Taxes Haven't Gone Away

The latest details on "tax reform" say my medical and state income and property tax deductions are low enough to keep, but I don't think that will raise me to the top 1%, who now get an even lower tax rate. Will there be a new analysis before the vote next week, to show that the bill won't increase taxes for the middle class in order to cut taxes for wealthy political donors? Don't hold your breath.

The changes included a slightly higher corporate tax rate of 21 percent, rather than the 20 percent in the legislation that passed both chambers, and a lower top individual tax rate of 37 percent for the wealthiest Americans, who currently pay 39.6 percent.

The bill also allows individuals to somewhat choose how to use their state and local tax deduction, giving them the ability to write off up to $10,000 in . . . a combination of property and sales or property and income taxes.

Any individual tax cuts are still temporary, and the corporate tax cut is still permanent. In the meantime, the kindest thing I can say about President Trump is that he's delusional:

“As a candidate, I promised we would pass a massive tax cut for the everyday working American families who are the backbone and the heartbeat of our country,” Mr. Trump said. “Now we are just days away from keeping that promise. We want to give you, the American people, a giant tax cut for Christmas.”
— "Republican Tax Bill in Final Sprint Across Finish Line," JIM TANKERSLEY, THOMAS KAPLAN and ALAN RAPPEPORT, New York Times, DEC. 13, 2017