...
4
A commenter insists that the NYT should stop being so even-handed:
"The NYT keeps reporting things down the middle..."
This commenter will be pleased to learn that some readers DON'T feel that the Times is "reporting things down the middle."
1
Dear MTC:
Reporting is reporting. Fact is fact. There is no middle, left, right, there just is. Being even-handed is an entirely different thing altogether. That has to do with the forming and proffering of opinions. And that is when the definition of "even-handed" lies, as in beauty, in the eye of the beholder. One person's even-handedness is another's biased slant. Being the Times and the Wash Post are liberal in their Op-Ed pieces whereas the The WSJournal is conservative, one should be aware going in what to expect, and be ready to counter with their opposing views accordingly.
True reporting should come as close to Joe Friday's mantra: "Just the Facts" as humanly possible. It should emulate the Weather Report (reporting yesterday's events, not the forecast; that is prognostication, a calculated guess, however scientifically based). Another example is the Sports page. The score of sporting events remain the same no matter where one resides or what opinion they have concerning the a disputed call on the field of play. If the 49ers beat the Giants on Sunday, so it is written. The Times will report the same score as the Chronicle, irregardless of its bias toward the home team.
Opinion is much more tricky deciphering. But an agile and well-read individual should have no problem discerning where one thought leader's bent is, especially when they have an extended track record.
That being said, I'm sticking with the Times and the Wash Post.
DD
Manhattan
11
Faith equals reason is a false equivalency, ThreeCents. There is no equilibrium at the midpoint.
3
Perhaps the worst thing about the Trump presidency is the whining about how little praise he gets for doing his job. Talk about a snowflake!
9
It will never be enough credit. Not that will ever satisfy Trump. I hope he gets all of it. The good, the bad and, and the worse. I also hope that there will be enough data to analyze the consequences of getting rid of the individual mandate of Obamacare on time to turn Senate seats in next year elections.
As a person with individual health policy with an astronomical monthly premium, I consider myself lucky to live in Florida and I feel for the persons in the same circumstances but who live in states like New York, New Jersey or California and, got a double whammy.
7
Based on the replies to my earlier comment, one of the least understood aspects of the tax reform is the affect it has upon the mortgage interest deduction. Some wrongly believe that the mortgage interest deduction has gone away, but the truth is that the deduction has been capped at the interest up to $750,000 of the mortgage value, meaning that the interest above that threshold will no longer be subsidized by the federal government. So, homebuyers will still be able to deduct mortgage interest, just not above that amount $750,000. This reform only effects a small portion of buyers, as only 33% of the homes in the US priced/valued above $750,000 are in 10 of 435 Congressional voting districts. That is according to the National Association of Realtors website, which also states that over 40% of those homes are in 4 districts: CA-14 (SF Bay area), CA-30 (Los Angeles), NY-8 (Jamaica/Queens), and NY-14 (Hamptons). So, the mortgage interest is not going away; people who do not lavish homes will not be impacted by the reform; they will still be able to deduct a large portion of their interest. Only the big shots will be affected, and besides they can more than afford it. In short, the lifestyles of the rich and famous will no longer be subsidized by the federal government. Thank you.
1
@Southern boy, maybe you should travel north of the Mason Dixon line some time. Homes that cost over 750,000 are not necessarily 'lavish.' That won't even buy you a one-bedroom apartment in some cities.
6
Homes over 750,000 are not necessarily 'lavish.' In some cities that doesn't even buy you a one-bedroom apartment.
And don't kid yourself, you are indeed subsidizing the richest of the rich, the Trumps of the world. Those who don't earn a paycheck get nearly all the 1.5 trillion, whilst the rest of us whose income comes from a paycheck get crumbs.
6
The Sarah Palin victim card. Poor poor pitiful me!
Trump is wrong. I credit him with the most monstrous legislation in American history, codifying corruption, and I assure him and all fellow collaborators that I will vote accordingly.
7
I see I have been giving too much credit to Trump for honesty, allowing that he tells the truth 20% of the time. Politifact gives him credit for being truthful only 4% of the time.
What a pathatic land this has become since it went "under God".
5
I am perfectly willing to give the president full credit for passing the tax cut. I also intend to hold him personally responsible for any future cuts to my Social Security and Medicare.
6
Something is very odd here. DJT signed the bill without fanfare, without the usual handing out of pens, and without fawning toadies in the background. There were no "supporters" of the bill at the ceremony. It seems that they have literally left town. Clearly, if it was something to celebrate there would have been much bonhomme.
I suspect that when the bill is fleshed out and the public really gets a chance to understand what is actually in it (including the gift by Sen. Hatch to real estate moguls) there be much which causes the Republicans to disavow themselves from the document.
DJT takes no opportunity to miss a chance to pat himself on the back and accept the adulation of others. This bill signing was the antithesis of that and demonstrates that there is much for its supporters to fear.
5
I suspect just the opposite as it becomes plain that how broadly the tax cuts are distributed.
Most critics of the tax bill and commenters here are being deliberately obtuse, embracing and repeating exaggerated and outright fabricated examples of negatively impacted taxpayers. The great majority of "middle class" taxpayers will pay less in income taxes for the next 8 years and perhaps after then as well. Those who are receiving little or no relief are lower income individuals or middle/high income high tax state residing home owners who can check off a few more boxes and are already benefitting from a highly progressive and bias tax code.
1
What about the mandatory cuts to Social programs ,after this Tax Bill, including Medicare which will now occur under PayGo legislation?
https://www.nytimes.com/interactive/2017/11/29/upshot/paygo-medicare-cut...
7
That is an example of treating speculation as fact. "and takes no other action" "could be cut"
"If Congress passes its tax bill and then takes no other action, the funding for dozens of federal spending programs could be cut"
Put another way than "a handful of companies," "several huge corporations gave immediate generous bonuses to thousands of employees." Poor Trump is driven to list has many accomplishments because major media seldom do.
1
Nearly all NYT articles on the tax bill refer to it as the "Republican tax bill" (ironically, this article breaks from that practice). That's a fair characterization, but I don't recall the Affordable Care Act (aka "Obamacare") being referred to as the "Democratic health care bill." In each case, the vote was strictly party-line. In fact, Democratic leaders in Congress switched to the "reconciliation" process at the last minute (requiring only a majority vote in the Senate) because Scott Brown's surprise victory in Massachusetts unexpectedly raised the possibility of a Republican filibuster.
Do you recall how many Republicans voted for the final version of the ACA? Do you recall how many Democrats voted against it? With those recollections clearly in mind, do you still think this tax bill is the first one to cause such a "partisan divide?"
It's not just about the vote. Dozens of Republican amendments were included in the ACA because they were part of the committee process. And again, the ACA was already a Republican plan, developed in their think tanks and signed into law by a Republican governor (Romney). There was not one Republican vote for it because Repubs wanted to make Obama a one-term president, and they cared more about that than the millions of people without healthcare coverage.
7
How the tax bill can be called Trump's legislation, other than being of great benefit to him personally, is an open question.
3
If the tax system is so oppressive, why are there so many millionaires/billionaires?
If our government has been conspiring against the accumulation of obscene wealth, why has it failed so spectacularly?
6
Well, how ABOUT those speeches:
"Watch [for] the impassioned speeches and crocodile tears about not lumbering the children of tomorrow with debts to pay for Social Security, Medicare, Obamacare, etc."
When we spend money on ourselves today but send the bill to our children -- even the ones who haven't been born yet -- aren't we stealing? If so, is that OK with you? If someone makes an "impassioned speech" to complain about that, will you really disagree with the speaker? Or will you agree that we're stealing from future generations and should stop doing that?
A dilemma here that never seems to get noticed:
"Make no mistake: this tax plan is punishment to the blue states who didn't vote for [Trump]."
Regardless of where you live -- blue state, red state, wherever -- your taxes almost certainly will go down, not up. While there will be some exceptions in all income categories, most taxpayers who pay higher taxes will be those for whom the new caps on deductions on SALT ($10,000 a year) and mortgage interest (interest on $750,000 principal) present a problem. This relatively well-off group of taxpayers probably won't elicit much sympathy from taxpayers who DON'T pay SALT of more than $10,000 a year, and who DON'T live in houses on which the mortgage is more than $750,000. From whom, then, WILL they elicit sympathy? The answer, as best I can tell, is "From each other."
Many of these "punished" taxpayers (most of whom live in "blue states") are far from wealthy; I get that. But when the question is "Compared to what?," the answer is that they'll be PERCEIVED as wealthy by most lower-income taxpayers. Those lower-income taxpayers will notice that their own taxes have declined, and they'll recall that the "punished" group told them just the opposite would happen. As a result, they won't find this punished group very credible. Nor will they be sympathetic to the punished group, since those lower-income taxpayers will notice that most members of the punished group make a lot more money, and live in nicer houses, than they do.
2
What is being missed in all this discussion is the unassailable principle of economics. The tax cuts will stimulate the economy which is already strong. This will overheat the level of economic activity which will force wages and rents higher, resulting in higher inflation which will force interest rates higher. The fed has already been acting to pull back on a near decade long period of artificially low interest rates. Now with the heightened activity putting more stress on the economy, interest rates will return to levels not seen since prior to the financial crisis. This will result in much higher financing rates for businesses and consumers which will reduce demand for goods and services (think cars, houses and capital projects that are all financed) which will bring the economy to a screeching halt. Add to this what rising rates do to the world’s largest borrower, the US government, as it refinances its continually maturing debt while borrowing even more to pay for the government giveaway, and the concern of the increased deficit from the tax bill of 1.5 trillion will be dwarfed as the US Treasury have to issue new bills, notes and bonds at ever increasing rates and the deficit will explode even further as this plays out. This will take a little time to play out so the impact won’t be seen until after the mid term election but the resulting recession will be quite impactful and the consequences to the republicans will totally depend on who wins the blame game battle.
4
There are things to criticize in this new tax law, notably (in my view) the prospect that deficits will increase significantly.
But critics may be shooting themselves in the foot by insisting that most taxpayers will pay higher taxes. That simply isn't true, as most taxpayers will learn early next year. The vast majority of taxpayers will pay less, and nearly all of the taxpayers who will pay more will be relatively high-income taxpayers. Critics can argue that the Republicans targeted "blue states," where most relatively high-income taxpayers live, and maybe the Republicans did, but the key fact will remain: Targeted or not, these taxpayers are relatively high-income taxpayers; they are NOT the lower-income taxpayers we should be most concerned about. Almost all lower-income taxpayers will pay less, and they'll notice that they're paying less.
What will critics cite when lower-income taxpayers figure out that their taxes aren't going up, that they're actually going down? If the answer is "higher deficits," might critics be wise to make that their focus right now? If they keep arguing "taxes will go up" and readers learn that's not true, will critics' credibility be so damaged that nobody will listen to them when they belatedly shift their focus to deficits?
Put in different metaphorical terms, as the Republican Congressmen Kevin Brady did, critics of the new tax law, by falsely claiming that most taxpayers will pay higher taxes, may have "overplayed their hand" here.
Several commenters have pointed out that the doubled standard deduction isn't really doubled because personal exemptions are eliminated. True, you need to offset those. Perhaps worse yet, you get no benefit from the standard deduction if you itemize. Even worse, if you do itemize, several deductions are reduced. For example, the SALT deduction is capped at $10,000, and the mortgage-interest deduction is capped lower.
But even with all of these potentially adverse changes, the vast majority of taxpayers will pay less. Have you looked at the new rate tables? If not, you should. They're quite a bit lower than the current tables.
Bottom line: Taxpayers who itemize (expected to be 10%) may pay higher taxes if they have high SALT and/or mortgage interest deductions. As many commenters have pointed out, most taxpayers in this category live in "blue" states that didn't vote for Trump. I have no idea whether the Republicans targeted taxpayers in those states for punishment, and it wouldn't surprise me to learn that they did. Regardless of Republican motives, however, it's hard to gin up a lot of sympathy for these taxpayers (I'm one). The caps on SALT deductions and mortgage-interest deductions won't affect taxpayers who take the standard deduction -- at all. Nor will they affect most of the remaining 10% who itemize deductions, since most taxpayers pay SALT of less than $10,000 a year. It's lower-income taxpayers we should be thinking about, and nearly all of them will pay less.
1
The new brackets are the key. Focus on the new standard deduction is misplaced. Perhaps the Republicans believe explaining how the brackets works will be too confusing or boring. The media and the critics jump on the deduction. Simple sound bite and also easily critiqued.
After reading nearly all the comments on several NYT articles, I have come to the conclusion that 95% of the NYT readers are still suffering from Trump Derangement Syndrome (DTS). Get Hold of yourselves, please. America survived Obama and will also survive Trump.
9
"Get Hold of yourselves, please. America survived Obama and will also survive Trump."
Correction . . .America survived the mess Bush and his cohorts made because of Obama.
6
Why label people who you do not agree with as "deranged"? Not cool.
4
I just finish briefly reading through ~100 of the comments here.. literally every single one of them were reverberations of one post. talk about an echo chamber... not a single one of you had anything even remotely different to say.
This level of partisan 'hackery' is very disturbing.
2
So maybe there are a lot of people who see the same things. Let's hope they all go to the polls and vote next November.
2
@Joe: Or could it be that you simply refuse to acknowledge what so many other people see quite plainly? Open your eyes and your mind. There are millions of people who dislike Trump, this administration, and everything that Congress is doing -- and not all of them are "partisan hacks," as you so contemptuously put it.
And insulting people is certainly no way to persuade them to think otherwise.
5
What is disturbing is the failure to recognize the extreme danger that our democratic nation is facing. Perhaps you and Rosamaria did not have a mother who escaped Mussolini. Perhaps you did not have a relative that survived a death camp. What you call political hackery, I call resistance. Our kettle is slowing warming, I am jumping out. You are welcome to stay but don't say you weren't warned.
5
Wow Trump you're a "winner" in the presidency a whole 5 minutes. Lets forget this bill for a minute... Can you imagine living with this xenophobic, demagogue, narcissist, plutocrat? I mean getting up and having to sit at a table and have a meal with this guy. My goodness! I'll take my breakfast to go please...start the plane boss!
As for the tax bill I quote the esteemed late George Carlin, "its a big club and YOU ain't in it". Steal from the poor to feed the rich a total Donald Hood move and totally predictable. Let's see, elect billionaire known for his abusive talk and manner and expect him to "make America great again". America was just fine Mr. Hood, you just made it worse.
Last thought, but I think Donald Hood should adopt Paul Ryan. Guy even looks like one of the Trump kids with his smug grin, deramged morals plus he clearly doesn't care about the poor or middle class. Mitch McConnell can be his grand pappy too! Not that's a Trump Christmas. All that's missing is Melania burning some cookies and it's a winner
11
Showered with bonuses? Is this guy serious? Does anyone really buy into this garbage?
8
2018 agenda.
1. Take both houses and hopefully neuter the Presidency if he isn't in prison by then or permanently vacationing in Moscow..
2. Undo the undoing of all things Obama.
3. Eliminate the Electoral College so this never EVER happens again.
12
Don't worry, Donald. You'll get all the credit you deserve mid-year.
8
Get registered and vote November 2018.
9
With the expected deficit resulting from that policy, I'd say he's getting quite quite a line of credit.
5
A commenter discloses the awful truth:
"38% of the tax cuts went to foreigners and 12% had Russian ties."
I thought it was 238% and 172%! My numbers didn't make any sense, but I thought that was probably because I'd just made them up.
You didn't just make up your numbers, did you?
1
To all those hard working people who voted for Trump, !ook within yourselves when you seek to place blame. Fortunately, an election is coming in about 10 months.
7
The very "modest" president Trump doesn't think he's getting enough credit for this tax scam. He wants his slaves to sing his praises throughout 2018.
7
Toto, we’re not in Kans—wait, we’re all in Kansas.
8
The "Corporate and Wealthy Tax Gift Act of 2018" has been made official by the CEO of the United States Incorporated!
Everyone remember this come next November when:
33 Senate seats are up for grabs
All 435 seats in the House are up for grabs.
Put these corporate lackeys out of office!
9
JUst wondering: after the GOP ceremony at the bill's passage, Vice President Pence slips away and emerges in a bulletproof vest visiting the troops in Afghanistan.
Trump, our Commander in Chief, blowing hard about nuclear conflict with North Korea, shuttles to the warmth, family and Christmas largesse of Key Largo. Is Key Largo a combat zone?
Looks like old Donald is "Bone Spur" man again. Some Commander in Chief, huh?
Even George W. Bush went to Afghanistan on a Christmas trip to visit the Troops he sent there.
5
are you kidding?.....Trump won't even go to England because he knows he is not welcome there.....he won't go ANYWHERE he does not expect smiling cheering crowds.....and no guns that might be pointed in his direction....!
2
Former Treasury Secretary, Larry Summers, estimated that of the 13 million Americans who will be left without healthcare insurance due to rollback of ACA mandatory insurance, 10,000 Americans will die prematurely annually. Premeditated homicide.
12
And when did Larry Summers get his MD?
You don't need an MD to know that lack of decent health insurance means that people don't go to the doctor when they should. Then small things sometimes become big things. Then people will end up in ER's which are very expensive and aren't good at treating chronic conditions. They leave the ER but don't follow up with a doctor because they can't afford it. What was a treatable condition becomes a life threatening condition and sometimes they die.
1
Just from surfing through some of these comments, I don't think this is the "credit" that Trump is whining for.
4
Come on now commentors.
How can you be upset with the tax bill, unless your a zillionaire looking for someone else to subsidize your taxes.
I just did a quick figuring for myself and I know I will be ahead.
3
@Tom: I see you are retired. Do you receive Social Security and Medicare? Because the latter is going to get the ax shortly -- the law mandates automatic cuts to Medicare since 45 has signed the bill this year.
The cuts for you are short term and will expire.
In the meantime, Ryan and McConnell are going to make up for the $1.5 trillion deficit by taking your retirement income and health benefits. Hope you still have a merry Christmas.
6
Come November 2018 the Democrats will still be wondering why Clinton who was going to win by 12 percent lost. Reading the comments here from the liberals I am pleased to see that the Democrats will once again be clueless on why they lost. Keep losing--it is amusing to see. And yes you won in Alabama--Jones will be gone in 4; and the other two wins were in states that went for Clinton. When the stock market is up by 35 percent in the fall of 2018 and everyone is working what will the Democrats be running on? More hatred of President Trump--how did that work for Clinton?
2
Thank you Republicans, not only by costing me money by eliminating my deductions,(I live in California) but for reducing Medicaid, and permitting me to pay what's left of my many years of work to help you get richer and build up your overseas bank accounts. I perhaps could get food stamps to help out but, you have already taken care of cutting them. I also wonder how you plan to implement this bill, since none of you work for a living, you have no way of knowing that it takes time to re-program tax and payroll tax rates for deductions and payments. You do have the tax tables all made out, withholding forms ready and instructions for administrating the tax plan ? With all those reps on the payroll you would have thought just one would have thought that through. Brilliant! I dare say not many of you even know what is in that 1100 page tax document.
Talk about not getting enough coverage for this "great bill" the display of homage each of you gave POTUS upon signing the bill was downright disgusting. Not one backbone in the bunch. This is a sad day!
8
I guess the Democrat far left plan is to keep the economy stagnet, keep business’s/citizens over taxed & over regulated providing no path for success. Keep everyone equally as poor while outlawing internal combustion engines & AC’s. All while hating police, military, patriotism, and southerners. Lol
These tax cuts do help working class citizens. Most small business’s and employees work for millionaires or large corporations. If your boss or company doesn’t do well, then you won’t do well.
I smile everyday knowing that the last 20 years of progressive policy has essentially been wiped out in less than a year. Best Xmas ever!
2
Newsflash: those bosses have been doing really well the last five years, their employees who've barely seen raises not so much.
3
People of wealth know how to use it to buy people and their loyalty.
4
I ran the numbers on some acquaintances. A 120k household without kids gets a 1600 tax cut. A 160k household with 2 kids gets a 3600 tax cut. A 350k household gets about 500 tax cut. Finally, a 550k family with 3 kids must pay 3500 in increased taxes. We now know who the rhetorical middle class is according to the New York Times, California government etc - it is the 550k family. I hope other readers assess whether the news they had heard about this tax plan was fact, or fiction. By my analysis, what I had read in reputable news sources was almost entirely fictitious, or fully disingenuous, i.e. based on 2025 numbers, in order to to mislead me and others.
1
rjs7777: OK, did you "run the numbers" for older people with low incomes and no dependents? Or young singles with low incomes and no dependents? The median income in this country is around $59,000 in this country, according to the Census Bureau, which means that HALF of the workers in this country make LESS. Did you "run those numbers"?
According to the National Poverty Center: "Extreme poverty in the United States, meaning households living on less than $2 per day before government benefits, more than doubled from 636,000 to 1.46 million households (including 2.8 million children) between 1996 and 2011, with most of this increase occurring between late 2008 and early 2011."
Did you "run those numbers," either? What is going to happen to those people living on less than $2 per day when their government benefits are hacked away, so that some very rich people can buy another yacht or stash some more money offshore?
Or do you not care what happens to your fellow Americans, as long as you "get yours"?
Because that is the attitude that is killing the United States -- operative word "united."
7
You ran the numbers wrong. The $120,000 household gets about a $3,200 cut. I did not run these numbers myself but it sounds about right based on figures I have reviewed.
When the appalling consequences of this bill become clear to the millions of people still whooping it up in Trump's pep squad and they start attacking him,
he'll just shrug his baggy-suit-covered shoulders and say that really all he did was sign the piece of paper Congress put in front of him. No involvement in writing the bill. No involvement.
5
It's ALWAYS about him..."Sweeping Tax Bill"... What country was that in...
3
I think the President has an obligation to show the people of the U.S. his tax returns.
8
this will never happen
2
If by credit he means "blame", he's going to have to share that with the entire corrupt GOP.
4
I don't know about getting credit for this tax bill, but Trump and every single Republican in Congress who gathered on the South Lawn is going to be remembered by me and many others across this fruited plain come next November and a slew of Novembers after that. Not until Republicans are removed from the majority of both Houses of Congress and Impeachment hearings commence will this lifelong Dem be satisfied. GOP, you have fallen in the abyss and there is no saving you. Not until the Republican party has been purged of its inherent evil to the average working class American can still country be made whole again.
DD
Manhattan
4
Why does the NYT keep doing this? The NYT keeps reporting things down the middle, a middle that doesn't exist.
"The Republicans say this, and the Democrats say that, you decide."
This tax cuts bill can only fairly and accurately be reported as a brazen giveaway to Corporations and The 1%.
Reporting it any other way does a disservice to the American People.
5
I just do not understand why The Times considers the tax bill to be Trump’s achievement. It was written by the Republicans in Congress and pushed through by the Republicans in Congress. Trump didn’t have a clue as to what was in the bill, and still doesn’t. His role was as per usual: a big orange rubber stamp. He abandoned all his campaign pledges and just signed whatever Ryan and McConnell put in front of him.
Please explain to me why the above qualifies as Trump’s greatest legislative achievement, when this bill basically had nothing to do with anything Trump did.
6
agree entirely.....I saw Orin Hatch lauding Trump for his "leadership" in getting this bill through.....??????? - what did that mean exactly, other than DT lying to his "base" constantly telling them it was for them.......?
3
This man "signed the most consequential tax legislation in three decades" and has still not released his taxes. What is he hiding?
6
Bush also signed a big tax cut - and we know how that worked out. All Trump did was win an election - and we also know how that's working out!
5
Notice that Trump now uses black magic marker to sign bills so the scrawl he calls his signature can be seen on camera. Also, he gives away the pens he was supposed to use that had nothing to do with the signing accept that they were next to the ream of blank paper on his desk he calls the actual bill which he proudly shows off indicating that its height means there is a lot of good stuff in it that has just been signed into law.
3
The message is clear through out the history of this country, possibly time. We have no real concern for the poor, the land, equality, life or liberty.
We make overtures to these issues with votes and attitudes driven by bias, prejudice and greed.
Democracy? Real democracy? In the United States?
We don't deserve it.
So, let's go all in. Give up our perceived freedoms. Make this country a dictatorship. Clearly, we want it.
Start wars. We love them. We love to kill each other.
If we don't accept the truth that must come with true democracy, then let us become the horror we wish to be.
Let us send our children to war.
Let us enslave others.
Let us tear down the sham that this country is a democracy.
Unleash the nuclear weapons. Kill at will.
Slay thy neighbor.
Malign the innocent.
Oppress the weak.
This is what we want for this country, for the world.
Let it be so.
3
I don’t understand why NYT and others keep saying that Trump kept his promise. He did not promise that he would squeeze the poor, favor the rich and increase the deficit.
3
Simply appalling that elected officials who profess to represent all the people only represent a oligarchic minority. Whose kidding who here - by the time the major corporations reward their shareholders there will be precious little money put back into growing and expanding their enterprises - no jobs, no substantive bigger factories - just happy shareholders. Wonder what POTUS followers will think when they find out the "bigly", record setting tax plan has passed them by -wanna bet they'll figure it out. One has to wonder how long the folks with the "Make America Great Again" baseball caps will continue to believe the never ending torrent of lies and drivel the bloated orator tweets.
3
Greatest achievement? Major legislative victory?
No.
The only great thing about Trump's tax bill - with its payoffs to Trump, Congress and their billionaire donors, and the massive sinkhole it's creating underneath our economy - is that it's one of Trump's many contenders for greatest presidential abomination.
4
The 10,000 dollar limit on state and property taxes combined for singles, and the 750,000 dollar limit on a new mortgage loan will increase taxes for many individuals in california, while lowering their home values. Buyers will be discouraged from upgrading to a more expensive home, and for first time buyers who are experiencing sticker shock- homes can cost 1.5 million in some areas- a new home is now even further out of reach. The 1.5 trillion that gets added to the federal deficit gives the republicans an excuse to cut the safety net, and student aid. Our taxes will go up every year after accounting for inflation.
The bill is a massive give away to trump, gop legislators and donors, and corporations. It redistributes middle class wealth and retirement money to the ultrawealthy, worsening inequality which has been fuelled by each gop tax cut. The middle class has been duped by trump and the gop
2
I did the math, for average Americans this will mean $0.35 an hour more. For the guy signing the legislation it means $0.25 per second more.
4
In the history of the world, I doubt there's ever been a tax law that somebody didn't consider to be unfair to him (and often he'll be right):
"As a scientist, my business isn't fundamentally different from an engineer's business, but I don't get a break?"
Almost all taxpayers got a break. Some got much larger breaks than others, but almost all of them got a break. The effect on deficits is quite another matter, but if one just looks at taxes, the only real question is how big someone's break is.
1
There is a clock ticking on our Democracy. Other great countries have fallen to Authoritarians and Theocrats. Iran wasn't always the closed, restrictive country it is now. The only thing that will save us now is the Vote in 2018. By 2020 the GOP will have stripped even that right away.
4
So "Under the new tax law, individual rates will be lowered, but those cuts are set to expire in 2025." How convenient. If--let me gouge my eyeballs out now--tRump wins a second term, it will be the next democrat president's fault when people lose this paltry tax break, just like Obama was blamed for Dubya's recession, only worse because the debt will have soared even more, while the wealthy tRumps et. al. get richer.
6
I distinctly remember during the election that most people said that it didn’t matter who we elected, but yet almost everyone (70%) of people are upset. So it seems to me, that everyone should be happy about this. It’s what you voted for by not voting.
4
We will be able to judge the corporate tax cut's effect on wages and salaries by looking at future economic data, not by reading Trump's tweets about companies "showering their workers with bonuses" just after the tax bill was signed. We don't know the facts or the story behind Trump's anecdotal claims, which may be an orchestrated public relations effort intended to mislead the public about the effect of the corporate tax cut.
3
has there in the history of business EVER been a time when corporate tax cuts has caused those firms to "shower their employees with bonuses etc" ? I personally have never heard of it and certainly not ever been so showered....a small Christmas bonus in some companies, but mostly nothing....of course I was just a hard working low paid secretary and never an executive....maybe those guys (always guys!) might have gotten something but such things were kept secret from us low paid employees..!
2
I feel optimistic about mid terms Nov 2018 but really frightened about what damage Trump can do in the meantime. This is still nearly a year away and Trump seems to be getting rather comfortable in his role. Scary
3
Credit for what? The guy is even more of a figurehead than the Queen of England, who at least has a grasp on government and her role in it. The GOP, on its own, came up with a Donor Relief Act and included a few tasty sops for the Prez and that profile in courage, Bob Corker. Trump's greatest achievement was in not allowing the legislative process to interfere with his grueling TV schedule.
5
I'll probably save some money in taxes for 2018. I was planning to retire at 68 in 2019. Now I probably won't be able to if the threat to Social Security and Medicare happens. Oh and I've got a job that requires a lot of walking, I walked over 5 miles today, I'm icing my knee right now. But you know Donnie and the his arrogant clan really need more money.
4
A commenter who says he's studied the new tax brackets concludes:
"Most Americans will be pleasantly surprised."
That's my prediction too.
I don't know what effect this new tax law will have on deficits, but I doubt it will be a good one. Most taxpayers don't much care about deficits, though. They care only about the size of their paychecks, and most taxpayer's paychecks will be substantially bigger.
A few taxpayers will pay more, to be sure (I may, for example). But most or all of those "pay-more" taxpayers will be people with high incomes who live in a nice house that they own. Many of them will live in "blue states" and insist that they're being singled out because Trump didn't win their states. Whether or not those "pay-more" taxpayers were singled out for punishment, though, they are NOT the taxpayers we should be concerned about. We should be concerned about the taxpayers who DON'T have high incomes and who DON'T live in a nice house that they own. Those taxpayers will come out ahead. Maybe deficits will get much bigger. Maybe taxes will rise again in 2026 (if Congress doesn't extend the new-law rates). But unless and until that happens, low-income taxpayers who focus most on the size of their paychecks will be pleasantly surprised.
1
I am a public (state) employee making around $32,000 per year, including insurance and benefits. I stand to save around $750 per year under this plan, between $25 and $30 per pay check. For now...... when this expires, I stand to lose about 3%. And this is at a cost of ? To the overall economy? I'm sorry, not worth it. I believe this to be a long term extortion tactic. "Vote for our guy, or we'll let the tax break expire".
4
Many readers already know this, but I'll wager many don't:
The difference between a "deduction" and a "credit."
A deduction reduces your taxable income. A credit reduces your tax. For example, if a taxpayer is in the 25% bracket and deducts $6,000 in charitable donations, her taxes will decline by $1,500 (25% of $6,000). If the same taxpayer claims a $2,000 "child tax credit," her taxes will decline by $2,000.
Whatever happened to all the outrage over the deficit? Is the increase in the deficit a non issue now since the GOP got their tax breaks? May they all ride into the sunset and throw a temper tantrum about the deficit when the Dems take over
4
Speaking of taxes...
From another article, about California taxes:
"California's steep new gasoline tax -- one of the highest in the nation -- has not even fully kicked in, and yet the cash-strapped state is already complaining that the anticipated additional revenue will be too little."
A few years ago, CA officials described the gas tax as a way to curb driving. And it worked: Californians started driving less. That meant lower gasoline tax revenues, however, which a loose-lipped CA official disclosed that he did NOT like, not one little bit.
How to solve that problem without encouraging people to drive more? Simple: Just raise the rate -- i.e. enact "California's steep new gasoline tax." And so that's what the CA legislature did.
Under no circumstances, of course, would any CA government official issue a formal pronouncement encouraging people to drive more, thereby increasing gas-tax revenues. (Presumably that loose-lipped CA official was told to keep his mouth shut.) Quite the contrary: CA government officials said that the gas-tax rate increase was intended to REDUCE driving.
Just like last time, in other words.
The bullets in the leader for this article make too much of an effort to balance Trump's claims against those of the Democrats. It's not Democrats claiming that the new tax law will harm the economy, it's a preponderance of expert economists...upon whose judgement the Democrats are relying for their position.
5
Those corporations that are "showering their workers with bonuses" are not stupid. They know a one-time bonus, while of course welcomed by their employees, is far less expensive to them than giving their employees a raise. A raise is the gift that keeps on giving, but a bonus is a one-time deal.
It will be interesting to see whether these same employers stop outsourcing their jobs overseas, increase their hiring in the US, and give their employees real wage increases. I, for one, will be watching.
5
Despising the GOP has not hurt me. Voting Democrat since Clinton and residing in CA the last 45 years has paid me well. Great weather, ocean breezes all day and night, a good business printing money, private schools through college for my child, and now this! The GOP gives me a 20% tax cut on a pass through provision in the latest Tax bill! What thoughtful agents for income inequality they are. I am grateful. Since I never turn down money, who am I to complain about Trump’s Tax folly?
3
Sorry, thought the controversy over whether he would sign before year's end had to do with the GOP wanting the bill signed in 2018 so voters would not see the disastrous effects until filling out their 2018 1040's in April, 2019, AFTER the midterm elections where he could continue to brag of the great savings in store. Perhaps his haste has shot the GOP yet again in the foot. I can hope...
2
"Mr. Trump also signed a stopgap spending bill in order to avoid a government shutdown. In addition to extending government funding, the bill includes $4 billion for missile defense, among other provisions."
Missile Defense?
What about the funding for the Children's Health Insurance Program (CHIPS) after funding lapsed Sept. 30th?
As usual, the GOP controlled Congress makes perfectly clear where their priorities, values and hearts lie...
...in the deplorable, despicable wasteland that is in their hearts and minds.
4
With a Republican Congress and President, passing a big tax cut for the rich is no kind of victory.
3
We did a rush job today,” Mr. Trump said at the bill signing.
...in addition, some companies said that delay would give them more time to adjust to the major changes that the new tax code will mean for their businesses.
...the president suggested that he would not get credit for what he said were extraordinary accomplishments for a first year.
Trump, you get credit for rushing through a bill that Republicans acknowledge has drafting errors. You get credit for leaving business people scratching their heads as to what this means; you have individuals getting emails from their accountants saying to pre-pay property taxes, to make charitable donations only every other year, etc. and in general you've created chaos. But you did jam your bill through, and eventually the people who voted for you will notice that...their taxes have gone up.
The way of the dictator, taken by a bumbler.
4
We all know the real reason everyone is smiling behind Trump on the steps of the White House, applauding themselves for a hastily and poorly executed "achievement." It's like watching puppet people nod and smirk while average people's livelihoods are ruined.
Also, is it acceptable for public servants to have a celebration like this after passing any legislation? Shouldn't they be working on the next piece of legislation? Get back to work.
Congress should be ashamed of themselves.
28
The tax reform legislation that Trump and his supporters claim to be the biggest legislative victory for the Trump administration is in reality the biggest officially committed heist of the year that robs the poor to enrich the already rich.
19
You obviously missed the end of millions of dollars committed to everyday employees by numerous major corporations. I guess that doesn't support your narrative.
1
@Rowdy: Hmm. Here's what I read:
"A handful of companies, including AT&T, which is seeking government approval of a major acquisition of Time Warner, have announced that they would give bonuses to workers."
AT&T also announced they were laying off 4600 workers.
A bonus is a one-time deal, as someone else put it.
Notice no company announced that it was raising every worker's salary, because that would mean a long-term commitment, and these American business types always think short-term. (Their attitude can be summed up as: how much money can I make for myself in as brief a period of time as possible, while putting out the least amount of effort and placing myself in a position to retire as early as possible. Unless they are workaholics who just want to make a ton of money doing one thing for a few years, then move on to make a ton of money elsewhere. That's how we get corporate raiders. But the attitude is the same: short-term profits, and who cares if there's any social value added.)
Notice also that no company has announced that it will be hiring thousands of new workers.
4
38% of the tax cuts went to foreigners and 12% had Russian ties. Thanks Trump!
13
What about the automatic Medicare cuts that go into effect in 2018 due to Trump's 2017 signing of the tax bill to bloat the deficit? That is against his no Medicare cuts campaign promise, although being a politician (are you listening Senator Collins?) promises are meaningless.
21
I want to see this deplorable fool's tax returns. Past, present and future.
22
Oh, Mr. Trump, I'm sure that in the very near future you will get ALL the credit for this tax bill that you can stand. You know what else? Obamacare is yours now too, so you can have ALL the credit for that when it finally does implode. You're going to get SO. MUCH. CREDIT. you're going to be sick of getting credit. Believe me. Have a Happy Holiday!
19
I have carefully examined the new tax brackets. They are not tremendously favorable to very wealthy people. The benefits largely accrue to people in lower, expanded tax brackets, nicely benefiting those between $100K and $200; although some benefit in every tax bracket.
As for the real estate tax deduction loss, the $24K family standard deduction and the $2K Child Tax Credit can easily address it. (A $2K tax credit, after all, is worth several times that in deductions.) Additionally, many will no longer be hit with the AMT because they'll have fewer deductions. That's a nice savings right there.
The good news is that those who do face higher taxes are not going to be hit with big increases. I worked up the numbers for a family making over $500K. Their tax amount increased by less than $2K. (They weren't able to take the Child Tax Credit, which phases out at $400K.)
Most Americans will be pleasantly surprised.
5
“Most Americans will be pleasantly surprised “.
They’ll be surprised all right. No health care, no social security, no medicare and no medicaid. Never mind having enough to save for retirement. But, yeah, they’ll be able to afford an extra tank of gas per week so they can drive on pot holed roads. Truly brilliant.
34
The 24K standard deduction is NOT double the previous deduction because the personal exemption has been eliminated. So previously a married couple would have had a total of 20K in deductions versus 24 now, netting them a whopping 4K. What a windfall! NOT. And by eliminating the personal exemption and rolling it into the standard deduction there is now less opportunity to itemize. Consequently my taxes are going up, and I'm making far less than 100K. Not exactly what I call a 'pleasant surprise.'
7
Thank you for an honest assessment of this matter. Unfortunately the Times and its FAR left congregation look for bad news about anything Trump....even when it doesn't exist. I'm not a supporter, but constant twisting facts to support a biased narrative is not quality reporting. Nice going!!
President Trump, who punted all the work on the Republican Congresspeople, is now angry that they might cut him out of the applause by claiming they actually did the work.
Don't worry, Donald, there will be plenty of attention to to around.
4
Can’t believe the public display of idiocy of Orin Hatch, Mitch McConnel, Paul Ryan, beaming Dean Heller, and the other elected Republicans who elaborately elevated the perpetual lying, ignorant, name-calling, narcissistic bully who currently occupies the White House or is it Mar a Lago!!!
16
Read "Extraordinary Popular Delusions and the Madness of Crowds" - Charles Mackay - 1841.
Where is the revised edition of this classic, updated to Trump-era 2018?
Why the sense that NYT journalists and commenters alike are but a small choir huddled in this impotent sanctuary against deranged hordes of vampire ideologues ravaging all facets of US' 250-year experiment in democracy?
2
Nothing else poisons democracies quite like all the arbitrary unequal valuations of votes that stalk the US.
3
Corporate tax reform, which is what this law is, will be enormously beneficial for America.
Obama recovery
Low:
New business creation
Growth
Corporate investment
Productivity
Wages
Labor participation
High:
Welfare
Food Stamps
Deficits
Misery / Opiates
America must get back to the business of business. A rising tide will lift all boats.
Liberals, take a rest and enjoy the holiday. ;)
8:02EST
1
Trump inherited:
New business creation
Growth
Corporate investment
Productivity
Wages
Labor participation
Obama inherited:
The Great Recession
Deficits
Misery
Collapse of housing
Collapse of US automakers
3
I don't own a boat. If the tide rises I will drown as will people like me.
1
Looking out for your best interests, doc?
3
Putin was in on this too?
"... and a special thanks to Mr. Putin..."
And here I'd though Vlad took a break after colluding to get Trump elected! You mean he's STILL out there, dictating how our country is run? We'd better expand Bob Mueller's charter, eh?
5
Come on, ThreeCents. Nobody in the world would be happier to see the US emulate the USSR in disintegration than Vlad Putin. Don't you folks understand blowback?
2
well, did you hear James Clapper, whom no one would consider a madman or slow thinking person, and who is certainly a careful deliberate speaker practically call Trump a Russian asset?........and while I have thought exactly that for quite some time now, I think that is maybe the most shocking statement made about Trump in the past year......and to be made by the former head of the CIA...! We live in strange and troubling times, my friends...dangerous times...
2
I can assure you, Mr. President, that about 65% of Americans are giving you ALL the "credit".
8
The greatest trick the GOP ever pulled was convincing the working classes that it represented them.
86
On the contrary, it seems that the GOP is indeed representing the working poor, having moved from the country clubs to the country. The Democratics have moved from the factories to Hollywood instead. Please, explain how Pelosi represents the working class or perhaps Clinton? They are mainly concerned about keeping their millions and their privileges.
90% of the middle class is expected to get a tax cut in 2018 of roughly $1,600.
Hundreds of thousands of hourly employees and middle management have already been told they will get special bonuses this year because of the tax cut.
Clearly, the "average guy" is helped by the tax cut. And yet nearly every commenter in the NYT thinks this is the beginning of Armageddon.
Why?
5
if your figure is true I would think there is no middle class in blue states where deductions will be dropped (Ny & california for example). How is that possible? does only the 1% live there?
Moreover, so far one company announced one bonus that equals 10% of their savings thanks to the tax cuts. who else announced it ?
Lastly, it's worth to point out that your president promised 4000$ more for households thanks to this tax cut. Your own figure disproves it.
4
Couldn't be simpler. The "average" taxpayer, more likely a woman than a man, gets a short-term increase that's paid for by deficits. So we'll be paying for it, with interest. before it even expires. My taxes are cut for a few years, then, surprise, I have to pay MORE in taxes to pay off the debt. The "middle class tax cut" is set to expire in less than 10 years, to keep the deficit under an arbitrary ceiling. "Oh", say Republicans, "Congress won't let that happen". If they don't, the deficit won't just be 1.5 trillion. Who pays for this? We do. In fact, chapter two of this tragicomedy is that next year, in 2 weeks, the mushrooming deficit will serve as an excuse to cut any and all social programs. Watch the impassioned speeches and crocodile tears about not lumbering the children of tomorrow with debts to pay for Social Security, Medicare, Obamacare, etc. Paul Ryan is already talking about it.
When the President is a Democrat, the Republicans in the House and Senate are all deficit hawks. When the President is a Republican, the Republicans in the House and Senate are happy to run up the deficit- to pay for a war, pay for a permanent tax cut for corporations, To pay for anything, really, as long as those payments can be offset by cutting social programs or assistance to people less fortunate than themselves. Carried interest deduction? Got it. "Intangible Drilling Costs"? Check. Get one of these lying Republicans to explain what "Intangible Drilling Costs" are.
5
Because the people who comment here not only are unrepresentative of normal Americans -- they aren't even acquainted with people who are representative.
With this bill, we can thank Mr. Trump for:
1. Taking healthcare insurance away from up to 13 million people and the increased fatalities that go with that.
2. Dramatically worsening income inequality and the polarization that goes with it, rending the fabric of the country further.
3. Increasing the debt by $1.0 - 1.5 trillion over 10 years, on top of the $11 trillion baseline he inherited and the $20 trillion existing national debt. Someone with more courage will have to raise those taxes someday to make up for that.
4. Asking the most vulnerable to incur a net cost so the rich can have a tax cut. CBO reported that those making under $20,000 incur a net cost by 2019, those under $40,000 from 2021-2025, and those under $75,000 by 2027 and beyond.
Contrast that with President Obama, who had the courage to raise taxes on the top 5%, give workers a payroll tax cut for two years, and give 20 million members of the working class health insurance.
I'm not sure how much more "winning" we can handle.
74
Recent government report said that increased fatalities and worse outcomes due in large part to government prescribed pain killers (opiates) to newly insured......a major epidemic. ACA costs rising faster than cost of living despite low inflation.
I am not usually a “sky is falling” kind of person. But due to the outright theft of government revenue to be transferred to campaign donors to keep funding the GOP criminals/traitors, I can only conclude that our govt, until Democrats become the majority once again, is collapsing.
When so many necessary programs for food, health care, the poor, the disabled, children, are so easily erased and so many lives put in mortal danger, I can only conclude there is no govt. If American families are not being by supported or protected, we are being driven to a 3rd world fascist dictatorship country. trump and his fellow traitors can’t leave fast enough in my book. My fellow American families matter so much more.
What, after all, is the purpose of a Govt?
Anyone remember the Bill of Rights preamble, which starts “We the People,” not “we the corporations and egotistical oligarchs” ?
10
Countries around the globe calling tax break illegal. upset that usa finally level the playing field. i can guarantee liberals in agreement with the rest of the world EU, China,etc. https://www.nytimes.com/2017/12/22/business/tax-bill-global-profits.html...
1
There are no spies or terrorists who could accomplish the damage to this country that Trump and his Republican minions have wreaked in the last twelve months - it may take generations to recover.
14
Damage? To whom? If you wish to recover, get a job. I know many rich businessmen, who would all but kill to find people that can pass a drug test and then are willing to show up to work.
Many people have become too comfortable without have to put fourth much effort and they will be the ones to cry the loudest as things change.
Its about time.
Times were very hard in fragments of the USSR after it broke up, and it looks like Humpty Dumpty now.
3
"We did a rush job" Trump proclaims. Yes indeed, a rush job from our legislators and a con job from Trump.
What else could go wrong....
In other news about spending, Trump heads off to his palace, at our expense, again and many still reminisce about how he, Trump, would be too busy to golf and Obama spent too much time golfing.
Ahh, this winning....
9
It always has been Heads they win, Tails you lose in dealings with people like Trump.
3
Any person who is not among the 0.1% who is still a Republican can only be a masochist at heart. Sad.
10
The Trump bloc believes that God runs the US by controlling the distribution of wealth, which means that God must be a Republican too. One does not want to rile up God because eternity is forever.
4
Sure, it was to keep his promise to sign before Christmas.
No. he realized that as long as it was unsigned the Democrats could realize they and the country were being shafted, and actually go nuclear. I described this yesterday morning, when it was still possible.
https://www.dailykos.com/stories/2017/12/21/1726506/-Nuclear-Option-Time...
3
Credit card capitalism at its best! Put the tax cut on the tab then leave town when the bill comes due.
7
This is War. A President won't release taxes, then overhauls system to conflict of interest tune. Trump touted necessary hedge fund larceny fix so cure is biggest larceny to date! Where is our Churchill because God knows we need savvy leadership to win this War!
8
I've heard Democrats complain both about the individual tax cuts and the fact they expire in eight years. This reminds me of Woody Allen in Annie Hall recounting the old joke about two older women at a Catskills resort:
Woman 1: "The food is so bad here."
Woman 2: "Yes, and the portions are so small."
3
And the unnecessary debt is so large.
3
What? It wasn't enough that Republicans showered him with fanatical, sissyish praise as he sat there like the demanding king, arms tightly crossed and wearing a ridiculous angry scowl?
"Exquisite presidential leadership?"
"I think the exaggeration of having to kiss the ring of Donald Trump—it almost seems like a scene out of 'The Godfather' we just saw, not what you would expect from the president of a democracy," said historian Douglas Brinkley.
Added Joanne from Pennsylvania: "It was so sickening."
12
According to the NYT's tax cut calculator, my spouse and I can expect an extra $13 in our paychecks every two weeks, or 93 CENTS a day ($340 in 2018). That'll be offset very quickly by our rising property taxes, HELOC interest rate, coinsurance and health insurance premiums, food costs, and water bill. The average candy bar costs $1.25 in the company vending machine.
trump, DeVos, Mnuchin, Tillerson, Jared, Ivanka, trump's boys, and most of Congress will be laughing all the way to their offshore accounts.
Looks like America is going to roll over for this middle-class economic catastrophe. Sad!
10
Don't worry President Trump. We the American people give you full credit for the bills you have signed that undo worker and environmental protections, not to mention the dozen or so acts you signed naming buildings. We are thankful that your incompetance and poor leadership has prevented you from coordinating more fully with Congressional conservatives in dismantaling and selling of our nation piece by piece to corporations. And your chaotic foreign policy - hey, we will be dealing with that for decades to come. So do not worry, you will get ALL the credit for what our country will devolve into in four years.
83
and when you (dare to) leave the Presidency there will most likely be indictments followed by handcuffs in your future.....
2
"In Signing Sweeping Tax Bill, Trump Questions Whether He Is Getting Enough Credit" -NYTimes headline.
What an effin' moron!
25
I wonder if the framers of the constitution anticipated unified government that pass legislation to hurt the states who voted against political party in power. Is the concept of reconciliation where simple majority in the Senate can pass legislation of this magnitude something that came into beginning recently.
22
The Framers never envisioned a federal government that would disburse benefits directly to the people. Until Social Security, federal funds went to military and civilian federal employees and almost no one else. It is that direct disbursement of benefits to the vast majority of Americans that has transformed the federal government, with its power to finance through debt, into a giant pig trough for individuals, interest groups, corporations, colleges, health care providers, and anyone else who can get a toe in the door.
I doubt anyone of them imagined their document would last more than a few decades.
1
Not enough credit? He provides more than enough all by his very own self. There is no more air in the room.
Then there is the matter of what credit is due in the first place.
19
This is why the Republican Mueller is dragging out the Trump investigation. It will probably continue even longer as the Republicans accomplish their goals.
2
Common sense and common decency tells us that the more wealthy you are, the more you should pay in taxes. This concept is deeply rooted in our democracy, and is one pillar that has made America Great! Vote, vote, vote!
34
The wealthy benefit most from our armed forces. The navy makes the sea available to pleasure craft and merchants alike. The wealthy should pay, because they are the users.
3
The Sixteenth Amendment, which established the federal government's authority to tax income, passed into law in 1913. Fro the first 130 years of this nation, there was (except very sporadically) no federal income tax. What is deeply rooted in our democracy is a resistance by everyone to pay any taxes whatsoever.
@Charles Becker: Have you been to Newport? I have. If you tour the homes there, you'll hear how the wealthy had to shutter their mansions after the income tax was put into effect, because they could no longer afford to maintain houses that required dozens of servants to operate.
Servants were a large portion of the working class in 1913. I suppose you think that having large segments of the population working as servants is a good thing.
In most major cities around 1913, tenement slums were a major health hazard. People lived packed into tiny apartments in old buildings in terrible disrepair. I suppose you think that was a good thing, too.
Before 1913 widows had to take in borders to make ends meet, and working class women were domestic servants or underpaid factory slaves. I suppose you think that was a good thing.
Taxes help to structure a better society for everyone, not just the privileged few. That is part and parcel of living in a democracy. Before 1913 the wealthy kept the greater population uneducated, poor, and dependent upon capitalism.
After the New Deal, widows and orphans had a safety net. After the GI bill, wounded vets had a chance to get an education and buy a home.
I suppose you think those were bad things, though, because they were paid for by taxes!
4
Well, perhaps, the Secretary of State could be the collateral damage to this hastily signed tax cut bill.
It has been reported that T. Rex needs to hang on to his job for a year or something so as to get a sweetheart tax deal on his golden parachute from his previous employer.
With his taxes considerably reduced, he may not want to come back after a turkey hunt at his ranch in Texas over the Christmas Holidays.
Now, as to comments below about some specific suspicious items in this legislation - well, that's what the lobbyists get paid for. And why congressional staffers become wealthy lobbyists.
Folks should remember Nebraska Cornhusker kick back in Obamacare bill.
Finally, it has been said that Congress passes laws not so much to create loopholes but to protect these loopholes.
9
Trump wants praise all the time for things done that he had virtually no part of. As the dealmaker, Trump absolves himself from any real work or responsibilities in the Whitehouse, as he has others do his busywork. Nonetheless, due to his Narcissistic nature, he expects to be showered with praise. He wants everyone to love him and the tax bill he endorsed, but had little to do with.
24
Now imagine him with a woman. What does she say?
tRump did not real the bill - he lobbied for it to satisfy 1,000 donors against the masses, though Ryan and McConnell were slick enough to throw a few bones to them middle class, lets remember to give him all the credit as the unintended consequences of the new postcard tax law pile up: childhood hunger in exchange for billionaire breaks to start. Republicans have no shame.
22
It's almost like Trump and the GOP don't WANT to be trusted or saddled with something as plebeian as credibility or kindness.
What a strange and terrifying time for this thing we used to call "democracy."
19
Since Trump said the new tax bill is a Christmas present and since I don't celebrate Christmas I am wondering whether I may file under the old tax laws. Any advice would be welcome.
19
Make sure not to take advantage of any new credits and to pay at the old higher rates.
For decades, Republicans argued in favor of tax cuts for corporations. In time, we will find out if these tax cuts for corporations would benefit Americans at the bottom 99%. This is a 1.5 Trillion Dollar bet with the borrowed money. If this fails, the bottom 99% will be paying for generations and the Republicans will not have a fig leaf to cover themselves.
14
I'm noticing a change in the negative comments.
Mostly critics of the tax bill complain (rightly) about its effect on deficits, and about the temporary nature of most individual tax cuts (which will end in 2026 if not extended). But most critics at least acknowledge that most taxpayers will pay lower federal taxes for the short term.
That's new. Most critics used to insist (some still do) that most taxpayers will pay higher taxes, even in the short run. (Independent analysts say 80% will pay less.) Most critics now concede that most people will pay lower taxes, but they argue that the decrease won't be all that much.
It's fair to point out that deficits may rise substantially if Republicans' growth projections fall short. It's also fair to point out the temporariness of most individual tax cuts. But it's not fair to argue that most taxpayers will pay higher taxes, that all of the cuts go only to corporations and wealthy people. I wish the top rate hadn't been lowered to 37% (from 39.6%), but the dollars involved in that change aren't great and the fact remains that 80%+ of individual taxpayers will pay less. Some will pay more, to be sure, but nearly all low-income taxpayers will pay less. To claim otherwise, as many critics of the new tax law once did (and many still do) is incorrect and misleading.
I'm impressed that critics have persuaded most Americans that this tax law will increase their taxes even in the short run. But I doubt that mistaken belief will last long.
12
Three-quarters will see their tax bills lowered. Many families are helped by the Child Tax Credit, essentially a $2K gift to families for each child under 17.
The myth that this isn't good for the middle class has been largely debunked. Democrats seriously misled people. This certainly isn't the republicans' Obamacare. If anything, it's democrats', who have once again abandoned families and small businesses.
1
So, you get a tax cut, sounds nice, but then there's less money coming into the govt to pay for the things we rely on, and now most of the taxes will be collected from the people who didn't vote for this president, and their taxes will be used predominantly to pay to temporarily improve the lives of the people who did vote for this president. This sounds like the end of the appropriateness of calling us the United States.
5
Absolutely. Cynical as this tax bill is, the vast majority of Americans will see extra dollars in there paychecks come February. The Democrats warn such will be highly unpopular. Really??
If the wearing of the albatross can be said to signify credit, I believe both Mr. Trump and the GOP members of Congress will find they receive plenty of credit. There is a great deal of it to go around.
14
I wish they'd done away with school taxes for adults without kids. In $17 years I've paid $50,000 to the local school system to educate other people's kids. I'm helping to educate those kids so they can look after their parents in retirement, but as for me, I'm just out $50,000 that I could have put towards my senior care needs. Trump, please eliminate this forced subsidy.
5
Somebody or somebodies paid taxes so that you could get your schooling. Can't you see your way toward doing your part for the upcoming generation?
Maybe some day one of those other people's kids will be your police officer, plumber, electrician, cardiologist, Congress representative, or even POTUS. The possibilities are endless.
Education is a plus for our nation. Look at the fine example you set - you read the NYT and comment!
4
And here with have a serious problem in our civic outlook. Too many citizens who incapable of looking beyond their own selfish interests to see the worth of contributing to the greater good.
4
That's your local government at work. I don't know New Jersey's tax structure but schools are usually funded by state income tax, state sales tax and/or local property taxes. It has nothing to do with Federal taxation and Trump.
4
Using the NYT tax bill calculator, it appears my husband and I will receive a $2740 tax cut under the new tax law. But that doesn't matter a hoot to us. We're much more concerned about several family members, who are younger and have children to support, who are going to have their taxes raised considerably because of the new law. And we're similarly concerned about families across the country who find themselves in the same predicament.
How dare the Republicans call this a "tax cut" when so many middle class families will be paying much more in taxes.
32
Try again. Those families will receive the Child Tax Credit.
The families that are getting appreciable tax increases must surely gross over 500k annually, is that correct?
2
Agree entirely. My wife and I are retired. House paid for, cars paid for. Put the kids through college and they had no loans or debts. Our tax cut is about the same as yours while my son and his wife will see their taxes increase. But what else would you expect given legislation written in secret, no hearings, rush to signing, etc.
4
The real kicker in this tax cut for the general public is that with them eliminating the personal exemptions, they are NOT off set by doubling the standard deduction, people will end up with less take home pay, and the annual income tax filing will also be impacted. I am totally angered by this failure to acknowledge that "our personal exemptions" was also added to the $366 Bill gathered from removing the health care mandate to fund 35 to 21% corporate cut. Totally insane!
13
$1.5 trillion tax cut.
$1.23 trillion goes to the 1% and corporation.
16
What, the "carried interest" is still there?
What IS a "carried interest," anyway?
Having drafted many CI provisions, I can explain a typical CI, ignoring several features for clarity.
Usually the CI is granted to the GP of a private fund (e.g. a hedge fund), as part of the GP's (and/or its affiliates') fund-management compensation; the other part is usually an asset-based "management fee," calculated as a percent of assets under management. The CI is almost always a percent of the fund's profits. For CI purposes, profits may be calculated on a "tax" basis (i.e. based only on REALIZED gains/losses); far more often, they're calculated on a "mark to market" basis. Thus, if a stock was purchased at $20 in Year 1 and is still held in Year 2, it will not matter if that stock is worth $30 (or $3) after Year 1 ends. (Fund agreements often have complicated provisions for valuing fund assets, but the value of publicly traded stocks inevitably reflects market price.) That may (or may not) matter for Year 2 CI purposes, but NOT for Year 1 CI purposes. All that will matter is what the stock was worth on 12/31 of Year 1 (assuming a CI is paid at FYE -- usually the case for a hedge fund). If the stock was worth $25 on 12/31, the fund will have had a $5 "profit" on that stock for Year 1 CI purposes; it will not matter that the fund still held the stock. (That stock may be only a small component of the fund's assets, of course; the CI is usually based on overall fund profits.)
2
By and large, and partisan politics aside...REALLY…the new tax bill is a major step in the right direction for taxpayers of all sorts, and for the economy as a whole. Those who may have a legitimate gripe with the new tax bill on a personal level are ignoring the bigger picture. Does the new tax bill benefit ALL taxpayers? No, absolutely not, e.g., homeowners in high tax states such as New York, California, New Jersey and a few other states where state income taxes and real estate taxes are high. But the vast majority of taxpayers in other states throughout the country do not fall into that category...and on average, the pros far outweigh the cons.
Most significantly, the big drop in the corporate tax rate is to spur long-term capital investment, hiring and wage increases in the U.S. rather than abroad. The new law also helps individuals who have pass-through business operations – such as S corporations, partnerships, LLCs and Schedule C sole proprietorships.
Sadly, those who despise the new tax bill, for whatever reason, may actually being hoping that it fails...NOT for the economic betterment of the country as a whole, but simply to promote their own political agenda.
So, if the Republicans are indeed “swimming against an undertow” toward next year’s midterm elections, they may already have a pretty good lead in the fast lane!
8
Considering the average property tax in the US is $3,500, the loss of that deduction is minor compared to their lowered tax rates, increased standard deduction, and, of course, the Child Tax Credit.
These combine into a very nice benefit for most Americans.
1
When corporate executives were asked whether they would use their tax cuts to hire more employees they made it clear they had no intention to do so. This so called tax reform makes it financially beneficial for corporations to continue to shelter their earnings abroad. The tax benefits for pass through companies benefit Trump and his cronies more than your average sole proprietor, especially those of us in the service sector. The majority of economists are against the tax reform bill. For deficit hawks, the 1.4 trillion dollar deficit is now perfectly fine as long as their wealth grows. However, the deficit must be balanced. Paul Ryan and his ilk have made it clear that they intend to do so by attacking the "entitlement" programs that many middle class Americans rely upon. Those in red states may revel in their $500-$2,000/year tax breaks all the while their wealthy neighbors get massive tax breaks for themselves as well as their heirs. However, these wealthy neighbors are not the ones who will suffer when the bill comes due and their paltry tax break is then used to pay for higher health insurance premiums or the 4% Medicare premium increase or to compensate for the loss of Social Security income.
2
The pass throughs listed in your second paragraph are known scams/gifts to those who can afford accountants to take advantage of them. Romney got even richer due to those loopholes.
1
So I lost a $2 bet he would do things like suggest he might not sign it, or delay a week, or otherwise draw a HUGE AMOUNT of attention to the POTUS in the media.
6
Internationally, the considered opinion of many economists is that the main achievement for which the Big-Baby-in-Chief shall receive credit will be the consequent reduction in corporate taxes amongst competing nations eroding any US advantage and ensuring net losses for all.
7
Trump will be remembered for the promises he made and failed to deliver. The GOP tax bill is an embarrassment to the American middle and lower income people. The amount of debt will cripple government entitlement spending.
6
In addition to the tax bill, there is also a scary bill in the House, H.R. 4519
A congressman from Michigan is sponsoring it. The bill makes it so that oil and mineral companies don't have to report money they pay to foreign governments (Repealing Dodd-Frank 1504)
The bill also repeals a very important portion of the 1934 Securities Exchange Act, Section 13(b) that has to do with recordkeeping and internal control provisions for corporations
Summary:
1 Corporations will no longer have to keep accurate and detailed accounting records (a requirement put in place after the stock market crash of 1929)
2 Oil, coal, and gas companies will no longer have to report money paid to foreign governments
The only thing this bill accomplishes is to make it easier for corporations (particularly oil and coal) to hide financial activity. A major reason to hide financial activity is to hide unethical or criminal activity
If my interpretation is wrong, let me know
I am not comforted by the fact that Michigan was a swing state that saw voting irregularities. I don't think they need the added image, after the Russian meddling, of sponsoring a bill making it easier for corporations to make hidden payments to foreign governments. In addition, Trump's agency picks are largely made up of oil and mineral professionals
https://www.govtrack.us/congress/bills/115/hr4519
https://www.sec.gov/spotlight/fcpa/fcpa-recordkeeping.pdf
21
and a third link:
http://www.dodd-frank-act.us/Dodd_Frank_Act_Text_Section_1504.html
8
The results of the "welfare for the wealthy" supposed "tax reform"?
Trump gets big savings. As much as $11 million. He's at the top of
the list because he's most important and always comes first.
The Republicans get a much needed victory after failing on health care.
But they may have sold their soul to the Devil to make a deal and the "reform" is still seen as a sop to the rich that was pushed through primarily to make Trump look good which is top priority.
The middle class mostly get tax cuts but they are modest and temporary unlike the tax cuts to corporations and the rich and some like me in the lower middle class ($80,000---$120,000) will actually see tax increases. The middle class and poor get leftover scraps that fall from the rich man's table and lavish, outlandish promises of "great prosperity" based upon pie in the sky economic projections. If those projections are false the middle class gets nothing and the rich will still have their tax breaks. Wonder if America can sue Trump if it doesn't work. I sure hope so. I'd say triple times $1.5 trillion in damages?
The rich get a real good deal including Trump himself as noted above.
The rich get richer---of course they're better than everybody else because they're rich. So they deserve special treatment. The poor are such losers.
The poor who really need the money get little or nothing.
Trump has definitely not made America any greater with the tax reform scam. But he sure has made himself a whole lot richer.
17
This is WAR on true middle class taxpayers from the states that drive the United States' global economic prowess. This is the beginning of the end for the corporatists.
Please, step up, TR incarnate. It is time.
16
As I write this, it is 76 degrees and sunny in South Florida. The forecast calls for zero chance of state income taxes (our state constitution forbids it), moderate property taxes (low by NYC area standards), and reasonable sales tax (6%).
Talk to your governors...or vote with your feet.
6
@chris be careful for what you wish for. See...what will happen eventual is people will move to low tax states, you will need to raise money somehow to build infrastructure for the influx of people who move to Florida, then guess what happens.....
On the flip side, perhaps NY, CA, etc. will do what your state does. Forbid a state tax, then we will finally get back the money we give to the federal government. Guess where that money comes from???
You seem so happy about this chris. I would have been if my tax dollars were going to single pay healthcare, education etc. Open your eyes and see the long game of the GOP. They are steering us to a collapse on purpose. The rich will get out in time and swoop in afterwards. Vulture capitalism at its finest.
9
I am not sure what part of Florida you live in but I live in Palm Beach County and our taxes are not cheap. My taxes are 5K but that is under save our homes legislation. (23 years in the same house). If someone where to buy my middle class home 4 miles from the beach today they would pay close to 10k in property taxes. Palm Beach County approved an additional 1% sales tax (7%) for schools. Jupiter and Palm Beach County taxes are increasing just to deal with Trumps weekly visits. My small town hired 16 additional police officers and purchased 10 new vehicles.
7
If we vote with our feet you inow what's going to hapoen in Florida and other low tax states? They will turn blue.
I wonder if an unintended consequence of this tax bill will be that people will move away from coastal blue states and start flipping states blue across the country, particularly out west.
Wouldn't that be a hilarious outcome!
2
Almost a decade spent crawling out of the abyss, and now we're potentially being flung back into in less than a year of this presidency. Even if the tax bill were to work out, and everything turns out the way Republicans predicted in their fairy-tale world, Trump should not get any credit - simply because he wasn't involved in the darn process at all! All he did was bluster and lots of hot air, and he expects credit?!
11
Why would the Times call this a "major legislative victory" when the vast majority of the American people are against it? Please call it something else, like "another major slap in the face to democracy."
20
How about a knife to the heart of blue state workers?
5
I give him credit for moving up in the world: he has graduated from bankrupting himself to bankrupting the whole country.
46
The real enemy my friends, is ignorance, apathy and despair.
It's time to roll up our sleeves and add supporting the folks fight the good fight, be through donations of time, money or other resources.
Let not forget that the first Guilded age was followed by the first progressive era.
Gird your loins folks.
Let's to go to work.
15
Why should we be surprised about those who will get the most out of the so-called tax reform (HA!)? DJT cares only about himself, his family and real estate cronies. The GOP are doing what Republicans always do: make themselves and their donors richer.
15
We are studying the French Rev in class now. This is the let them eat cake moment.
21
March 2010 was when the ACA was signed.
Why aren't the republicans afraid of us?
You'd think robbing $250+ Million people would give rise to at least a little trepidation.
12
They aren't afraid because Citizens United gave corporations human rights, and the right to use money to buy votes. The Republican Gambit is that they no longer need carbon-based human support to win elections.
6
"Robbing"? Allowing people to keep their own money is stealing? On what planet?
Wow.
I would love to see the list of corporations that have told the President that they are showering their employees with Christmas Bonuses that are larger and more frequent than ever before. And what is the base pay of those recieving bonuses? That would be cool to see.
Bonuses are now "all the rage"?
Really?
It FEELS...like complete fiction...cut from whole cloth...and tweeted for effect.
"Our big and very popular Tax Cut and Reform Bill has taken on an unexpected new source of “love” - that is big companies and corporations showering their workers with bonuses. This is a phenomenon that nobody even thought of, and now it is the rage. Merry Christmas!
6
Well where is my bonus? Where is my pay raise? Guess I don't count being a member of the working class.
3
@M Porter:
And I'm self-employed. Independent contractors, freelancers, gig workers, and small business owners make up the fastest-growing segment of the workforce.
Who pays us bonuses? No one. Who pays our benefits? No one.
We do get to pay double payroll taxes, though. And now Congress has eliminated nearly all of our itemized deductions.
4
Trump will never feel that he gets enough credit, ever, for anything, because he is mentally ill. Narcissistic Personality Disorder explains his bizarre and heartless behaviors, lack of attention span, bottomless pit of need for adulation, and especially his incessant lying. Yesterday's nauseating circle of praise and our Vice President even saying a prayer of thanks "to Donald Trump" is a great example of how those surrounding Trump must praise or perish, politically speaking. However, they are also "playing" him; Trump, because he is so compromised by his mental illness, is easily played. That is why he is a clear and present danger to all Americans and to the world.
25
You have to figure that Pence isn’t the toady shown in that cringe worthy video, but is waiting for Trump to be “fired” so that he, Pence, will move on up. No authentic human could grovel like the scene in the video without a fine prize as the consequence.
5
My thoughts exactly. Pence may be “thanking” Trump for the presidency.
2
Once again, The Onion nailed it (back on September 20!): "Trump Promises Tax Plan Will Have A Little Something For Daddy"
5
What needs to happen next is this: those who are in the lucky wealthy brackets and are brave enough to do so should share their actually savings information with everyone. I make $xxx,xxx a year and I just saved $xx,xxx thanks to Trump and the Republicans. And those of us who aren't in the lucky brackets can also report back what we "saved" with this new tax scam. I make $xx,xxx and I saved $xxx. Let the people see the real truth - this is a giveaway for the rich and corporations. Let people report the great raises they were given when their company saved millions on taxes. The truth will be telling.
6
Why does The Times feel obliged to call the passage of this tax bill a “sweeping” “major legislative victory”? There is no obligation to pat Trump or Ryan/McConnell on the back for a treasonous betrayal. Is this simply kowtowing, or some sense of tradition because Trump is Pres and Ryan/McConnell lead the venal GOP Congress? The appearance of celebration in such wording simply helps this treachery along.
12
Don't worry Mr. Trump, most voters will give you credit. Watch the Democrats sweep the House in 2018!
17
You forgot to include that the next day, AT&T announced 4,600 layoffs. I am not joking.
20
Contrast Trump and his claque of majority white males on the Whitehouse lawn and this subsequent signing with the jubilant scene of kids and families surrounding Barack Obama when he signed the ACA into law. The contrast between parties and ideologies could not be more stark.
14
Oh NO Trump- DON"T worry- YOU and Repubs will be getting SO MUCH credit come 2018- you won't know what to do with it. You'll be winning so BIGGLY in credit and recognition for your dubious achievement- most of you will qualify for a long, long vacation (albeit paid for at your own expense!). Enjoy!
16
WOW! Finally I sure hope the 200,000 ATT workers and the hundreds of thousands of Comcast, Wells Fargo, Boeing, Fith third Bank Etc. Etc. remember this come the mid term elections!
8
AT&T said to the 1st and 2nd line staff, not ALL employees. So once again, rewarding higher paid staff not general employees. Either way, the amount in taxable bonus is tiny compared to the huge $20 bill savings they're getting from the tax cut. Three companies that came out the gates with a staff giveaway, are looking for federal approval of mergers or other company action. Sorry - no philanthropic sentiment there.
4
Trump can take as much credit as he likes for destroying our economy with massive tax cuts and equally the equally massive deficits to come. ...deficits that will be used to de-fund all social programs for the poor and the middle class. It is called corporate fascism. But if Trump were not such a deranged narcissist he would give more credit to Russians and to the traitorous Republican Congressmen that have shown their complete lack of concern for the future of our nation or our reputation in the world. After all, they are completely dedicated slaves of the Koch, Mercers Murdochs, etc...and they are working hard to please their masters. Trump only works hard to please Trump ... give him credit for that.
13
November 2018 can't come quickly enough!
9
Many comments here with dire predictions, just like election night when results were in...
9
They obviously haven't tired of being proven wrong by Trump.
Trump and his minions are getting all the credit. Also, MConnell and Ryan. Frankly, not good news for them or the Republican Party. Why? Trump will never bring himself to believe this - after all, he is the ultimate Narcissist. But the credit is in fact a debit.
Register, vote 2018 and 2020. Get out your wallets and contribute whatever you can afford - to the Democratic Senate and House campaign committees - and to Emilies List. The Ship of State is way off course - let's get it back on course. We badly need a new "Captain". Trump must go!
5
For Christmas I hope that Trump, his crime family, his administration, his deplorable supporters, and all of the members of Congress who voted for this bill get an incurable illness and lose their health care.
8
With all respect, this article shows exactly what is wrong with our media today.
The Times writes:
"President Trump signed a sweeping tax bill that Republicans say will benefit the middle class, despite warnings from Democrats that the new law could be harmful to the country."
In real life, ALL experts have PROVEN that the law will NOT benefit the middle class at all. And the NYT has frequently reported this fact, during the last weeks, so why are those experts now all of a sudden replaced with a partisan "Democrats", in the description of what is happening here ... ?
And how could the Times possibly call this a big "victory" for Trump, explaining that it is the first bill that he signs into law that allows him to start implementing his promises, whereas apart from a lower corporate tax rate, this bill does the exact OPPOSITE of what candidate Trump promised to do - on the issue of tax reform and on the issue of healthcare (he promised to cover MORE Americans, not 13 million LESS than Obamacare, and he promised lower, not higher premiums)?
In history books it is often said that it's the winner who has the single power to define the battle and frame the victory in such a way that he himself appears to be the liberator and savior.
But nobody is forcing the media to take over the narrative proposed by the political party that is calling this a victory, on the contrary: media should report the TRUTH, rather than taking over unilaterally invented lies ... !!
8
and a special thanks to Mr. Putin for this attack on our economy.
8
You (D T) should get sent to the slammer for the way you self benefit from this obvious scam by you and for the rest of your enablers. I have put off major home maintenance until I see if I will have anything left after the obvious plan to steal funds vital for SS and Medicare and the need to raid both to cover the huge deficit from this horror when the inevitable short fall starts in a short time in the future. This scam IS also a plan to destroy any remains of FDR's legacy such my paid for SS and the rest of its benefits. (Think Medicare for my inevitable senior's age health problems). It also adds to the horrible income disparity in this country which us already is bad and will get worse.
13
Don't you worry about getting all the credit, Mr. Trump.
Come 2020, you're really going to get it.
7
The bill has been signed just in time for the spirits of Christmas past, present, and future to visit Trump at Mar-a-Lago.
5
the GOP is toast.
short but sweet.
5
When President Obama signed the Affordable Care Act into law, in March, 2017, The NY Times carried that story on page 17.
Quite a contrast to today's bill signing coverage.
In case anybody still wonders if this is a non-partisan news operation.
5
It's The Greatest Show On Earth.
3
James II: “Rustics you were and rustics you are still; you will remain in bondage, not as before but incomparably harsher.”
#MAGA will prove ruinous.
4
How about this? If he resigns and never tweets or utters anything in public again, many of us will give him a standing ovation or as omarosa would advise, bow down. Guess that will never happen, but that would be his greatest accomplishment.
4
Trump's daily and nightly appearances on TV with "breaking news" have begun to resemble the visits to the dentist suffered in my youth. The hum of a drill with canned music in the background; the constant chatter of the dentist; the feeling of being trapped with no way out.
1
After you are elected out after your one dreadful term Bernie will reverse everything you did.
3
The [New York] Times will get around to reporting on this, eventually...
https://nypost.com/2017/12/22/cuomo-signs-order-to-help-new-york-propert...
...but, for the moment, some Trump-bashing takes precedence on their front-page
PS - Thanks, Governor!!!
1
Fearless leader is an such insecure child. “Do you love me? Do you love me?” Good god. Please stop.
5
Repeal and Replace the Tax Scam!!!!!
6
Can you all imagine how much better our lives would be if Mr and Mrs Trump had just paid young Donald a bit more attention? Literally everything is about how he thinks people perceive him.
7
At the very least, the bill should have included a provision *requiring* presidential candidates to disclose their tax returns.
Just sayin'.
11
Just a theory, but other than feeding his massive ego, I thought making more money (or giving himself a massive tax cut) was why he ran for President. He didn't think anyone else had the nerve to do it.
4
What you consider to be "nerve" I think of as self-centered, self-absorbed, narcissistic, immoral, unethical, entitled, self-serving, out-of-touch psychosis. I like to think of "nerve" as a positive trait.
1
Middle-class folks celebrating the tax cut need to calculate the following in relation to the pittance that will go to them instead of the federal government: the air you breath will be dirtier, diseases won't be cured, your parents' diapers will need to be changed by you because Medicaid is toast and won't pay for nursing home care, start saving to fix your car's suspension because potholes won't be fixed, etc ... The quality of your life will be diminished greatly out of proportion to the few dollars more you will see in your paycheck Good luck with that.
5
By signing this tax bill, Trump has dropped any pretense of being the President of the United States. He formally resigned that position and is now the President of the Red States and the Wealthy Wherever They Reside.
The UN fired him from his other job, Leader of the Free World. About time.
13
The sad lesson here is twofold: The sane adults who are going to be forced to clean up this mess will be forced to run on a platform where they are castigated as "People who WANT OT RAISE YOUR TAXES" [Whether it's true or not.] And the GOP's collective pretending they can't see the deficit boogeyman in the corner will magically turn into apoplectic rage AT THE DEFICIT INCREASE THEY CREATED once someone else is in charge.
The fact is, at some point, the party is going to wind down, and the waiter's going to bring the check. Whoever's left at the table is going to be forced to put on an apron and do some dishes when they can't cover the insane tab that's getting run up.
8
Well, I maintain that the GOP "collective pretending" is going to "magically turn into apoplectic rage at the deficit increase they created" a lot sooner. Some have already mentioned the necessity to cut non-revenue-generating government programs that people's quality of life and in some cases life itself depend upon. Ryan was quoted as saying that Medicaid, Medicare, and Social Security "drive the deficit."
2
I have an idea: no vacations in red states. No skiing in Utah, WY or ID, only CA or CO. No beaches in FL or any other Southern state. Let's put our money to work in states that support community, equality and diversity!
13
It punishes those voters who put those guilty pols in office. Elections have consequences.
2
@BearBoy: That is EXACTLY the idea -- it is those 'average' citizens who voted these rascals in, and so they are the ones who must pay.
1
RE: "I am sure great credit will be given by mainstream news?"
Is that why he is signing his name in extra large on the bill? The Alpha leaving his scent.
4
Even with the tax bill, the president did not deliver on his campaign promises.
2
They make money the old-fashioned way: "They steal it!"
8
For the 1%, and business, this is a "tax cut" bill. For single tax payers, those over 65, those who are blind or disabled, this is a tax increase bill. F or those who need to buy their equipment and uniforms; this is a tax increase bill. For those who pay alimony it is a tax increase bill. Watch as more alimony payments become later and later; or cease altogether. And if you have the misfortune of living in a state with high taxes, your taxes went up.
The worse part about this, if anything could get worse, is that the GOP is going to go after Social Security, Medicare, Medicaid, and other "welfare" programs. They may even impose work requirements for those who receive unemployment; an oxymoron if there ever was one.
While the GIOP expects salaries to rise; the opposite could happen. They stay stagnant, taxes increase, and disposable income goes down. This could create a downward spiral. Companies will cut jobs or off shore more of them.
The GOP has created our next Great Recession, just like Bill Clinton did with repealing Glass-Stegall. Within the next 5 years, this country will be in a a more harsher version of the Great Recession. As we watch a number of bubbles pop (Wall Street, real estate, etc.).
What a nice gift of coal for Christmas.
12
Please stop calling this a tax cut, or at least add the qualifier YMMV.
2
It's a tax cut in all States except those adopting Sanctuary state status and those who've jacked up Real Estate taxes to to the point that the Wealthy are squealing over deduction limits. there you go.
5
The man will come after our property next under "emintate domain." He is out to absorb the Universe, if possible. People! Wake up. He will take your house and turn it in to a park, to reap benefits, if necessary. This is not a man without a plan. It is a country who had high ideals, believed in them, and naively thought that everyone else did too.....He doesn't. He will bury you.
6
TRUMP'S JOB: Taking time off from golf outings to sign pieces of paper and reading speeches off of teleprompters, speeches written by someone else. Also, going off teleprompter and tweeting to disrupt, decay and sometimes ruin the lives of fellow humans.
15
I must ask again: If this has been such a "Tremendous" idea, wouldn't it have been thought of and tried before??
Oh, genius at work. Shshshsh ....
6
It was: Reagan and "W" - both involved in feckless military adventures paid for with credit cards, debt left to the Democrat who succeeded them. Clinton left a surplus for "W"; Obama left jobs and a stable economy for the current semi-literate boor in the WH to destroy. Reagan left office with Alzheimers; Trump already shows signs of Early Onset Dementia. The GOP has reached the bottom of its barrel.
2
Given how hard he campaigned to get rid of the carried interest Hedge Fund loophole, you'd think President Trump might have insisted on that change in the final bill.
The GOP Congress badly, badly wanted a tax bill for their donors. They would have jumped through any hoops Trump insisted upon in order to get it.
(In other words, I don't think he really cared about this. None of his economic populism has survived his election.)
5
carried interest is addressed in the bill.
carried interest is LEFT AS IS --
On a major network mourning show they interviewed three family's and how they would fair under this new tax plan. The first earned around $40,000 the second I believe around $70,000 and the third at $300,000, all had different circumstances. The accountant that did the figuring said all would pay less tax next year, although it in my opinion mot much. Each family was pleasantly surprised their taxes would not go up. At the end of the segment it was mentioned these cuts were not permanent for them as they would expire. This was not mentioned to these folks on camera and I wish the network had let us see their reaction if they were told how they are being duped for a few pieces of silver.
5
We are now faced with the hilarious scenario of listening to people in NY and CA complain about higher taxes because, it turns out, they ARE the rich people whose taxes they wanted raised... at least compared to most of the rest of the country.
8
His "legislative approvals" include three bills that appoint individuals to the Smithsonian Institution board, two that name buildings, and one that designates a location for a National Desert Storm and Desert Shield Memorial.
I give him all the credit for ramming bills naming buildings through that tough Rep majority in the House and Rep majority in the Senate.
Whew.
4
Mr. Trump's daily agenda is influenced by what he hears on television.
Do people realize the import of this?
If the Russians or the Chinese or the North Koreans launch a sophisticated and well-thought out propaganda and disinformation campaign via US television networks -- and supplemented with RT, Sputnik and the usual assortment of media front organizations -- they could get Mr. Trump to do virtually anything they wanted.
Oh, wait.
13
as my grandmother would say.. "All money is not good money". and then her speech would begin. My husband and I make enough to fall in the safe bracket but at what cost. medicare, Medicaid and umpteenth programs being cancelled. I'll take peace of mind any day. Mr Trump, I'll pass.
14
'Victory' is relative here, and 'tremendous' is an accurate term: tremendously good for those who have money to control the economy in their favor, and tremendously bad for everyone else as it takes the people's money and gives it back to corporations.
4
Well, there are tax loopholes, make that rewards to Wall Street, which must be preserved. So the politicians were paid handsomely by the hedge fund managers, those snidely protectors of the effort to make America great again for rich people.
4
Trump said the tax low wouldn't help him personally. He lied. It will help him personally, and he needs the help. One thing we all can agree on, rich people need more financial assistance.
4
Yes, and the chickens will feast on the feed the Fox has laid out... what are they complaining about?
3
Ok Republicans, you got your tax cut for the 1%. Can we impeach him now?
18
Trump, his self-interested and self-serving party, and their surrogates deserve all the “credit” for strong-arming and ramming through this tax cut which will have a long-term benefit for corporations and the wealthy. They don't care so long as they can call it a WIN!
They must also get all the blame, and hopefully prosecutions and individual liability for the half-truths and lies they told Americans to push through this cut. It’s not a tax cut – it’s a license to rapidly increase the national debt. One day Americans will be forced to deal with the unstainable debt these Elected Politicians forced on US.
Let’s not forget Trump is a serial debtors and bankrupter. Since assuming office his cronies incurred the following debt of our $20.6 trillion:
Hatch $19.9 T (yes, virtually all of our debt!)
McConnell $18.7 T
Brady $15.2 T
Ryan $14.9 T
McCarthy $11.8 T
We must find a way to hold self-interested Politicians and their staffers, from both parties, personally liable, responsible and accountable for the lies they have told US, their gross mismanagement of our county, our $20.6 T and growing national debt (108% of GDP), and our $100 T in future, unfunded liabilities they forced on US jeopardizing our economic and national security, while benefiting themselves, their staffers, their party and special interest donors.
http://www.USDebtForum.com
http://www.facebook.com/USDebtForum/
@USDebtForum
9
trump getting enough credit? I have spent these months mentally spinning about in a furor of impotent anger. For my country and its citizens. For the blatant hypocrisy of campaign promises made and not kept. Not even really considered. For the moral turpitude of politicians who swore to uphold this country's laws. Those who continue to support this whimsical merchant of menace who is president. The bowing and scraping, the roundtable circle jerks. American citizens. I will be out again, and soon, calling and canvassing. I stand with the notion that we must fight for this country. The thought of losing it, and what we could continue to do of good for it and with the leaders of other countries, is beyond contemplation.
15
He doesn’t get enough credit? Geesh. There’s no amount of praise that would ever satisfy this bottomless pit of a president!
The problem with any addiction is that for the addict, “enough” never is. He got his praise—nauseating to so many of us—and if that wasn’t enough what else could be?
If he were really smart he’d stop seeking credit for this. In a year two, he might want to blame somebody else for the inevitable recession or God forbid, depression, this bill is likely to unleash.
Hey, it wouldn’t even surprise me if he ends up blaming President Obama or even Hillary.
15
"He doesn’t get enough credit? Geesh. There’s no amount of praise that would ever satisfy this bottomless pit of a president!"
New strategy:
Trump, you're doing a great job. Better than anyone ever. You've done such a great job that you could resign now and no future president will ever be able to do what you've done in just one year. Seriously, you could resign. Now."
2
This tax bill is engineered by Ryan and McConnell to live up to the promise they made to the Koch brothers and alike. Trump is too dump to know what's is in The GOP tax except he will get a huh tax break and that is enough for this despicable individual to sign it off. Sure. Trump get credit for having his signature and of course being dump.
1
With the people by the people for the people
Americans earning less than $75k per year, including those in Pennsylvania, Ohio, Indiana, Illinois, Wisconsin, Michigan and elsewhere: If you voted for Trump to become president, you have been "had." If you didn't, you've been had thanks to those who fell for his con. P.T. Barnum is reputed to have said, "There's a sucker born every minute."
16
Come one! Come All! Step Right Up! See the greatest tax cut in history from the feckless carnival grifter Trump and the rest of the clowns under the big tent.
Watch as the ringmaster gaslights the taxpayers.
19
He still needs a thesaurus. “Great” “Special” “Gonna be....”
I’d like him to be “gonna be home.”
12
Tremendous, Greatest, Biggest. of all time, just look at the charts. How can it go wrong! Merica wake up!!!
8
Donald Trump can't wait to get back to Maro-Lago to play golf, he's gone on his golf excursions at least 100 weekends this year, not much work being done at the Whitehouse, and it shows.
5
If we don't take to the streets and soon there will be no hope of ever fixing the damage republicans have done to this once great country. Every blue state must start secession proceedings now.
RESISTANCE IS NOT FUTILE!
11
Trump, his family, and his richnik cronies all got their Christmas present; bought for with our money.
Remember in 2018!
5
"“Every one of the networks said, ‘Will he keep his promise?’ ” [covfefe] said."
That's right, all 1 of them!
—oh right, 3 if you count RT and Breitbart. Gotta credit your boss and donors and all that.
2
How many times has Trump lied to every American that this Republican tax cut gift to the already wealthy would do him great harm? "Believe me!" The man is shameless.
8
Trump deplorables = end of America as we know it
11
Tump need not worry. We the real FREE Americans give him all the crited he deserves for the tax bill. The GOP too.
USA Today gave trump the credit he deserves: unfit to clean Obama's toilet".
13
We here highly resolve that these dead shall not have died in vain - that this nation, under God, shall have a new birth of freedom - and that government of the people, by the people, for the people, shall not perish from the earth.
-Abraham Lincoln
====================================
We here highly resolve that these wealthy oligarchs shall not have donated to us in vain - that this nation, under Trump, shall have a new birth of serfdom - and that government of the oligarchs, by the oligarchs, for the oligarchs, shall not perish from the earth.
-Donald Trump
8
White middle-class and lower-class people who voted for Trump:
Now do you get that Trump is a con-man, a shyster, a huckster, our very own Elmer Gantry, our very own Music Man, our very own P.T. Barnum of "There's a sucker born every minute" fame.
Trump is robbing form you to give to himself, his children, his fellow 1%ers.
Suckers.
20
Sadly, Trump supporters will sing MAGA and follow him no matter the horror
1
Trump flat out lies in every American's face about his signature (only) presidential achievement, his and his greedy party's tax cut for the already wealthy and thriving. The rest obviously don't count with him.
15
I think it would be appropriate to require the President to actually read the 500+ pages of this document and initial each page. He would, of course, be allowed to have an attorney try to explain each provision. Only when he is finished with that task will he be allowed to have his Big Mack Christmas dinner.
22
if this bill were really as tremendous as Donald and the Pubs suggest, why are they spending so much time and effort trying to sell it?
Buyer beware.
16
And the rich (especially trump) get richer while the rest of us make do with less and less.
16
Cry me a river! Blame your problems on the tax happy state, and city, that you reside in. Limiting SALT deductions is way overdue, as it salved the damage that these entities inflicted upon their residents.
5
Don't you worry, Mr. President, you'll be getting lots and lots of credit come November, along with your entire party. And then in 2020, if you haven't already resigned or been ejected, you'll get all the credit in the world. I, for one, look forward to it with bitter glee.
30
Sounds like you have the bitter already. The glee may have to wait, since most of the people in the 30 states that voted for Trump are getting a tax cut.
5
Trump so far has proven far more effective at delivering on the promises upon which he ran than was the President who promised we could "keep our plan, jeep our doctor, and save $2500 a year on health premiums".
8
Yeah, really got it done with repeal & replace.
5
Indeed. That winning is just incredible. Just bigly amazing. The border wall is an engineering marvel, along with the other Trump con artistry.
2
With his typical penchant for hyperbole, Donald Trump said of the bonuses announced by a handful of corporations: "This is a phenomenon that nobody even thought of, and now it is the rage." The only rage this taxpayer is experiencing is that which comes with the knowledge that the wealthiest Americans will receive a disproportionate share of the benefits while Republicans will the resulting $1.5 trillion budget deficit as a justification to cut benefits for low-income seniors and other important government programs and services. Rage indeed!
12
Boeing has issued bonus' to all employees every Christmas. Trump had nothing to do with this.
2
You could take a short lesson in 21st century digital journalism just by following the Times several iterations in its stories about the tax giveaway plan. That's what it is. Why isn't it called that?
A couple of hours ago I read the top left hand story that in its headline called it a "tax overhaul."
Overhaul- to service, maintain, repair, mend, fix up, rebuild, renovate. . . .
Well, you get the point. To overhaul something is generally having to do with improving it. Most people don't put this giveaway in that category. And now it seems the Times has seen fit to reword their stories.
At this hour I can't find any language in any article about the giveaway that uses the word overhaul.
Thanks should go to some nameless editor. Thanks, and Merry Christmas America, we'll truly need a complete overhaul in the years or decades to come to right the ship of Trump/Ryan/McConnell and Gorsuch.
9
And maybe a few commenters who pointed out that overhaul, reform, or cut were inappropriate, unless qualifies as to for who and how long and what the left hand takes while the right feints to give.
2
I am sure great credit will be given by mainstream news?
— Donald J. Trump (@realDonaldTrump) Dec. 22, 2017
Easy there! Ever heard the expression "hoisted by your own petard".
btw: A more honest headline would be "Trump Adds $1.5 trillion to the Deficit"
Ryan has finally admitted that the Republicans don't know what the results of this gamble with America's future will be.
The only known-known is that Trump, Trump Family, Republicans and Donor Friends will be millions/billions dollars richer, and that they are all more than happy to debase themselves and grovel for it, no holds barred.
It wouldn't surprise if there is a strict understanding that some of those millions/billions be siphoned back as donations to support the Republicans agenda, including "hearts and minds" campaigns such as one off bonuses for workers.
13
It's a lot easier to lower taxes than it is to raise them. It's particularly easy when your party controls both houses of Congress. And it's even easier if the party happens to be the Republicans whose last three Presidents have all lowered taxes. Not that much to brag about here
7
Can we really call it a victory if the majority of Americans are against it?
20
RE: "The standard deduction, which will almost double, is likely to become more popular."
Well since it is a fixed number and it will take an act of Congress to change it the value of that standard deduction will be worth less and less each year as inflation works its magic whereas the deductions we took for SALT based on current dollar values - adjusting for inflation.
5
When this chapter in American history is written, either by us or an outside observer, this tax bill will be noted as a water shed moment in our nation’s history. This bill is part tax code and equal parts social engineering on a grand scale. There are many on the right who believe that the mere existence of any form of government assistance, whether in crisis or providing on-going stability for those less fortunate or less able, lessens their inherent ability to strive and achieve more. The logic goes that remove these programs, and you’re doing these people a favor by “teaching” them to work harder and achieve more on their own merits. This bill is one component of this social engineering; the next will surely be dismantling the more expansive programs, such as Social Security, Medicare/Medicaid, food stamps, and unemployment assistance. This will all be done in the name of critical "deficit reduction," despite the new $1.5 trillion now projected, but the underlying goal will be the same: reduce this dependence. But the rub here is that our stability as a nation has been ensured by a strong middle class; it is the foundation of our national peace and security and one that has served us well. Once we begin to chip away at this, which this bill certainly does, we begin to threaten the very ballast that steadies our nation. This is why, when this chapter in the American story is written, it may be written by an outside observer. There may be no Americans left to write it.
14
Pretty tough to get credit when the audience who it was passed for is for a small percentage of Americans.
9
Harding, Hoover, Reagan, Clinton, Bush and now Trump.. What do all of these Presidents have in common? They all either enacted significant tax cuts during the time of their administration and/or loosened financial regulations. The result of doing this? At minimum, there was a significant downturn in the value of the market, OR, a total stock market crash, major financial meltdown and banking crisis leading to a depression 1929 and almost a duplicate of same in 2008. All elements are now in motion for the Trump/Republican tax plan to end up the same way, it is inevitable.
The perpetrators of these tax cuts always want citizens to believe that this time it will be different. Sorry, but, at some point, it ALWAYS ends up the same way, the middle and lower classes are the ones that are hurt the most, those that implement these plans usually walk away "scott free" and in 2008 the taxpayer had to clean up the mess by having to pick up the tab.
One would hope at some point Americans would finally learn from history and by doing so, stop electing those who wish to repeat that history for their benefit knowing at some point, when everything goes wrong, once again, there will be no repercussions for their actions.
5
So I guess you will be shorting the market?
1
'Tremendous Tax Cut' for himself, his family and other billionaires. Tax increase for many middle class and working class folks already, 100% certainty of Tax increase by 2025. The biggest tax con job in US history.
8
Excellent analysis. It is a week late.
Credit. An interesting notion. Put points in his column, maybe? He apparently enjoys, relishes, points in his column. What exactly is his column? It certainly does not find paths back to the Enlightenment folks, whoever they might be. I think his column begins with his existence which, ironies of ironies, is very close to my own. We are both 71 years old: bleeding edge Baby Boomers. It might even be something of a club, perhaps a fraternity. My Dad, from the previous generation, was, more or less, undone by WWII--somehow he was lost in there, somewhere over Europe in a B-17 and then as a POW at Stalag Luft 1 near Barth. I cannot fathom it.
Still, credit, really? It is something akin to winning and losing. We won the war and my Dad sincerely lost something. He did try, in the lingo, "worked" diligently, conscientiously, to achieve something as a self-identified loser. Jesus, Trump, really?
He worries about credit. What is his credit rating?
It was demeaning, the most recent Republican, yes Republican, kowtowing to his eminence--a hollow idol. We, most Americans I would think, want our heroes to be of sterner stuff--the right stuff. Not the fluff of ignorance, of those desiring more credit. Credit is earned. Haven't you heard?
7
Democrats seem to think acts like this horrible and cruel piece of legislation that falls directly and indirectly hardest on many of Trumps most ardent supporters for the benefit of himself and other super rich will help Democrats take back congress in the upcoming midterm elections.
Unfortunately, Democrats seem to keep forgetting the Trump/Republican voters did not vote based on logic, decency, or common sense, but rather on greed and hate, of which Trump/Republicans will continue giving their supporters plenty of in the future.
6
I certainly hope he gets credit for all the destruction his administration has caused this year. His cabinet works diligently every day to destroy their departments and reverse decades of hard work that ensure the health and safety of all Americans.
I wish there was at least one thing on his agenda that I could support but every single plank in the Republican game plan is rotten. Trump will now pivot back to increasing discrimination against immigrants, Americans of color and Muslims. He will redouble his efforts of closing off America to refugees and immigrants.
He will begin his push for his so called infrastructure plan of privatizing all assets of the Federal government.
And he will try to get a budget passed that will finish the destruction of the government and end Social Security and Medicare.
9
The “Record” [sic] stock market has absolutely no impact on the more than half of Americans who have no direct or indirect (such as an IRA) investments in it. The vast bulk of these increases accrete to the wealthiest, who were given other goodies in the Sheriff of Nottingham Act.
Those 13 million Americans who will lose health insurance coverage can pay for it with their tax cut proceeds — which will cover about 20% or so of their premiums.
4
We are all richer today because of D.J.T. Thank you Mr. President.
6
how are we all richer when $1.5 trillion is added to the deficit and the wealthiest people in our country get the biggest relative tax breaks? we will all pay for this grossly negligent piece of legislation for many years to come
3
Define "all". Maybe be "we" you mean who are at certain income or don't live in certain areas of the country where this isn't true?
2
Well, then blame it on the area where you live. Limiting the SALT forces these areas to own up to how onerous their tax rates are.
2
This tax bill is corruption on a Transcontinental Railroad scale.
7
sadly, the epic scale of this is "railroad".
2
Less than four months to overhaul a modern complex transcontinental nation's tax code
That's the epitome of irresponsible governing.
6
If Trump can be so easily influenced by news broadcasts, we need to leverage this newfound power. "All the networks" need to start aligning their top stories and timing them to Trump's TV viewing schedule. For example, tomorrow's hot story could be, "Will Trump Keep his Promise not to Touch Medicare and Social Security?" The networks get all their pundits to opine on this breaking story line: "it's the question all Americans are want answered!" "This will define his presidency!" Trump caves that afternoon, and the social programs are saved. Next up, his promise to "Impose a five-year ban on White House and congressional officials becoming lobbyists after they leave government service. " "It's the issue on everyone's mind!"
6
Thank you! I keep thinking there must be a way for us to take advantage of Trump's predictability, especially his unquenchable thirst for adoration. I think you've got it!
2
or ` completely stop talking about him.
When a family maxes out its credit cards to buy gifts for everyone, without a budget in place to allow for paying off the debt, it is not cause for congratulations. This welfare for the wealthy, based on unsecured debt, is no different. And Trump has taken much more credit than he deserves: the full faith and credit of the United States Treasury.
8
Mr. Trump said, “Corporations are literally going wild over this.” The combination of "going wild" and "literally" presents an absurdity that goes well with the whole tax bill.
3
The fact is that Predator Drumpf contributed virtually nothing to the passage of the tax bill. It was all done by Congress. I'm sure he doesn't understand the actual bill except to the extent that it enriches him and his family. Such things are far too complex for the 11 year old mind (Bannon's word, not mine).
4
If you believe the Democrats and liberal media everything Trump does is designed to hurt the average American including his new tax plan. The Democrats are the only ones protecting and taking care of us.
Unfortunately we have learned from experience after 8 years of Obama and Hillary that this isn't true.
3
No comment. I am trying to be respectful even to the people with their heads in the sand.
1
heads in the sand or asnd.
let's call a duck a duck - this is the largest increase in fiscal deficit and debt in years
6
Since reagan trebled it right after getting elected to bring it down which he claimed was critical to our survival for 12 years before winning!
1
Trump deserves NO credit so why afford it to him. He doesn't need a tax break and neither do his corporate pals. We do and this offered is a pittance. Where is the healthcare package we desperately need?
3
Impeach now! Trump just committed major conflict of interest by signing a law that will personally benefit him from millions to potentially a billion dollars. Huge conflict of interest and possibly a criminal act. Someone in authority needs to look into thus. Congress, where are you on this? Media, step up and investigate.
3
It's sad that the writers and contributors don't seem to have a say in the headlines, which also change from the front page to the articles online. These parroting headlines are gifts to the emerging authoritarian regime we are watching. Clarifications are for those willing to submit to the lunacy of the headline.
I have a good friend who has announced to me in no uncertain terms that he is dropping out of the tax system and intends to pay no taxes this year or ever again.
I entered all of his financial data into the N.Y. Times Tax Calculator and discovered that he will obtain a substantial tax saving by doing this.
https://www.nytimes.com/interactive/2017/12/17/upshot/tax-calculator.htm...®ion=Header&action=click&contentCollection=Trending&pgtype=article
2
554,000 homeless people in the United States in 2017. I wonder if they will get a tax break?
3
Maybe they will get a job?
2
I guess if you sign it now you won't have time to bother reading it later. Not that you would have read it anyway. HAPPY GOLFING!
3
If you say the word CORRUPTION slowly enough, it's sounds like GULLIBLE.
2
Buy your kids extra nice Christmas presents this year, folks. They're going to be paying for this borrow-and-cut debacle for decades, with interest.
2
“It’s going to be a tremendous thing for the American people,” Mr. Trump said. Are you listening, World? The formerly great United States of America is now where the Truth goes to die.
4
Donald Trump is a challenged reader, or listener with a very limited attention span, but he's good at watching television and he practices signing his name that big crayon he uses.
5
Credit? Trump expects "credit" for this abomination of a tax bill?? He gets no "credit," and never will. He just gets blame, and hopefully voted out of office along with the rest of his clueless, self-serving "party." Then the Democrats can spend several years undoing the damage that Trump has done, if that's even possible.
8
I agree with Mr. Trump. He's not getting enough credit. Let's continue to spread the word about this latest contribution to the destruction of the America middle class, and how it was all the idea of a narcissistic, failed, tycoon-wannabe. Let's give him all the credit.
5
Big, beautiful sink hole of hypocrisy (deficit? what deficit? deficits only concern us under Democratic presidents) and greed. When the Dems start working to fix the mess, I'm sure we'll get blamed for the Republican - Koch Bros tax giveaway. In the next Congress, the elected sociopaths will start on the so-called welfare "Entitlement" which is what we average tax payers call Social Security and know it is neither welfare nor an entitlement.
Trickledown indeed; Trump knows all about being trickled over.
3
Congratulations to all who voted for Trump and his minions. Can't wait to see what "tremendous" laws he'll sell to you next year.
5
Worse are the people who voted for Jill Stein, or didn't vote at all.
3
WOW a $1000 bonus from AT&T. That's $5 a day extra. Not much to celebrate!
9
If they're giving that much how much are they banking? Its gotta be in the 9+ digits
4
The man who can't shoot straight. So now the news story is how Trump signed the bill in a hurry to get credit and whacked the companies meant to receive support...
It's pitiful!
4
This is nothing but a temporary illusion, brought to us by the biggest "exquisite" grifter, ever to hold office, concocted by his adoring wealthy millionaire Congressional henchmen, swearing fealty and payback, to their billionaire bosses, for enriching all of their treasuries.
The horse has left the barn. The rest of us will spend the rest of our lives, and those of our children, reimbursing them for for their personal greed. There is no longer equality and fairness. This is no longer a democracy. However, they will get what they deserve when they reach the pearly gates. After all, they can't take it with them, even with 3D printers.
23
There are no pearly gates—that’s why we must seek justice while we are on the planet. 2018 vote.
4
So trump now wants credit for giving himself a HUGE tax cut on the backs of the middle class.
OK
25
“Corporations are literally going wild over this.”
Well since corporations are people now and since their votes Trumps any number of human people that would be good news for Trump and the people like those corporations.
8
I wish the rules allowed me to use the language I'd really like to in expressing how I think about this tax bill. But I suppose it's good that the NYT does moderate the comments somewhat. I wish Trump and his family all they genuinely deserve in 2018.
48
Very well done. Descriptive language could never capture the full implications of wishing them "all they genuinely deserve" anyway. I second the wish.
1
He is claiming his big beautiful tax cut and as always, like a child, he thinks he deserves more attention and credit. If the GOP managed to push this through so fast, we know one thing for sure, those like Trump will be getting the biggest tax cut of all and too bad for the rest of us.
13
"It marked another improvisational moment in a presidency already known for abandoning the norms of the office."
And its dignity as well.
21
Please stop saying "victory" - "achievement" is fine, but not victory. It needlessly creates a win-lose mentality.
There are no winners here other than the 1%.
14
Give Trump 100% of the credit and when it causes a tectonic shift in control of the House and Senate watch him blame Hillary. The guy is absolutely devoid of any of the characteristics that can remotely be perceived as Presidential.
The 35% to 21% corporate tax reduction is a joke. Very few corporations were paying anything near 35%. The companies with huge storage lockers of overseas cash will use the money ( if they bring any back at all) to inflate stock holder dividends, employee bonuses and toss the rest into the bank. If any jobs get created they will be hard to distinguish between those that are needed and those that are needed and were created as a result of the tax cut. But, Trump will claim they are result of the tax cut.
My question is who, in the middle class, will step forward, and pat Trump on the back for the 500.00 they save that allows them to buy a new TV....because that's about all they will get. Until that evaporates in 2025.
13
That looks like quite a big stack of papers. Unless the aides added some info-graphics and doodles in there, I highly doubt Trump actually read a single page. He likely just watched Fox and Friends and was like "kay sounds great, let me sign this thing."
20
Setting aside for a moment the question of who will benefit from the bill, this is a deeply troubling move. Our government is trillions of dollars in debt. Fighting foolish wars, it has been living beyond its means for 20 years (just going back to the surplus in the Clinton years) and this is hardly the time to cut into its resources on the prevarication that it will somehow pay for itself. It's been reported this will add as much as a trillion dollars to our debt. How is that even remotely a good idea?
7
Trump was embarrassed that he would end his first year in office with no significant legislative accomplishments so he rushed to sign the bill.
8
He is not signing a bill.
He is endorsing a check to himself and Republican members of congress. And the oligarchs who own them.
It is not "Democrats" predicting this shoddy half baked scheme to fill specific bank accounts with our tax money is going to fail, it is also every serious economist in the country
13
When people realize how they have been taken the $20.00 extra in their paycheck will not count for much. The GOP has tolerated Trump just for this tax benefit to the rich. Next on their list is to lower the Deficit by cutting Medicare, Social Security and Medicaid. Wake up folks!!!
13
Well the Pretend King Trump placed his signature on it. When the time comes that signature will be worth zero and everything he has signed will be null and void. Until this occurs, we definitely will know who to blame. This is how Republicans and the Pretend King Trump celebrate the holidays with the masses by sending us all to you know where. I guess in their point of view this is what we deserve. Are we there yet?
2
If it’s true that “employees are being showered with bonuses” by the large corporations due to this new law, perhaps The Trump Organization can be the leading example of how to shower all its employees with bonuses so that other large corporations can see how it’s done.
8
Don't worry, Don, you will get full credit for giving yourself a whopping tax cut and for always, ALWAYS caring more about getting credit for yourself than for anything or anyone else.
9
America is over. The rest of the world knows it. The dollar will not be the most trusted currency soon.
12
Mr. Trump is due plenty of credit for feathering his own nest and those of his wealthy friends at the expense of most American people. By the 2018 mid-term elections, Republicans should give him credit for their lost majority in Congress, if more of us stand up to Trump for our common and humane interests.
11
If the top 1% make 90% of the money, they should also pay 90% of the tax in a properly apportioned progressive system. Well, they pay under 40%
Republicans use that 40% figure to show how MUCH the 1% pays relative to their numbers, a specious trick that pundits and debate moderators consistently fail to challenge.
Our biggest problem in America is not wealth inequality, it's political inequality. The rich buy politicians, politicians do their bidding by making them richer so they can buy even more influence, rinse, repeat. This is what leads to staggering inequality, and we won't be able to change it until we get money out of politics.
It won't be easy. Donors love power, they are addicted to it, and they know the minute the system changes their days of sweetheart deductions and loopholes are over, along with their power. It can't come soon enough.
14
Except the top 1% earns 17% of income and pays 43% on income tax.
http://www.taxpolicycenter.org/model-estimates/baseline-tables-post-amer...
1
I completely agree with you although I think the super wealthy aren't only interested in increasing their wealth. Some of them such as the Koch brothers, Bob Mercer, Sheldon Adelson and others all have a very specific political agenda that their wealth allows them to influence beyond most citizens. We see it in the new tax bill, recognizing Jerusalem as the capital of Israel, attacks on the EPA, etc. It is a shame and not good for our democracy,
2
You have made a compelling argument against government big enough to pick economic winners at the whim of the highest bidder and the most persuasive lobbyist.
1
Trump need not worry. He and his fellow Republicans will get plenty of credit for this tax bill at the midterm elections.
7
The Far Right cell of the Republican Party did their homework. The greatest pain to the working class and small businesses is coming 8yrs down the road which will open the blame game pandora's box at the time. The one good aspect of this tax bill, as I understand it, is that Trump's 95% (ers) are not vaccinated against its core principles. They won't see the forest for the trees because they absorb their news from two sources,Trump and FOX, however the pain will be just as sharp. Maybe, just maybe, that's when they will understand why the majority of Americans and the global community saw through this false prophet known as Trump.
6
Even though I may receive a tiny tax cut, I feel sad for our country. Democrats need to take back a majority so they can overturn this monstrosity, and the other destructive policies that are being enacted. I am concerned that they will do what they have done best in recent years: snatch defeat out of the jaws of victory. For starters, candidates should definitely not ask Hillary Clinton to campaign on their behalf.
3
So, Trump has found a way to create further division. Neighbors eying each other up. How much did he get?
4
"Our big and very popular Tax Cut and Reform Bill"
He believes it to be very popular. Proof that Trump is delusional and has no connection with reality, unless of course when he says "very popular" he means "in my family" or "among my rich Republican pals".
Is a president so divorced from reality fit to serve?
5
I just used the tax bill calculator. I make about 25K a year and pay about 20% of my income in payroll and income taxes. I will get a zero tax cut. Meanwhile our national debt will increase dramatically and social services that I will depend on some day will undoubtedly get cut. Plus my health insurance will surely go up.
All to feed the wealthy and corporations who are already sitting on trillions of unused dollars...
So much for helping the working class.
323
Incorrect on all points.
Current Federal income tax for $25k = $1,723.25 or 6.9%
New Federal income tax on $25K = $1,369.48 or 5.48%
Modest $354.27 savings on a modest tax rate.
SS and Medicare tax = 7.65%
As usual no one checks the math.
4
Nobody is "sitting on trillions of unused dollars". Individuals and corporations save and invest, and those savings and investments provide the funding for home and consumer loans, corporate bond borrowing, and other economically positive activities. Where did you get the idea that any money not necessary for subsistence must be stuffed in someone's mattress?
4
Daphne please post a link so I can check the math on my own benefits from this reformation.
Thank You
2
I get £20 more a week. My grandchildren will foot the bill. WOO HOO! Bahamas, here I come!
7
When I was young, I was told that during the good financial years, take care of what needs to be done, pay off debt and save for rainy days. According to our stock market, we are having a banner year. We should be paying off debt.
Furthermore, I was told there is a difference between good borrowing and bad. Taking a loan to pay for an education that will get you a better career, or getting a mortgage on a decent home are good loans, borrowing money on a credit card to buy a pizza is not. Our country could have borrowed to improve infrastructure, education and health care and that would have improved our society and led to long term gains. Giving billionaires money borrowed from the treasury is not. We need to change the leadership of both houses of Congress this year, and in three years get someone in the White House who can think beyond his own self interests.
6
"Giving billionaires money borrowed from the treasury is not."
Obama gave billionaires money borrowed from the treasury - see Elon Musk. The tax reform is simply not taking as much of people's earnings - there is a big difference you should at least attempt to wrap your head around it.
1
Just saw from one calculator that I get a five figure tax decrease even though I have a high income and live in a high tax state. Didn't vote for Trump, don't need it and not sure why I'm getting it. It's ultimately coming at the expense of some program where someone(s) else needs it much more than me.
The elected officials who voted for this assume it will probably trickle down, but given the underlying uncertainty in the economy around deficit spending, lack of infrastructure investment, long-term costs from climate change, increasing income inequality and volatile foreign policy, I will probably just save it, limiting the multiplier effect.
If someone who needs a dollar gets it, they spend it on either something they need or to allow them to pay for productive activities like training, education, child care, transport to work, etc that enable them to earn more in the workforce. That dollar goes to people providing the service who can in turn spend it, spurring further economic activity. If I instead save that dollar, it sits there either earning a low interest rate or going into the glut of savings in the stock and bond markets that companies can't fully utilize.
4
There is a great deal of uncertainty about the effects of the tax bill. While there are lots of complications, the essence of the bill is quite simple -- the change in tax rates. And no change is more substantial than the change in the corporate rate, which has dropped from 35% to 21%.
Most of the talk about the reduced corporate rate has to do with whether or not it will spur growth. But there is another matter that is at least as important. CNBC estimates that corporations will save $2.7 trillion dollars over the next decade. But I am skeptical of any predictions.
When the tax rate was 35%, corporations actually paid 12.9%. That is a result of numerous and complex machinations by sophisticated tax accountants. Nobody knows how much they can cut off the 21% rate, so nobody can tell you how much corporations will actually save with the reduced rate. If they can't get below 12.9%, there won't be any savings at all.
Admittedly, simpler provisions can be more precisely analyzed. But it should tell you something when the biggest change of all is of unknowable effect. Anyone who tells you exactly how this tax bill will effect the economy is selling a pig in a poke.
89
Corporations always pay the same tax rate: 0%. Workers, customers, suppliers, and investors all pay taxes. The only effect of the corporate tax rate is how corporations maximizes returns to shareholders, which ripples outward to employees, suppliers, and customers.
Excellent, unbiased and insightful comment.
The correlation between the "official" tax bracket and the one applied on average in reality is very loose for corporations and the very to super rich taxpayers. In France our taxcode has so many loopholes and exceptions you can just assume that correlation does not exist.. ;-)
1
I am still confused. How can 80% of American receive a reduction in their taxes when 40% + of American households have no tax burden. They already pay nothing in Federal income taxes so how can they get a reduction?
4
Must be the refundable child credit.
Not sure where the 80% figure comes from, but it's probably 80% of the people who pay taxes. If 40% don't (I have no idea what the percent is), obviously they won't save anything. Daphne mentions the refundable child tax credit, but I don't think that credit can be used to reduce a taxpayer's tax liability to less than zero. For example, if a taxpayer has had $1,200 withheld during a tax year, she can use the child tax credit to get that all refunded, but she can't use the credit for more than that.
Up to $1,400 is refundable.
As fact or alleged fact is piled amidst fake news, recriminations, allegations, reprimands & admonishments & accusations has any one taken time to think of the value of art?
Does anyone ever see the resource that live theater arts can bring to mirror this nightmare? Outrage and outrageousness must respond to this moneyed madness. As hellish as it all seems take note of the Myanmar articles showing all what real outlandish persecution is about.
Those dedicated to the arts as those called to the clergy are steadfast. Anew language is called for to respond to the maelstrom & mayhem of these phenomena.
2
Oxymoron- GOP economics.
Can someone cite an example where a GOP run state in in the black?
Is not a welfare state redistributing the blue states wealth?
Has cut taxes and seen a trickle down benefit others?
For that matter, why aren't we seeing a trickle down now with the economy booming and our unemployment rate so low?
The GOP is only good at causing economic catastrophe.
They were in charge when the Great Depression hit and when the Great Recession hit, both thanks to the same failed policy they're touting now.
They'll ruin the economy again and be quick to blame the next president for the ruin. They're also not good at accepting responsibility for failure.
4
I strongly feel that all -and I mean, all - the credit for this bill should go to Mr. Trump. We should never let the average Joe and Jane forget that it was he, with the aiding and abetting of his congress, that masterminded this Faustian bargain of a bill. Yes, he should take all the credit for the coming tax increases on ordinary income beyond 2018, the immediate increases in health premiums whether ADA covered or employer provided, the payment of capital gains taxes if you sell your house next year and have not lived in it for a minimum of eight years over the five now mandated, the curtailed cost of living increases in wages and salaries due to the implementation of "Chained Consumer Price Index" methods, ad infinitum. Yes, Mr. Trump, you own it all and we won't let you forget it.
6
Consider this; the Republicans claim this is a Christmas gift, but is it? The tax law takes from the makers and gives to the takers, the wealthy, and curtails access to vital health care for millions upon millions. Jesus Christ was a liberal and benevolent star that taught righteousness and healed the afflicted. I find it truly cynical and deceptive that the Republicans claim to be generous as they buy donations and voters then claim it to be a Christmas gift, the time when many of us celebrate the birth of Jesus Christ.
3
Would it shock anyone to hear that part of the GOP tax scam deal was for a few select corporations to magically announce how they would be sharing their new-found profits with their workers the day before Trump even signed it?
2
Right Wing Hate Radio can not stop talking about the ATT $1000 bonus. It's fodder for their loyal followers to hope money will come their way. Don't forget Hate radio hosts are "entertainers" if their dragged into court, not news reporters.
1
The new tax legistlation was supposed to create jobs, raise wages, raise the tide and all boats upon it.
So why is Thomson Reuters laying off this week? I guess they'd rather funnel their new found tax cuts and profits back into dividends than disposable capital assets - like people.
And here where I work (not Thomson Reuters)? Everyone is shaking in their boots as they have announced layoffs in January.
4
Sadly, Pence's worshipful paean was insufficient to mollify Trump's insatiable ego.
Our President wants more credit now. Will he also take the "credit" when middle-class folks discover that the increased premiums from the obliterated mandate will likely wipe out any tax "savings" offered under the plan?
3
President Trump should bear in mind that the rising number of Americans who think the tax bill is awful will BLAME him for it, giving him "credit" only for its negative effects. And they'll carry that resentment into the 2018 mid-term elections, big time.
5
Not sure about getting credit, but he sure is getting tax breaks!
3
This is what happens when you let the foxes run the hen house. Next up, decimating the population by removing the safety net.
3
I certainly hope Pres. Trump's tax plan achieves all he wishes, and more, but I see it dimmed a bit by the Senate's failure to eliminate the "Carried Interest" loophole, and the Child Tax Credit omission, allowing illegal alien parents to receive these benefits.
As I am writing this post, something just occurred to me: What do these two omissions have in common, something that may well explain why they were left out of conference negotiations? Both can be fixed by a simple phone call from the president!
1
Even for those middle class tax payers that get a tax break it will be slight. The biggest problem with this bill is that it is UNFAIR. The biggest breaks go to the donor class. Income inequality will increase. The argument that this will increase growth and that the donor class will give back some of their earnings is a smoke screen. The greedy, deceptive CEO's, hedge fund managers and corporate boards will return next to nothing to the rest of us. They will buy back stock and give themselves some super bonuses while the rest of us try to figure out what we do with the pennies they will throw to us. This system is stacked against the poor and middle class. The only way that you can get a break is to buy votes from Republican Congressmen and Senators via a corrupt campaign system. Our best hope is to vote out these scallywags and elect progressive men and women (especially women) that will not sell their souls to the cesspool of lobbyists representing the donor class. We in the middle class can make a difference next year with our votes. It is the only defense we have against all of this corruption.
2
Who wants to bet that the $1,000 bonus AT&T gave workers was a quid pro quo suggested by Donald in exchange for gov't approval of the Time Warner merger?
3
ahhh. The sweet taste of victory. I am getting tired of all this winning.
1
The "great" Oval Office, site of he "rushed job" to sign the Tax Bill from Hades, is a mere shell of itself since its current inhabitant moved in on January 20. If Trump craves accolades from the populace, he'd better start acting presidential, admit collusion, restore faith in Democracy, and admit his atrocious infractions. Clearly he's in the wrong line of work.
1
Fifteen million dollars in personal tax savings is not enough for Trump?
3
Before anyone gets excited about the "tax cut" you will see on your paycheck stop and think about what has actually been done here.
It is a version of the credit card scam in which you are given "cash back" for each dollar you spend on the card.
If you did not already know it you are not being given that money. You are actually paying the store and credit card company the amount of "cash back" and more in fees and higher prices at the stores the CC company charges higher use fees to. There is no free lunch.
This tax cut will be rolled back in other taxes and higher expenses in different areas of your life a few years away so most of you don't make the connection.
Republican = LIAR
6
“Overhaul” apparently means haul it over to the One Percent. Ugh.
1
Guilt, embarrassed, and ashamed for what they got and did not need. Promises made to Trump. How about giving your customers a bonus too? Reduce your rates since you have so much money now.
1
So what? Corporations and rich people don*t pay taxes anyway.
2
I wonder what a handwriting expert would make of that signature.
2
The bonuses paid this year will be taxed at this year´s rate. So they will be less than next year's bonus, if there is one, with the new rates.
Well "progressive" democrats, I guess you will have to wait a decade or so before you regain any power.
2
That's only assuming the country will still be around in a decade or so...
2
While we worry about our enemies Russia and ISIS, let us not overlook our enemies in Washington DC. They're worse than ISIS, because they pretend to be our friends.
2
Wow, look at all those Republican Senators huddled around him for the photo op. Oh wait...
1
trump is so needy. Steal from the poor to give to the rich-trumpism.
1
AKA, The trump Corporate Welfare Bill. VOTE
2
Look, I don't doubt Mr. Trump's somehow, some bizarre way, has best intentions. But, Jesus, could he crack a book open once in a while or read latest trends. We are now in The Fourth Industrial Revolution (4IR). It is the fourth major industrial era since the initial Industrial Revolution of the 18th century. Has Trump mentioned this when doling out short term $2000 checks. Catastrophe awaits unless American Job Training is addressed. Negligence, Stupidity, Recklessness.
2
I think the strategy was that the Republicons didnt want a big photo op of a signing ceremony, a photo that would connect them all to this abomination.
They will suffer, photo or not, in 2018 elctions.
3
Guys, come on!
It's Christmas.
It is so wrong to ridicule and unstable, mentally ill individual at this time of year.
It's like pushing tiny Tim off a snowboard!
3
"With all my Administration has done on keeping my departments understaffed; cutting environmental, consumer, and workforce protections; scouring the swamp for the most ignorant and biased judges; belittling and interfering with the military, the department of justice, and our security agencies; signing my name to my own personal tax cut; taking credit for the economic recovery and a long-running bull market; and so much more I can't be bothered with - I am sure great credit will be given by mainstream news?"
1
An old 71 year old man tells lie after lie with a straight face.
And the rest are giggling, yes sir, whatever you say sir !
8
a truly pathetic sight
2
Please don't feel that way Donny, you have the best hand writing, the best hair, the best pressed suits. You have an amazing smile and you are so handsome. Oh, I forgot to mention, you are just like a smart person with an amazing brain too.
3
Trump: “the Great Oval Office”
Correction - it was the great Oval Office prior to January 20, 2017.
13
Headline should read, Trump signs $1.5T debt increase at the expense of working middle & poor US citizens.
44
Heaven save us from this awful man!
14
Heaven helps those who help themselves.
1
Oh, I am just so fatigued and fed up with this horrible accident that is in the WH. There is nothing he can say about anything that I believe or can "take to the bank." Throwing peanuts at the working poor, while stripping them of healthcare is so despotic. Honestly, he is building his Oligarchy.
I feel the same as Ann Husaini about paying taxes to support this Oligarchy. I'm on Medicare and SS, having worked for 50 years full time as an RN, every shift, as many hours as was required to provide care for others. I have no intention of paying one cent of taxes, and may even withdraw my CDs on maturity and put the money in my home safe before he crashes the economy and so I don't have to pay taxes on those earnings.
He is disgusting, for sure. But, I find those Congressional Republicans in the House and in the Senate even more disgusting, thoroughly disgusting. They lack any character, integrity or moral compass, no self respect, how can they respect us? They looked and sounded like prostitutes praising their pimp yesterday; like North Korean paeons to Dear Leader.
These are the people who hold the life of us and our country in their hands; whom we rely upon for national and domestic security, for checks and balances; to advise the president and to consent or not. They are nothing but boot lickers, backside kissers, and puppets, syncophants, falling all over this nitwit to the extreme.
I wonder what's in it for them. I wonder what they have to hide?
45
Good idea about the CD!
1
Hurry get congress to pass the Praise dear leader Trump day once a month till he gets elected for life in the next election........He might think he isn't getting enough credit for things, give him a lollipop.
5
"In Signing Sweeping Tax Bill, Trump Questions Whether He is Getting Enough Credit"
Every day before Christmas, in both of their houses,
McConnell and Ryan are two hateful louses.
America is dying because of these men.
Please God just take them, let the healing begin.
Take Junior and Jared, and Ivanka to boot,
Let them leave without spoils, especially their loot.
Throw in Bannon and Conway and Sanders as well.
Send ALL of these monsters straight back to hell.
May their holidays be awful, happiness on hold,
And with the fake pres, may they fall over cold.
Let us awaken on Christmas less white,
With nary a trace of this terrible blight.
And lest we forget, we must make special note:
There is nothing so dear, as our right to GO VOTE!
24
My concern is that tax payers who see a paycheck increase because of the new tax law will forget why Trump should not be president morally as well as politically and allow him to have a second term. In other words, the electorate will have been bought with a few "pieces of silver".
19
Not only will they see a paycheck increase they will see a growing economy with growing wages. The democrats are in a position to hope the economy somehow tanks, a very unlikely prospect.
1
Yes, very few pieces of silver. In fact, payroll deductions don't necessarily correlate with the taxes people will end up owing at the end of the year, let alone after these cuts expire. And if people have to pay more for health insurance because of the mandate repeal and other ACA sabotage, will they do the math to figure out whether they've gained or lost?
2
Don't worry, ordinary citizens won't notice any increase in their pay. That is the way with republican lies about taxes. I'm still waiting for the $200 check GWB promised years ago.
2
He never accepts any blame for anything. There's always some other reason, some outside influence or actor, so its never Trump's fault. After going 'all in' for Roy Moore, when Moore lost it wasn't anything to do with Trump, to hear Trump tell it. So why should we give Trump any credit for the tax bill? More importantly, and more tellingly, when the economy fails to respond as Republican wishes and fantasies predict, will Trump accept the blame for it?
No, you know it will be "I wanted to have more cuts for more rich people, which would have made all the difference, but Democrats and Congress prevented my brilliance from being fully implemented, so its not my fault the economy cratered, jobs stayed flat, and big corporations took the money and ran." Trump, of course, will take his money and run, too... the most self-dealing president ever. Trump and Republicans give Americans a great big con job of a deficit bomb for Christmas... and when it blows up, it won't be Trump's fault, guaranteed.
19
The best description of read/heard yet of the mess we're in:
"The Republican congressional leadership is happy to feed the Napoleonic pretensions of a chronically insecure President in order to get its way." John Cassidy, The New Yorker, 12/29/2017
27
A great number of Americans will celebrate their increased standardized deductions. A couple of extra thousand dollars in your pocket to buy a new TV or a vacation to Cancun does not sustain a middle class. If anything, it only deepens the debt-driven consumer culture so many Americans seem locked into.
Higher education and home ownership have been the two hallmarks of the American Middle Class since World War II, and this tax bill doesn't help with or incentivize either. This bill also carries enormous costs down the road. Even Republicans admit they are betting on a big increase in taxable revenue to pay for this. But that's like refusing to pay your credit card bills because you think you'll win the lottery in 6 months.
For all this, recent history suggests we are not a particularly far-sighted people, and I think come 2018 a lot of voters may miss the bigger picture because they are enamored by a little extra money in their pockets.
14
"A couple of extra thousand dollars in your pocket to buy a new TV or a vacation to Cancun does not sustain a middle class."
And sending more and more money in taxes to Washington somehow does sustain a middle class? You are free to send all your extra money to the IRS if it makes you feel good.
3
"And sending more and more money in taxes to Washington somehow does sustain a middle class?"
Yeah, it does. Federal funds helping to support public universities let kids with the right skills become doctors or engineers even if their parents weren't rich like Trump or Mnuchin. It creates social mobility. Federal funding for medical research and programs like Medicare or Medicaid means we get middle class healthcare options. It pays for interstate freeways, and an air transportation system. So you don't need charter jets or private planes to take that vacation to Cancun.
If you think you are paying too much taxes, tell Donald Trump the US doesn't need 12 aircraft carriers. The Navy did just fine with 11, which is still 10 more than Russia or China.
"You are free to send all your extra money to the IRS if it makes you feel good."
(1) That wouldn't be a tax. It would be a gift, or donation.
(2) It doesn't make me feel good. But grown-ups have to do things that don't make them feel good. They have to do what's responsible.
1
Yes let the companies that for their commerce using their thousands of workers, use the freeways paid for by the taxpayers, and when the freeways need repair, let the companies take their profits and say "we do not want to use any of this to repair the freeways the taxpayers built for us, the freeways that we wore out". "We dp npt want to pay taxes to support the public courts that let us conduct our business with legal protections". " We don't want to pay taxes to support the cross-country internet backbone that we all use" "we don't want to pay enough taxes to support the defense of the US where we are based, we want the deficit to support a lot of that" "we don't want to pay taxes to keep social security stable, even though we are not giving any of our workers a defined benefit plan and we are only giving them a 3% match towards their 401K". In summary, the company really would not have "earned" that much money without the huge behind the scenes effort and expense of the US government to keep things stable functioning and orderly.
13
If Trump believes he isn't getting enough attention for signing the tax bill, he can just wait for when he reneges on his campaign promise and eventually signs Paul Ryan's Medicare Cut bill. Surely he will get a suitable amount of fake hero worship from Ryan and other Conservatives in the media to hold his ego over for a day or two.
Paul Ryan is quoted (Dec. 6th) as saying that he believes he has begun convincing President Trump in their private conversations about the need to rein in Medicare. "I think the President is understanding that choice and competition works everywhere in health care, especially in Medicare," Ryan said. "This has been my big thing for many, many years. I think it is the biggest entitlement we've got to reform."
https://www.washingtonpost.com/news/wonk/wp/2017/12/01/gop-eyes-post-tax...
17
Let's face it, Congress could send Trump an appliance warranty, and he would sign it with great ceremony, boasting about his big, popular accomplishment.
4
Trump ran against a rigged system. This bill makes it more rigged. He said the tax cut would cost him. He lied. He also lied about getting rid of carried interest for hedge fund managers. The tax system is one means of dealing with the failure of capitalism to provide for the general welfare in a democracy. The failure is compounded by the ability of the rich to rig the political process to rig the economy in their favor, as they have just done. The rich will protest and threaten to move to the south of France but we need a progressive government in power to meet the needs of the people. It's very simple. The people just need to wake up.
11
Why should Pres. Trump get either credit or blame for a tax bill he had nothing to do with? As a candidate, he promised to eliminate the scandalous carried-interest loophole: it's still there. He promised to protect Medicare: under the PAYGO law, the tax bill makes Medicare subject to automatic reductions.
8
Say what? "Worked long and hard"? This gift to the rich was scribbled out in a day and force-fed to a vote so the American people couldn't have a good long look at it. Horrific way to treat humans.
21
So, Trump thought he'd give HIMSELF and HIS family a Christmas present of some $15-$20 BILLION in estate tax-free, ill-gotten gains?
19
He wants 'credit'---ironic ! As master of bankruptcy, he needs to accept 'credit' for putting US economy on a credit card !
And when his henchmen demand slashing Medicare, Medicaid, CHIPS, and Social Security...will he take the blame for breaking his word ?
And when the infrastructure bill is a paltry gesture...will he be accountable ?
13
Will he still be looking for credit when the Republican Congress starts pilfering Social Security and Medicare that he promised not to touch?
11
This is NOT a tax overhaul. Please do not portray it as such. An overhaul would need to be carefully planned and studied to achieve the goals the sdministration stated. The new tax legislation is a hodge podge of tax cuts and changes in the tax code that wire rushed through without input or careful study from experts.
14
The standard deduction may double BUT personal exemptions are eliminated resulting in a small change/reduction to taxable income. Curious how mainstream media is missing this significant offset.
3
The details of the tax bill are beginning to emerge, and it is all in the detail. Take the Kiddie Tax. With this new bill promoted as a "simplification," there will be two "methodologies" to determine the income tax liability. Earned income will be taxed as if the child was a single taxpayer -- so presumably the $12,000 standard deduction will apply, and the child will not be taxed on all that babysitting income. But unearned income will be taxed at trust and estate rates, where the higher tax rate for dividends and capital gains kicks in at a low, low level. In other words, and if I understand this correctly, if Grandpa has gifted money to the child for college, more of the investment will be paid in taxes under the new "simplified system." Good news for college savings!
1
“We did a rushed job today,” Mr. Trump said at the bill signing. Yes, rushed just like the ENTIRE process. He spent more time signing it than the GOP drafters did subjecting it to the scrutiny of public hearings.
8
Why does the media, including the Times, refer to legislation like these, that are disastrous for the poor and middle class voters and for the country as a whole, as "victory" for Trump or GOP? No doubt if they had succeeded taking healthcare away from millions, you would have characterized that as a "huge win" for Trump. Not everything should be analyzed through political angle, especially if the policies being implemented are likely to have negative consequences for the lives of vast segments of our fellow-Americans.
12
This is Paul Ryan's tax bill plain and simple. As usual, Trump wants to scream "me, me, me", but, in the end, the tax bill will save him millions. We don't know how much he has, but millions of us wouldn't be amazed if it isn't nearly as much as he tries to tell us. How much is owed Deutsche Bank, the Russians and lord knows who else is open to discussion.
9
They keep calling it an "overhaul" and "reform" which suggests a great deal of thought and planning went into this tax bill. It is not bi-partisan. It did not have a period of open comment. It was passed despite warnings regarding the actual value to the American people and the deficit. It should be called what it may actually turn out to be - a twenty-first century heist of our treasury by the billionaire class.
8
later in the article it says because of the spending bill that passed, the automatic cuts wouldn't happen. Hope that's true.
The first thing Bush the 2nd did, after inheriting a booming economy from Clinton, was pass a massive unsustainable tax cut for the uber-rich. Then he went on a deregulation frenzy. After 8 years, the economy was destroyed.
Now, Trump is following the exact same game plan. Why does anyone expect a different outcome?
11
$1.5 trillions trickle down. Majority of the analysts and the history proves that this does nothing. Surplus from these tax cuts will go into shareholders and their executives.
Less taxes to the government, this lack of funds will decrease the social security, food stamps, medicaid, medicare, infrastructures, etc. Which means the poor will suffer more. Ironically they are the ones who voted for him!
Sooner or will later this "great economy" that tRump brags about(Although it was Obama who received this 1.2 trillion deficit from Bush, turned it around), this huge deck of house of cards will come tumbling down.
3
Why are voters in high tax states complaining? They're the ones who apparently love voting in politicians who keep their taxes high. When those same politicians raise those same taxes again and then find more things to tax, they're re-elected! But now they cry about "higher taxes"? But they love them!
6
Because they keep the red poor states afloat and they can’t live without our tax dollars. Kind of getting old
In trump's twisted mind the tax bill is a special gift because it's like getting a loan with no intention of paying it back.
4
Thank goodness for Donald Trump. Finally, a REAL president who has given a 100% tax cut to the lowest earners and doubled the child care credit. Thank goodness for a president who has increased the wealth of the middle class by stimulating corporate profits and increasing the value of our IRA's and 401K's. Thank goodness for a president who has pushed the GDP to 3%+ growth and unemployment to a 17 year low. He respects our military like no other president.
I did not vote for our last president because I did not think he had the qualities to lead our nation. I was proven correct. But never did I wish him to fail, I truly hoped he would succeed.
Shame on those who wish for Donald Trump to fail.
6
Less than 40% of Americans have money in IRAs and those that do typically earn far more than your typical middle class or poor family. The growth of the stock market is benefiting the well off and not the middle class. The unemployment rate and the current economic growth are a result of President Obama’s eight years and not Mr. Trump’s eleven months. The piper will need to be paid for this 1.4 trillion dollar gift to the rich. Mr. Ryan makes it clear who will be the ones who pay—SS recipients, Medicare enrollees and Medicaid enrollees. Let’s see how happy you will be then.
2
He has failed. So has all of Congress. Wake up.
2
I don't think you didn't read the fine print. You need to read more. Sounds like you just got Trumped!
1
"..This time we may have a much shorter overinvestment period and go almost directly to the financial crisis period. This could occur if disruptions to specific sectors precipitate a financial crisis. There is now a significant possibility that disruptions to specific sectors in the economy could be more important than the negative macroeconomic impacts of the Republican tax bill. Eliminating the Obamacare individual mandate would cause there to be 13 million less people with health insurance. Uninsured people spend less on healthcare than those with insurance. Most studies indicate a 25% difference. Thus, fewer insured people will result in less spending on healthcare than would have been the case otherwise.
Other than the direct impact on GDP from lower expenditures, there could be financial distress as some firms in the healthcare become unable to pay their debts.
The risks of defaults stemming from weakness in the housing-related sectors probably exceed that of healthcare. The homebuilders are correct in their complaints that most of the tax advantages of home ownership will be eliminated. As the homebuilders point out, many more middle- and low-income people will no longer itemize, since the standard deduction has increased, and many other deductions will be reduced or eliminated. Additionally, a lower limit on mortgage interest deduction for new home purchases reduces tax advantages of home ownership..."
https://seekingalpha.com/article/4127862
2
I cannot believe that any hard-working American should be subjected to this capricious tax bill. The POTUS has not released his taxes -- why should any of us in the lower brackets be forced to pay more into the system, while the wealthy corporations and real estate investors (including the Trump family) are going to make millions off OUR backs?
What if millions of us refused to pay taxes until the President releases HIS returns? What if there was widespread civil tax disobedience to protest the blatant unfair cruelty of this bill?
5
Of course, AT&T, Comcast and Wells Fargo are giving out bonuses. It's a small political investment to reward the Republicans and especially Trump for eviserating Net Neutrality and the Consumer Financial Protection Bureau. Why hasn't Exxon, Chevron, Duke Energy, Peabody Coal and other carbon emitters thrown a few crumbs to their employees? How ungrateful they are! Mr. Pruitt's EPA is delivering goodies to the fossil fuel industry almost daily.
2
Trump's haul from this overhaul will be fantastic.
1
Not sure why this article calls the bill Trump's "greatest achievement." Sure it's great - for the 1% (including Trump) and corporations. Not great for the other 99% of the American people. So AT&T is giving it's workers bonuses which, by the way, are heavily taxed. Why not raise each worker's salary instead, which was supposed to be what this bill was to accomplish?
6
Is an automatic cut in Medicare and other help for the vulnerable the real Christmas present he just gave us? That has just happened because he signed this before January 1. That's what his impulsive, reckless nature has just done to us.
35
But they don't want to cut medicare, McConnell promised.
1
The budget CR that keeps government open into January staves off the automatic cuts. It's not paid for of course. It's deficit spending, like everything else.
2
If you are honestly upset over whether a bill was signed into law before or after Christmas, you are definitely NOT getting out of the house enough. Whoever has begged you to stay this upset as a President and Congress do what they were elected to do is not your friend. You might want to look up the word ''commissar.''
2
Republicans: Looks like all your fawning over this man just wasn't enough!
Believe me, it was more than enough for any mature human.
This man has enriched himself and his family at our collective expense.
Citizens should demand release of his IRS forms immediately! Audits don't matter, as we've all been told multiple times. He is just obstructing information about his personal and family gains from this legislation.
20
"The economic model that dominated most of the twentieth century was mass production by the many, for mass consumption by the many.
Workers were consumers; consumers were workers. As paychecks rose, people had more money to buy all the things they and others produced — like Kodak cameras. That resulted in more jobs and even higher pay.
That virtuous cycle is now falling apart. A future of almost unlimited production by a handful, for consumption by whoever can afford it, is a recipe for economic and social collapse." Robert Reich WEF.
So Yeah-Trump propelling collapse with ill devised tax overhaul
13
Because, you know, the credit is so important. Watch out DJT, credit can turn to blame in an instant. If you want credit for this monstrosity then you will rightfully bear the blame when the cataclysm comes.
13
Don't worry, Trump, you will get all the credit you deserve right along with all the blame you deserve for the worst piece of legislation since GWBush gave us the last big tax cut by the Republicans to the wealthy just as he was taking us into a war based on a lie.
19
I suggest that Republicans watch reruns of Game of Thrones over the holidays. Winter is coming. This will not end well...
13
What is he worried about? With all of the money he saved his family with that tax bill, he'll be able to get TONS of credit, even with his other loans with Deutsche Bank.
6
There's the little matter of the 2010 PAYGO legislation. Under that budget rule enacted seven years ago, any tax cuts are to be paid for by mandatory across the board spending cuts; in other words, all passed legislation cannot collectively increase the national debt. Pay special attention to how this tax cut will effect Medicare as well as other major mandatory spending programs like federal student loans and agricultural subsidies.
Mssrs. Ryan and McConnell (forget about DT - he seems to pride himself on sticking with the big picture) say there will be no mandatory spending cuts triggered, as Congress can act to waive the law.
We shall see.
6
Perhaps this is where Obama went wrong. He noted that people cared most about guns and the bible. But he didn't realize that for an extra $120 a month, they'd vote for Bernie Madoff. Given the economic reality for many, who can blame them?
I hope this incredibly sensational, fantastic tax cut trickles a few dollars to those who'll need it to offset things that will cost them more as a result. This reality probably won't be discovered until after the next election, though. But if you're living paycheck to paycheck, the logic makes sense.
3
The tax cut, like all GOP tax cuts and John Kennedy's, will boost incomes of the entire American middle class. Whoever is telling you to stay agitated is just propagandizing you for their own political reasons.
The Reagan and Bush Jr. tax cuts each added over 12% to average middle class incomes. This one will increase jobs and is already raising incomes in certain industries.
It turns out that the American worker won the last presidential election.
“We did a rushed job today,” Mr. Trump said at the bill signing. Yes, rushed just like the ENTIRE process. He spent more time signing this than the GOP drafters did subjecting it to the scrutiny of public hearings.
13
From article: “Every one of the networks said, ‘Will he keep his promise?’ ” the president said.
Said the guy who recently claim to not watch much television.
11
Clinton left Bush a $354 billion surplus (+21.1% of spending). Under Clinton spending increased 25% while revenues increased 75%.
Bush left Obama with a $257 billion deficit (-9.2% of spending) and financial crisis and recession that resulted in a 17% year over year decline in revenues in 2009. Under Bush, spending increased 60% while revenues increased 27%. When Bush left office, 17% of Americans did not have health insurance.
Obama left Trump a strong economy and improved banking regulations. The deficit was $216 billion (-6.2% of spending, or 15% less than that of Bush). Under Obama, spending increased by 7% while revenues increased 55%. In 2015 (the last year reported), 11% of Americans did not have health insurance, a 35.2% reduction.
Trump's first first legislative accomplishment was a massive tax cut for the rich and a modest tax cut for everyone else. Unless he slashes spending, the deficit will grow. (Not to worry, Paul Ryan's next goal to go after entitlements - Medicare and Medicaid in particular). The Children's Health Insurance Program is unfunded. The Affordable Care Act (Obama Care) has been severally undermined.
See the trends here?
Real Facts:
Congressional Budget Office. https://www.cbo.gov/about/products/budget-economic-data#7 . See Historical Budget Data, June 2017.
United States Census Bureau, Small Area Health Insurance Estimates. https://www.census.gov/programs-surveys/sahie.html
40
Selective use of facts without complete context is the hallmark of partisan hyperbole!
Clinton gained his surplus from a growth period created by a GOP administration. Bush walked into an economy on the precipice of a bubble burst that was compounded by an attack on the homeland which emanated from failures of the previous administration.
Actually, the rate of uninsured fell in 2007 to just under 16%, then the "great recession" hit, so yes, uninsured went up just like unemployment. The other piece you left out what where was the rate of uninsured when Bush took over and what was the trend! From the time Clinton came into office, the number of non-elderly uninsured increased by almost 13% in his first 6 years. At it's highest point, the rate of uninsured during the Clinton admin was over 18%. .
Congress initiated sequestration, that is how Obama spent less! When Obama came into office, revenues were at their lowest point in how many years? Why might that have been, could it have been the fact that the economy was tanking?
Paint it how you want to, but when you include ALL facts, people can draw better conclusions that show all presidencies have successes and failures, but the true legacy is built on their character and leadership and how those were displayed while in office. The president can't be blamed the way that GOP and Democrat supporters blame the other side when you have three different arms of government that play directly into how we measure success
One of the worst presidents in U.S. history signs one of the worst tax bills in U.S. history.
Here we go from 20 trillion dollar National Debt, to 30 Trillion Dollar, or more, National Debt.
6
One of the worst? He is the worst. There is no comparison.
1
Poor people are sad and they do harm to themselves. They remain ignorant, vote for a con man, and get a few dollars back for a few years all for the cost of enslaving their children for decades to come while their masters lie with promises of jobs and raises. Their masters whom the adore want to cut their health benefits, break their unions, take away medicare, et they see a savior in a man like Trump who for decades in NYC was seen as a joke, a con amongst real business men, far more successful than he. Good luck. I'm going to start voting for my own interests. Poor people and the working class are hopeless, they gave us Trump. They should pay for their vote, not I.
7
Not true. More of the working class voted for Clinton than Trump. More of the working class did not vote for any Presidential candidate than voted for Trump. Even fewer poor people voted for him. Trump was elected by the same old Republican coalition that has been voting for Republicans for decades. This coalition is more affluent than poor or middle class. Also bear in mind that in terms of assets, which give one economic options and financial resiliency beyond mere income, GOP voters (older,whiter) ahead of the game. Many of these older voters benefited in previous decades from conditions now in short supply: high wages, retirement benefits, affordable college, careers right out of high school; and are now relatively comfortable with retirement savings, tangible assets such as first and second homes, multiple vehicles, etc.. They also tend to live in jurisdictions with lower taxes. Family members are usually similarly positioned.
It is no mystery why these voters would vote for a Republican. It's all about lower taxes for themselves, and lower services for others. They feel less of a demand for these services, and (incorrectly) taking the credit for their own good fortunes allows them to dismiss the less well-off as less deserving. It is important not to continue to buy into the "Trump voter" narrative which has taken hold, because while not all are enemies of the true working class their interests are certainly not aligned.
I agree that poor white folks are really doing it to themselves. Here I am, a guy who will benefit from the tax cuts, trying to the defend these poor folks. Except they voted for him and they continue to support him. I am glad that these folks will get a taste of their medicine. I feel bad for poor people who did not support Trump but that will motivate them to get out and vote in the next election.
I used to be equally suspicious of both the Democrats and Republicans but the Republicans have really sunk to new lows..I will vote entirely Democrat next election, even while holding my nose. The Republicans are in a serious mess. They all look like clowns with no morals or principles.
They must love Trump because he always has somebody else to blame for what goes wrong too.
1
Would rather our married savings of $500 would go to my grandkids’ public schools, or local homeless shelter through federal grant dollars, or Head Start, or CHIP.......or something useful to people who need the $500 a little bit more.
5
So send them a check. This is not difficult to understand.
2
Right after I post this comment I will write to Trump - his administration is very responsive to messages; I have written before. He should get tons of credit. Here is a guy I did not vote for - and he is definitely winning me over. May this be only the first of many successes. Freedom returned to the people - no more individual mandate - and a more prosperous economy focused on job creation, not propping up some silly socialist healthcare experiment. Good show Trump :)
1
My condolences to AB's family for their loss.
Have we no one that can step up and effectively fight the conceits and excesses of a president who is running wild. All Pelosi and Schumer and Sanders seem able to do is shake their fists and wag their tongues when what they need is some real debating fight in the Congress with forceful carry through on impeachment. What a sad sight to see the leading Democrats shivering in their shoes instead of getting up and fighting the play-acting lightweight who has them all cowed.
4
Hello, all they can do is vote. The majority can do what it wants, as long as it has the backing of the President. Duh. It is a miracle the Health Care debacle did not go thru.
.
Without the individual mandate we no longer have Obamacare. We have Trumpcare. Use the right name. The Republicans own it.
11
Delivering on campaign promise? LOL More like reneging on campaign promise.
5
He always reminds me of my boy in pre-school. He was always so proud that he was able to write his name in big letters and always showed it to everybody as well. Except this guy is over 70 and still has to show he can write his name by himself.....
43
Congratulations to the President and His Administration for getting this done.
Here are some consequences:
1. Republicans have no argument regarding the expanding deficit. So we’re done with that.
2. Republicans have no argument regarding tax code simplification. There is no postcard-sized tax form. So we’re done with that, too.
3. Republicans who expect 6% annual growth are living in fantasyland. Anyone who argues that ‘well, no one expected Trump to win in Nov’16 either’ is not serious & should be ignored.
4. Saving the best for last - low-information voters who cheered this on will be as surprised as Ivanka Herself when April 2018 comes around & there’s no tax refund.
So, congrats - I expect Speaker Pelosi will be kind in January 2019 when we start fixing this mess.
28
Any tax cut is good news, no matter the negative spin. Let the people or companies that earn the money decide how it’s spent.
4
According to that logic no tax is justified, because someone else beside the earner decides how the tax money is spent. You need to rethink what you believe.
1
A tax cut is NEVER good news if one is running a deficit. Either the budget needs to be reduced or taxes need to be raised.
2
Yeah: no. We don't cast-aside the poor, the sick, the elderly just to give billionaires more tax credits. Sorry; your answer shows a profound lack of insight into the true level of greed of the GOP. Your $450? Will be triple spent on higher health premiums, on higher utility bills, on higher gasoline taxes... you are just the clod trump & his thieves love.
1
Dear Mr. President: The American people will give credit where credit is due when the impact of this bill becomes clear. We can't wait to see wages race upward, jobs come pouring back into the country, companies spending billions on domestic infrastructure and the economy to accelerate to growth rates never before experienced. And by the way....when all those things don't come to fruition have your Republican friends in congress prepare for a thumping of epic proportions in 2018. Then let's see where your agenda goes.
25
As I understand it, most if not all of the companies announcing bonuses or minimum wage raises were planning such even without this tax bill. With the economy doing so well under Obama (a situation still under effect, since little or nothing Trump has done could have changed things much, yet), companies still have to compete for workers.
Let's also remember that someone making minimum wage is not of the middle class, the purported biggest winner from the new tax law (which is hogwash).
10
While most of the credit for harming children, the elderly, the poor, and (sooner or later) the middle-class goes to Ryan and McConnell, I give trump some credit for lowering his taxes by $11 million or so. So much winning...
13
Corporate taxes still need to come down to encourage growth,it just seems like the wealthiest get the biggest break, they pay the most, read the bill then create talking points, otherwise it’s just misleading.
1
Dear Dana, What is "Progressive Taxation". What are its pros and cons?
Does it keep the middle class broad? Is that important for the US, or maybe not.
These are central questions for our country going forward.
1
As a California resident I will see a depletion of state services to the poor and needy including children thanks to this gawd awful plan now law. As a retired person living on a fixed income form investments I can be sure that my cost of living will rise with the inflation built into this tax law. What it means down the road doesn't bode well for those of the middle income bracket. This congress seems to think only as far as the next election which may prove to be short-sighted for many of them. I know I will do my part to force representatives Nunes and Issa out of office including contributing to their Dem. opponents in 2018. Now is the time for all good Democrats to come to the aid of their country!
7
"I will see a depletion of state services to the poor and needy"
Talk to Jerry Brown about that....and if you want to see BOTH inflation increasing AND your taxes to go UP as well as further depletion of state services, by all means....vote for a Dem.
2
Of all the problems facing America that the Republicans could have tried to help, they selected so-called "tax reform" which is only going to enrich the wealthy and corporations.
Par for the course. . .
4
The GOP and Trump managed to have the average American worker, the backbone of the country, subsidize welfare for oligarchs.
Remember a little war we fought over "taxation without representation?" What a quaint idea that was. I guess outrage was an 18th Century concept.
19
We need to call the 2018 tax what it is, a "Teaser Rate" designed to lure taxpayers into complacency and acceptance of a law that will hurt them in the end. "Teaser Rate" is the perfect response whenever Republicans start touting their so-called "tax cut."
3
So what happens to the economy next year and the years to come when thousands if not millions of people suddenly reduce spending in order to satisfy their unexpectedly increased tax burdens, and start defaulting on their soon to be underwater six figure mortgages? Banks don't care if they are repaid, right?
4
"thousands if not millions of people suddenly reduce spending in order to satisfy their unexpectedly increased tax burdens"
Exactly who is this????
1
When I originally saw how much my taxes were going to be cut, I thought it was a mistake. So I went through a couple times to recalculate and the amount was much larger than I realized. It took me all of one second to realize that although in the short run the money may help save for my kids college education, or get a new car as mine is 15 years old, the cuts to Medicare, Education, and Social Security are going to be horrific! The Republicans are going to starve the government of resources and argue that we have to make severe cuts to these programs. This tax cut in the short run (next several months) are going to make people very happy. After the Republicans make their cuts on social programs, the citizens happiness will evaporate faster then Trump's honeymoon with the press when he was inaugurated.
11
"the cuts to Medicare, Education, and Social Security are going to be horrific"
Nothing in this tax legislation does that.
3
Yes, you are correct that nothing in this tax legislation does that. That will be done after January 1 to pay for the tax cuts in separate legislation. Please educate yourself.
1
Trump today: "Democrats want to raise your taxes."
Trump and Republicans before today: "The top 1% pay 50% of income tax! Not fair!"
The 1%, though, make an enormous, outsized amount of money. Almost half the people in the U.S. don't pay any income tax, because they barely make any money.
Almost half of households in the U.S. pay no taxes!" So almost half the country won't get a tax break.
So who is making out with this absurd tax cut? The wealthy and super wealthy. All of you middle income people who voted Trump into office? You won't get much of anything.
4
"All of you middle income people who voted Trump into office? You won't get much of anything."
1. Why don't we wait until the law goes into effect before criticizing?
2. They'll get a he'll of a lot more than what they would get under Democratic administration.
1
Hands off my money. If I earn $2 million a year by working 200,000 hours at Starbucks, why should Uncle Sam get any of the fruit of my hard work?!
Mitch McConnell, Paul Ryan, and the other Republicans looked very happy when they celebrated with Mr. Trump the signing of the recent taxbill. And why shouldn’t they be happy?!!! My guess is that they’ve given themselves a wonderful Christmas present. While the newscasts tell how a few middle and working class families will benefit from the tax plan by saving a couple hundred or a couple thousand dollars, they haven’t shared how the tax plan benefits the people who drafted and voted for it. Why not highlight the impact of this tax plan on McConnell, Ryan, the President, and all the other dediciated public servants who we are paying to lead our country and act in our interest? I’m sure such a disclosure would make many of our political leaders uncomfortable because it would reveal the seeming self-interest that has influenced their policy making. Gone are the days when politicians vote their conscience instead of their personal pocketbooks.
4
Do I understand this correctly?
The tax cut will be $1.5Tr over ten years, and the debt (cumulative annual deficits)will go up $1.5Tr over the same ten years. So, in essence, we are borrowing to pay for the tax cut? Help me out, what do I not understand?
3
Interesting view. I'd love to see your analysis of 10.626 TRILLION in debt the Obama administration spent on top of increased taxes.
1
I thought most Presidents have end of year press conferences. Except for that horror early in the year, I don’t recall Trump having any. I don’t call answering a few questions as you are going to and from your helicopter a press conference. President Obama was criticized at times for not holding enough of them. Why does Trump get a pass? When is going to have to answer questions from the press and, more important, any follow ups?
3
Let's hope Trump and Republicans get all the credit they deserve for this disastrous piece of legislation.
3
We'll give him credit after the Democratic majority sweeps the house and the Judiciary Committee has a Democratic chairperson.
4
Most of those who can submit their tax returns on a postcard under this bill probably could have done that under current law, if the form was designed that way. Overall, tax laws will not be very much simpler. They're just shifted to have better outcomes than before for the wealthy.
Unless signing the bill today rather than early next year actually changes how it affects my bottom line, who the heck cares?
2
Admit it: You want us all to get papercuts, don't you?
Well, no more for me! I want to do my taxes on a postcard.
I'm betting that the mass majority will have a better outcome.
A better outcome when? When their semimonthly paycheck comes back with $20 more? When their taxes go up some years later and erase the $20 they got? When social services are cut? When the rich get even richer NOW and the income disparity creates or exacerbates even more socioeconomic issues? When will they have a better outcome?
1
I think that his actions were noted. He signed the bill and the stock market dropped like a stone.
4
0.2% down is "dropp(ing) like a stone"???
How about the fact that the market is up 25.16% over the past year, nearly double the next best index (DAX).
3
"...even as he complained that he has not been given credit for his administration’s accomplishments during a turbulent first year."
Save for a handful, Trump is nothing but an executive wet signature to the Republican party. If it aligns with their self interest they will deliver false praise upon him, having disparaged him previously for his buffoonery. Enter Paul Ryan with mock adulation of Trump's "exquisite leadership" comment after passing the tax bill.
Rest assured that Trump did not read the tax bill, let alone write a single line. Nor had he ever heard of Neil Gorsuch, the other claimed win for 2017. It is the Republican "establishment" legislators holding majority positions that gave these "wins" to Trump, the very same individuals he decries in his tweets. They too will be glad when Trump is gone but in the meantime will pay homage in public quarters.
1
Make no mistake: this tax plan is punishment to the blue states who didn't vote for the autocratic narcissist we have as our president.
The majority of people in this country aren't being represented. The Electoral College has failed us again. Perhaps it should be abolished.
593
The electoral college is working just like it's supposed to.
3
The electoral college is only the beginning of the problem. Worse is the assignment of responsibility for federal election rules to the states, which gives us gerrymandering, and the repubs a huge electoral advantage since dems are concentrated in cities. Worse still is the fact that all states get thesame number of senators, 2, whether they are rural with one million people, or diverse, with 40 million. The fact is that Constitution is fatally flawed in terms of democracy and can't be fixed as long as one party benefits from its flaws while the other is punished. In other words, the system is rigged against Democrats and democracy.
12
An antiquated system that should be replaced or seriously modified but probably won't be. At minimum, no more "winner take all". Allocate % of votes. Of course then, it will be much like popular vote if you also drop "super delegates" Whoops, that sounds too much like democracy! Must give those politicians a way to cheat!
2
Yes, he should get credit.
Hold Trump and the Republicans accountable for what they have done. They got away with blaming the great recession on poor people. As soon as the 2008 election started, they pretended that Bush and the Republicans had not been iin power for eight years.
The Bush tax cuts blew a whole in the deficit. The Iraq War blew another hole in the deficit, And the Great Recession under their watch blew a bigger whole in the deficit.
But the media and the Democrats let them pretend Bush never existed and blame it all on Obama.
Hold the Republicans accountable for their actions or they will be destroying our republic in short order.
418
McGloin, you're spot on!
2
All the debt increases you mention PALE in comparison to the $10.626 TRILLION increase in debt that Obama & Friends squandered.....
Been saying that since November 1979.
We are just that wealthy of a nation it still hasn't quite totally destroyed us. But it is high time we start jailing these republican traitors.
1
I think we're pretty much there now. Time to start naming airports and toll ways after Trump. I don't know why he is so modest about his accomplishments. Clearly the best ever!
7
I hope you were sarcastic.
2
Why stop at airports and tolls? Bigly leaders like Lenin have cities named after them. New York can be re-named Trumpograd?
3
I think we should name some shuttered buildings that once housed social services after him.
2
This isn’t tax reform
They didn’t fix anything
They created loopholes you could drive a truck through that will hamstring the treasury.
This is the only administration to implement self dealing legislation ever
It is a travesty and an insult to every salaried American
53
I look forward to your detailed analysis supporting your assertions.
Anybody watch Trump this morning? All about me. I am the the greatest. More accomplishments than any other president. Everything I do is great. Anybody who disagrees with me is a criminal. Just the usual. All about Trump, nobody else matters.
46
Narcissistic Personality Disorder. Tell me this doesn't fit:
A grandiose logic of self-importance
A fixation with fantasies of infinite success, control, brilliance, beauty, or idyllic love
A credence that he or she is extraordinary and exceptional and can only be understood by, or should connect with, other extraordinary or important people or institutions
A desire for unwarranted admiration
A sense of entitlement
Interpersonally oppressive behavior
No form of empathy
Resentment of others or a conviction that others are resentful of him or her
A display of egotistical and conceited behaviors or attitudes
And wow, after reading it, he's literally a textbook case.
5
And as usual, all of it was lies.
1
He is sick man. Seriously.
1
Can we stop with the "legislative victory"?
It was never a contest. It was a done deal from the start. To avoid actual governing, as opposed to simply ruling, the GOP held no hearings and and went ahead and blew up the deficit using special rules.
The cynicism is just amazing, since now that same deficit will provide the reason for cuts to things that actually benefit the serfs.
12
"To avoid actual governing, as opposed to simply ruling, the GOP held no hearings and and went ahead and blew up the deficit using special rules."
Sounds just like Pelosi & Reed during the ACA disaster. "If it passes, I'll read it". N. Pelosi
I will point out that the ACA had a year's worth of hearings and comment. It was not pushed through in two weeks. False equivalency.
1
I really wish all the news organizations would stop referring to this as a "victory." Terms like that pre-suppose that the idea of Congress as one governing body working for us, has been totally forgotten, that it is instead an ongoing war between two nations-within-a-nation. It also lends some kind of glory to what the republicans have wrought here, which, if allowed to remain on the books, will cause untold devastation to our country in so many ways. Democrats, get out and vote next year - lets end this monstrosity of a republican dominated congress and start to rebuild the tattered remains of our government.
38
Your vote ceased to count after Kennedy Beat Nixon. once the money settled down again from the murder every "election" the fix became more visible and with Trump and the Russians massage They even surpassed the Bush Klan for outright contempt for YOU and the rest of us!
"if allowed to remain on the books, will cause untold devastation to our country in so many ways. "
Oh really? Show us your crystal ball.
According to the interactive graph with this article, most American taxpayers --- the majority of whom are hardworking men and women who play by the rules --- stand to gain from this historic piece of tax reform legislation, the first since the reforms signed into law by President Ronald Reagan in 1986. Long overdue reform indeed. According to the graphic, I will receive a $2,940 tax break in 2018, for which I am not complaining, and for which I would like to thank President Donald J. Trump. Thank you, President Trump, you kept your promise to reform the US tax code, one of the reasons why Americans elected you to be their president. I understand that there are those who disagree with these changes. Much of their disagreement stems from the fact that they have yet to get over the fact that HRC did not win the presidential election of 2016. I understand your pain because I was often on the losing end of presidential elections past, but I managed to survive the administrations of those for whom I did not vote. It has been over a year since Donald J. Trump won the election, and I think it is time for the liberal opposition to accept their lose, as painful, as it mind be, and give the Trump presidency a chance. Perhaps the economy will crash because of this reform, but then again it might succeed, my bet is one the latter, and everyone regardless of their politics will benefit. Thank you.
6
Just like one of the Republican faithful to consider a half step forward and two steps back as progress.
7
Please.
Don't expect people to thank Trump for cutting their Social Security.
But only in The Real World. It is not about "sour grapes". It is about the GOP pulling a heist on the American people.
4
While they might gain in taxes they will lose by a greater amount in social services. And for the record he didn't keep his promise. His promise was to increase taxes on the rich. Even as recent as last week he said Wall St. was going to be very disappointed with tax reform and that even he would be paying more..."believe me". Well I don't believe him.
2
Trump will get credit for the worst tax bill in our history
11
No, you won't see yourself getting credit. What you will get, mr. trump, is blame. Blame for all the failures of your administration, including this tax gift to your wealthy friends at the expense of the rest of the country.
6
AT&T is giving each of 250,000 employees a $1000 bonus to curry favor with Trump for a merger. And where is that $250 mil coming from? Verizon is suddenly looking better.
5
It is only about money and revenge for Trump. He has no conscience or soul.
3
ATT is giving them that "bonus" as part of a settlement for back wages they owe them....
They are also capping raises at a pathetic 2.25%, basically the minimum companies give.
2
Obstacles to the Time Warner merger will vanish.
1
"Trump questions whether he is getting enough credit"
Oh yeah. Everyone knows who to blame.
9
Some companies are using this tax break to take away benefits because they just got more expensive. e.g. if you give a $1000 tax deductible bonus to a worker and you were taxed at 30% and now only 20%, that benefit just got 10% more expensive. United Health Group just converted all it's nurses from exempt to non exempt so they don't have to pay bonuses or mileage reimbursement.
4
And in the financial news, the forecast is for (cough, cough) trickle down, so better keep an umbrella handy.
4
I agree with the basic premise that Republican governance is worth less and we should pay less for it.
5
Like a lot of people living in high-income high-tax areas, my taxes are heading up while most are going down. Much of this is due to the loss of SALT deductions - for me, an older retiree, largely property taxes which mostly go to some very good schools. I can now deduct only 1/3 of what I could once deduct. Obviously there will be enormous pressure to lower those taxes - inevitable for obvious reasons but also disappointing because the Republicans are stabbing the concept of federalism in the heart and transferring more power to D.C. If this continues state and local government will be reduced to doing nothing more than administering grants, aid and contracts determined in D.C. And no matter how smart they may be in D.C. - we're all losing the power to do things locally which was a bedrock principle built into the Constitution.
5
Republicans oppose broad based taxation that pays for nationally managed education that creates a common national consciousness and understanding of language that doesn't depend on local tax bases. Democracies quickly crumble if this doesn't develop.
1
Four years ago Romney potentially lost his bid for POTUS by commenting on the supposed 47% who were seen by most Republicans as "moochers," "leeches," and "takers" because they wriggled out of paying taxes through strategies of being temporarily or chronically poor, or unfortunate, or disabled.
His long term plan to get the unemployment rate below 6% by 2016 and pay down the national debt were admirable among actual fiscal conservatives.
Fast forward to the present.
The real fiscal conservatives were against Trump from the beginning. Instead, with a lot of outside help, the "social conservatives" have put the nation's biggest Taker in the White House, in part because Trump convinced enough people that President Obama's record of getting unemployment BELOW 5% BY 2016 with record productivity and a tripling of the stock market were somehow signs of "carnage."
Now, Taker Trump has used his office to enrich himself as unscrupulously as he has for decades, with help from the mob and Russia, and will stand to benefit, along with his actually wealthy patrons, with a tax plan that lets them Leech America's wealth ever upward.
3
This disaster has just begun. Over and above the innate unfairness of giving over 80 percent of the tax cuts to the richest 1 percent of our population, the even greater debacle is about to result from the repeal of the state and local tax deduction from federal returns with a 10,000 limit.
Ultimately, inasmuch as the housing industry accounts for such a large percentage of our GDP, the following will take place.
Everyone's home value will immediately be reduced as people will not be able to have anywhere near an income tax advantage as before.
Assuming a 20 percent reduction in home values, this will begin to actually put people financially underwater once again with their houses with values being exceeded by loans.
People will hesitate to remodel, renovate or invest in their housing as the future will look to declines in housing values unlike the past 50 years or so when housing was on a pretty good track to be going generally being going higher.
People will be discouraged to get home equity loan on their homes as that interest also will no longer tax deductible. So no more helping children via second mortgaging by their parents for education, investment or home buying.
No more second home or vacation home investment. Gone.
Life is more than a very minor tax cut for most. It always was a feeling that you have wealth or at least access to wealth elsewhere in your life. This used to be people's homes in the past.
This is over. America is headed downward.
7
Oh he will get credit for this disaster. And the 2018 elections will be the result. I almost feel sorry for any Republican candidates running this year.
4
Next up, more massive cuts to important programs to make up for the revenue shortfall.
But that big military, the one with a budget larger than the next 8 countries combined...more money!
5
How can Trump lie so easily? Amazing! Has he read the bill? Or does he just live in fantasyland with Paul Ryan? Neither of them have a clue about how the average American lives, pays bills, finances over the top health insurance premiums, sends kids to college, much less afford groceries. They and their party and the so-called "Freedom Caucus are blackhearted.
3
He won't read anything without bullet points or his name mentioned repeatedly.
1
I've worked for the same company for 7 years now. They're expecting a 38 million dollar tax cut. I'm looking at 380 bucks. That might cover about half of the higher premiums on my health insurance--if I still have any.
Oh! I just saw the "bonus pig" fly over my house. But, it flew away, and didn't leave me anything. Looks like it's heading over to the CEO's place.
Merry Christmas, Donald. No more legislative victories please. Your tax reform and health care repeal (and replace) efforts have been quite enough for me.
11
Excuse me but would you rather had your taxes go up?
2
No tax increase for me.
What I really wanted was to have the Democrats propose a tax bill that increased the deficit 1 trillion dollars. Then, all the Republicans would have voted against it, and would never have passed.
Lies and more lies.
A very big tax bill, yes. Popular? Not unless you are a large political donor or already rich and looking to protect your wealth. NY Republican Chris Collins said earlier this year "My donors are basically saying, 'Get it done or don't ever call me again.” Since he refuses to release his tax returns we can only speculate on the amount 45 (and his friends) will benefit. I can assure you it will be more than the average person. Bigly more. Merry Christmas?
Bonuses? Show me one company that has given any decent bonuses to anyone except the top tier of executives. Provide real evidence that any bonuses were not already planned long before this bill was passed.
This bill was used to ram through unrelated provisions Republicans have been unable to pass on their own. They could not undo the Affordable Care Act so they stuck the repeal of the individual mandate into this budget bill And please tell me how drilling in the ANWR or language about defining an unborn fetus as a person is related to taxes.
Funny thing, the corporate tax reductions are permanent and the cuts for average people will expire just about the time this president thinks he might be out of office.
4
Two words: Trump "University."
This tax bill is a scam just like his "university." But now Trump has worked a scam against all Americans with the help of the entire GOP.
11
Wonderful that the new tax law saves Donald Trump
11 million dollars. He will need it to pay all the lawyers defending him against sexual harassment, obstruction of justice, and collusion with Russia. But what has he done for the average American. Nothing.
5
What a beautiful Christmas present. What the President failed to mention was that it was put on your credit card. Oh well, it's the thought that counts. Merry Christmas.
9
For arguments sake, say I get about $450 more back for 2018. Okay, that's a little over $37/month, +$9 a week. Barely enough for a once a week deli lunch. And I don't do deli's! I brown bag it everyday, for health and cost reasons.
If I see, $20-45...$50? more in my payroll each week..okay, I'll take it, I'll take most anything "extra" these days. A found $20 in a parking lot gives me a burst of endorphins. But its an outright lie for Trump and the Repub deplorables to say its a bigly win for the middle-lower classes. Its "liar, liar pants on fire" caliber.
Its only the precursor of more hurt they have in store for us in 2018. The Repubs will go after Medicare/caid, SSI, and all other "entitlements" like eagles on a carcass. As the ACA withers, costs of care keep climbing, simple costs of living also keep rising, uncertainty of the markets, add the sketchy, school yard diplomacy of the WH and its representatives, the likely rise in costs of simple internet access, deregulation of polluter industries, same for the protections of consumers from the financial industry, etc, etc...all are going to pileup and make whatever retreating tax breaks we "simple folks" get mean nothing.
Repubs keep saying the cuts are permanent for Corps because they need the security for investment planning.
What about me? I need that too! I can't make plans based on retreating gains, that are spread out over two+ years? I cant even consider investing that into a decent interest bearing account!
6
What the Kochs want, they get.
5
The most unfortunate thing is that though middle class will get on average $2000/year more in their pockets with this tax bill which will make them feel better transiently they will lose out on services (Medicare/Social security) that hold promise for the future of their children and for themselves. politics aside this is truly going to hurt in the 'long run' and it will hurt the middle class the most. Good by American Middle class. Welcome to the new US of extreme financial disparities.
249
Ha, check the Times' calculator before you count your $2,000. My husband and I together earn in the $65,000 range, and it looks like we're getting maybe a quarter of that, probably less.
Since my annual health insurance costs are increasing by more than that and my company isn't giving out any raises, I will be bringing home less. However, if my paycheck does increase because of the Trump tax cuts, I plan to contribute that amount to Democrats running for Congress and charities who support vulnerable people harmed by this travesty.
8
Nope...not even close. Very few will get $2000 in the "middle class." Remember, the "middle class" covers a lot of different incomes...
2
The Trump's and the Paul Ryan's will be long gone when the social security and medicare benefits get seriously cut back. The Trump supporters won't see the connection and will blame whoever FoxNews is targeting that year.
3
I love how they say we are getting raises/christmas bonuses but where are they!?!?! Not in my pocket that is for sure. I believe that the republican party has lost all credibility and shame on these government officials for not thinking about everyone as a whole instead of putting more money into the pockets of CEO's and execs. I hope for the sake of the this country (whats left of it) that 2018 elections changes the tide and we repair all that this current administration is doing to the working class.
274
Uhhhh...Red.....why don't you wait until the law goes into effect before you start criticizing.... Thanks.
"With all my Administration has done on Legislative Approvals, I am sure great credit will be given by mainstream news?" So here's the President of the United States ASKING for credit and praise? How belittling of himself. . .
The raises and bonuses were not something thought up by corporations on the spur of the moment, but planned long ago, to gain support for various merger moves by various corporations.
Certainly The Donald can't believe that corporation are doing a little 'happy dance' in his honor!
3
"The raises and bonuses were not something thought up by corporations on the spur of the moment, but planned long ago, to gain support for various merger moves by various corporations."
And you know this....how????
1
I do feel a sense of vengeful satisfaction at getting a tax break - because the least this man can do is pay us to put up with his garbage fire. And don't get me wrong - I generally believe in and want my taxes to support our government - but who wants to pay their taxes to support THIS government? Heck - not even Trump! Liberals should pull a Thoreau on this national embarrassment.
10
It may be time for the Democrats to call the Republican bluff.
Are you against taxes, Trump? Then let's cut federal individual taxes to zero. Democrats could run on cutting all worker taxes to zero. Enough subsidizing low tax states. Enough attacking the world for global corporate profits with the world's biggest and most aggressive military. Enough subsidizing global corporations with worker taxes. Enough letting global corporations, that don't do as good a job as government union employees loot us with fat, no bid, cost plus federal contracts.
If they can cut corporate taxes to an effective rate of zero, then we can do the same for workers.
Social Security, Medicare, and Medicaid, are not paid for from federal taxes by the way, but with separate taxes. We can raise those slightly at the same time to save worker's retirements.
CALL THEIR BLUFF. Then we can find out if republicans really do hate taxes, or just hate paying taxes.
1
"I generally believe in and want my taxes to support our government ".
Your first error in judgement. Less government is far better.....
Does this REALLY surprise ANYBODY? Trump took care of Trump, and his owners and donors. And some people are calling it a "windfall"? Shame on Congress! Shame on Trump! Shame on us, America............
17
The front page NYT article on the PA steelworkers losing their jobs and the importing of foreign steel at a rate higher than this time last year should tell people how good Trump's word is. They are "stunned" it says.
Of course many many people knew that a guy who lied about Obama not being American would lie about anything.
And he has.
56
He lies about EVERYTHING. Here in the instant case, he is lying about the so-called "popularity" of this tax bill.
3
I just got a letter from John Faso bragging about he didn't vote for this tax increase on New Yorkers.
You know what, I don't care. It's pretty clear that you were given permission by your colleagues in Congress to vote against this, because your vote wasn't needed. But I didn't hear you screaming from the top of your lungs how badly this was going to hurt your constituents.
No more Republicans. Ever. A vote for one of them is a vote for all of them. I wouldn't have voted for Faso anyway, but now I'm going to actively do everything I can to get rid of him.
213
"But I didn't hear you screaming from the top of your lungs how badly this was going to hurt your constituent". You know this to be true....How???
You haven't a clue what the impact of this is going to be at the end of 1, 3 and 5 years....
Trump couldn’t even make it through a simple signing ceremony without lying repeatedly. Most of them were throwaway lies about comparisons to the achievements of previous Presidents but the biggest lie was about the “tremendous” benefits in this bill for working families.
Special interest lobbyists wrote this bill, and Trump’s lies about trickle-down prosperity ahead for the middle classs are his huge Christmas present to America. And blowing up the deficit is his gift to our children and grandchildren.
24
"Special interest lobbyists wrote this bill"....yeah, like the ACA.....
"And blowing up the deficit is his gift to our children and grandchildren.".....trivial compared to the 10.626 TRILLION that Obama & the Dems squandered over only 8 years.... Talk about "gifts to our children and grandchildren"....
1
I cannot help but notice that Trump signed the tax reform law all alone in the Oval Office without the usual crowd of smiling congressional sycophants surrounding him.
I guess that no one wants to be directly associated with this abomination of a bill. . .
14
He didn't let them in because he didn't want to share the credit.
But yesterday he allowed them to sing his praises and kow tow to the mighty Trump.
1
Hello, delusional Mr. President: Corporations are giving bonuses in 2017 to take advantage of the more valuable business deductions this financial year at the 35% marginal rate rather than the lower rate in 2018, not out of any "wild" ecstasy over your tax scam or feelings of generosity relating to it. I guess you would call that "smart". Heaven help us.
35
"Corporations are giving bonuses in 2017 to take advantage of the more valuable business deductions this financial year at the 35% marginal rate rather than the lower rate in 2018"
And you know this how????
1
Uh, well, it's obvious to anyone who knows fundamental corporate finance and tax concepts. According to the Wall Street Journal article today: "The timing of AT&T Inc.’s pledge this week to give $1,000 bonuses to more than 200,000 workers once President Donald Trump signs the tax overhaul may have saved it $28 million. That is because committing to making the payment now could let it record the expense in 2017 for tax purposes. In AT&T’s case, that would mean a $70 million deduction under the existing 35% tax rate. By contrast, recording the bonus expense in 2018, when the new 21% corporate rate is in effect, would mean a $42 million deduction."
1
Not my president--or GOP congress. Not now, not ever.
Those rejoicing in this epic looting of the national treasury and our children's future will look back in shame at how America ceded its White House to a con artist, fraud, and clown.
13
No they won't. They will blame it on the Democrats, and Democrats and Global Corporate Mass Media will let them.
It's all part of the con game.
PROVE ME WRONG DEMOCRATS!
1
Update: The Women's March is Jan 21, Everywhere, USA.
52
In.
Thank you for the heads up.
1
The honest headline: "Unapologetic Racist Gives Self $11,000,000 Christmas Present Paid For By Millions of Working Class Americans"
"I'm giving myself another A+ on this!"
The majority needs to remember to thank the 62,979,636 Americans who made this possible! I haven't seen this much "winning" since the Iraq War!
14
laughable, really. The only political group that actually WANTS to raise taxes is.....you guessed it....the Dems.
1
Even funnier is that Republicans are so uncouth, they've never even heard of the Social Contract. They think that the police and the fire department and the roads and infrastructure all just magically appear from nowhere. No wonder they don't believe in science - they can't understand it. Or math, apparently! It's hilarious! As hilarious as voting for a convicted racist!
It's as funny as the Iraq War!!!
1
"Biggest Overhaul"? What does that even mean? Largest, as the liar in chief claims? Not even close. Simplified? No, just the opposite. Fewer brackets? Nope. Carried interest? Still there. Filing on a post card? Nope.
Or did you mean "biggest haul" by the plutocrats?
20
Actually....this is the biggest re-write since 1986 and the consequences will likely to be much better than anyone could ever imagine.
Am I the only person working for a company that isn't showering the workers with bonuses?
30
We didn't even get a party.
2
No.
1
Like everything else that comes out of Trump's mouth, that was a lie.
I watched the "signing" on TV at the gym carried by almost every major network. The networks need a "lies per hour" meter for this man -- perhaps lies per minute.
Then Fox followed Dear Leader's plane flying off into the Washington sky for at least five full minutes...
1
Trump is the richest person in the world and holds the highest office in the world. There's no reason he shouldn't get the biggest tax cut in the world. Even though he said he wouldn't, because he's the biggest liar in the world.
8
"...Trump is the richest person in the world..."
You've GOT to be kidding me.....
1
and the stock market today is .... wait for it......DOWN.
19
So???? The stock market (Dow) is up 25.16% for the year.
FTSE. 1 Yr. 7.49%
DAX. " 14.11%
CAC. " 10.96%
FTSE 300 Eur. 7.87%
Sure sounds like a positive to me........
A tremendous thing for the American people!", "our very popular tax cut...a phenomenon... and now it is the rage!" whooped Donald Trump when he signed the bill just now before taking off for his Florida resort. Dear Lord, if our Tweeter in chief is still our president a year from now, I'll boil my shoes and eat them with Cheetos and Diet Coke!
6
The only true things Donald Trump has said this whole year:
"Corporations are going wild about this!"
and "We did a rushed job today".
*Donald will be looking for NJ real estate with his bonus to himself in case you need to sell your place*
6
My family will be getting $10/week. Heh.
16
And that probably won’t even cover rising food prices. Who knows what the energy companies and internet providers have in store, but with such a friend in the White House my cynicism tells me it’s not good for the majority of us.
1
Well...under a Democratic government...you would be losing $100 a wk.....
1
You disingenuous man, do you really think the cuts will be extended past ten years? Honestly?
This is a plan that will placate the less wealthy with peanuts while extending permanent cuts to corporate rates, pass thrus, and those who make their money through real estate and investments. AKA, generally a wealthy bunch. How stupid do you think we are?
If there is a deficit issue, do you really think extending temp cuts will be on the menu?
Your diatribe about this money "belonging to the people" by dint of their hard work is the same garbage Paul Ryan has been ranting about his whole time in Congress. Do you REALLY think things like health care, infrastructure, environmental protection, and education should be left up to purely market forces? You are insane if you do. Deluded by some flavor of morality capitalism.
The ONLY reason you are able to make an honest living in a free and fair society is strong regulation, progressive taxation, & shared civic duty. Atm, these are eroded with every vote for the modern GOP. You are DELUDED to think you have earned everything dime you have got, and owe nothing in return.
Not to mention just being a decent human who wants the same safety and security for every person.
Do you see people in need as takers? Do you use your disgust at welfare grifters as a broad brush with which to paint the overwhelming number of honest people just trying to live their life with some sense of dignity?
No man is an island. We are stronger together.
14
Attention ladies and gentlemen.........bidding on the next elections is now at 1.5 Trillion dollars.
9
Beautiful .... Winning
Trump Pence 2020 - MAGA
1
The fact that Republicans actively concealed this bill from public scrutiny speaks for itself. They knew that the public would hate it, so they kept it a secret. If it is so great, why not publicly air it and permit the public, whom members of Congress purport to represent, evaluate it?
6
Were that true.....but, in fact, the Dems were INVITED repeatedly to sit down and help construct this, but NOOOOOOO.....Nancy & Chuck, so sure that it would fail, refused the invitation. So why don't you blame the actual, irresponsible party.....
1
"The fact that Republicans actively concealed this bill from public scrutiny...."
Not true at all. The Democrats (Pelosi & Shumer) refused all invitations to work on this legislation....under the assumption it would fail.... Yet another classic political failure on their part....
1
It is true that this bill was not the subject of Congressional hearings at which experts could give their evaluation of the likely effects of the bill. The democrats wanted those meetings, but McConnell just chuckled. Republicans amended drafts by hand and gave them to lobbyists but not to Democrats. This is true.
1
Everyone has their price.
For a windfall of 11 million dollars Trump has sold out America.
12
Don’t be fooled many would die before selling out
1
Many Trump voters must be rueing what they wished for. They elected a long known kleptomaniac and just reaped the damage. More of their paychecks will be going circuitously to Trump - via the IRS this time. Basically, Trump and his cadre of sycophant republicans just made theft of the country's coffers legal.
3
James, I'm not getting more money, I'll be paying more because I don't live in a welfare state that takes in more federal tax money than it contributes.
I believe there should be different tax rates for each state based on how much they contribute or receive from the Federal Treasury to achieve a 0 sum difference.
Think about it: Donald Trump's only legislative accomplishment is a tax bill that directly benefits him and his family.
5
No taxation without representation. Let the revolution begin.
11
Seems to me the majority is represented and we all have guns so rethink that a bit.
The rich are represented...
not the majority
.
1
Signing that bill in 2017 means that AUTOMATIC cuts to medicare and medicaid go into effect immediately in January 2018. The stupid man so totally in love with himself just signed the death warrant of the Republican Party. Medicare cuts are GUARANTEED to bring millions to the polls next year and they won't be voting for Republicans..
7
So the GOP Senate, house, and so-called executive branch passed a boondoggle bill for their high roller donors, fulfilling campaign 'promises'. What's the big deal? Donald, can't you just be satisfied with being the greatest con-man (and grand thief) of all time and go away? Disgusting
2
It's only a victory for Trump himself and his plutocratic henchmen. It's mind-boggling that my fellow Long Islanders voted for this swindle.
2
Every time Trump holds up something he's signed, I am reminded of a 3 year old pointing at the toilet and saying "I went potty".
November 2018-get out the vote and handcuff this pompous narcissist.
5
And so the zombie Confederacy pulled itself from the grave for one last haunt.
2
And of course the discussion of reasonable delay to preclude more damage than the tax package will already doing is ignored.
Whee! Trumpy the Great! What a fool...
1
All you need to know is that the corporate tax cuts are permanent and the individual ones expire in 8 years or less. They will sell this to the short attention span, uneducated base and those people will lap it up even while they are getting the shaft in the long term.
3
No dig is too small. I can see the "Trump lied. He said he'd sign before the holiday" Times headline now.
Has this country lost its collective mind? This is the worst piece of legislation in decades and Trump's people are saying he's the best president in history and has accomplished more than any other president in his first year, which is not only a lie, it's just plain stupid. So Putin is blackmailing Trump and Trump is blackmailing GOP members of Congress who were previously calling him crazy and dangerous and are now calling him everything but the Messiah. Trump's administration is threatening to stop aid to countries and threatening our allies mafia style. If this situation wasn't so unbelievable and dangerous, it would be funny. All I can say is: Please, Mr. Mueller, hurry up!!
3
And just like this Toddler in Chief has sought to undo every legislative effort of his predecessor, The next President and legislative bodies can undo this sham legislation. And perhaps the next Administration should look long and hard at the source of this lobbyist written tax abortion and identify them to the public. Do the Mercers and Koch Brothers think the peasants will "just eat cake"? History has shown times of great economic divides have led to the gilded class paying a hefty price. Marie Antoinette lost her head, the Mercers may end up with a 94% marginal rate if enough people are provoked.
31
I've said this every day this week. Stop saying "win" "victory" "triumph" etc. Just stop it. It is an outrage and should be referred to as such.
146
But it is a victory to Trump and his immediate family, large corporations and the one percent. The rest of us can just go take a hike.
3
Still think Trump is as good as impeached? Whatever ends up going wrong with the new tax system invariably will be blamed either on Obama, the Clintons, or the "liberal media." Or all of the above.
A line from a Rosalind Russell movie (Claire Trevor says it to her) came to my mind a lot under Bush, and here it is again: "Where do you get your luck? Or does God pity the wicked?"
12
Notice that Trump now uses black magic marker to sign bills so the scrawl he calls his signature can be seen on camera. Also, he gives away the pens he was supposed to use that had nothing to do with the signing accept that they were next to the ream of blank paper on his desk that he proudly shows for its height, indicating a lot of good stuff has just been signed into law.
16
"Trump Signs Biggest Tax Overhaul in Decades."
Your headline is woefully inadequate. It should read:
"Trump Signs Most Massive Self-Dealing Tax Legislation in History."
52
Would you please stop both-sides-ing? The Republicans falsely claim this will help the middle class (whatever that is anymore), while Democrats accurately point to every single analysis and virtually every serious economist saying that it will be disastrous and not at all do what the R's claim.
That's nothing like the "Democrats claim..." nonsense you're printing.
38
"Victory"??
The self-professed goals of Republicans was to simplify the tax code and balance the budget. They failed miserably on both counts.
20
Do the tax changes approved by a President who is impeached and sent to prison still count? And if so, for how long?
13
Hooray! Mr. Trump just betrayed all the people who voted for him. This makes all liberal democrats happy!
8
Don't be so fast -- a lot of "liberal democrats" are going to get slammed by this bill as well.
How can anyone who's not a multi-millionaire be happy??
How about this slogan for the Democrats come 2018:
REPEAL AND REPLACE
TRUMP'S TAX LAW
17
How about:
You're not paying enough in taxes
Big Brother knows best
That FBI agent was right-Hillary should have won 100 million to ZERO. Trump is hastening the demise of this country and the world and seems not to know or care.
15
It will trickle down...
1
My guess is, Trump signed it this way because he's already setting up his alibis for when things go south next year.
6
Inspired while watching Fox News lovingly track Air Force One into the Washington sky --
Fly safely Dear Leader. Fly on your golden throne to your humble vacation in Florida! The sight of your wonderful plane brought me to tears.
Dear Leader works so hard for us. He just reformed our taxes for us. Corporations are already giving billions of dollars to their workers. Do you think Dear Leader will rest well in Florida? I hope so. I will think and worry about our Dear Leader all through the holidays.
14
Wow! Here is what I'm gong to do with my $10 a week.
I can go to my favorite Chinese restaurant once a month and order onion ginger fish. If I get their delicious hot jasmine tea, with tip and tax that should end up around $22. I can usually get two meals out of it. I should even have enough money left over to buy a subscription to Netflix.
Man! That's living the high life! Thank you Donald Trump for changing my life. And I want to especially want to thank the future taxpayers who will have to fund my extravagance with their taxes and the debt they are saddled with.
I wonder how much more my Medicare will cost now now that we are piling on the debt? Probably more than $10/week.
On a serious side though. Think about this.
Our deficit is currently running about $600 billion/yr. When the tax accountants and attorneys tear into this thing and expose all of the loopholes, the resulting deficits should be much hight than anticipated. Instead of $150 billion a year average, it could quite possibly be double that.
Add the two together, coupled with the aging population and rising medical and nursing home costs, through in another war or two, a few more hurricanes, and we could easily see deficits soaring above one trillion dollars. Then my Medicare might cost me another $50 a week. Better enjoy my onion ginger fish while I can.
13
What big companies, corporations, and 1% would not "love" a tax cut? The 1% and CEO's can "shower" with money--water is so passe.
The voters of Alabama, Virginia, and NJ have shown their appreciation. We the people will continue to show our appreciation through 2018.
13
And you will continue to lose on the big stage .... MAGA
Svengalis will be overtaken by feminism.
1
The economy was steadily growing with signs of increasing wages. This lowering of taxes and the removal of regulations will 'juice' the economy and is already exacerbating the bubble that will inevitably pop. Apparently Republicans didn't learn from the Bush 43 era.
11