The GOP tax bill explained

President Trump has hailed the GOP tax plan as a "giant tax cut" for the middle class. But make no mistake - the centerpiece of the bill is big tax cuts for companies. CNN's Christine Romans breaks down what's in the bill.

[jaredlowrance]

This comment section is depressing. It shows that neither side can hold a debate let alone a conversation without shutting down someone’s opinion or just straight up calling them an idiot for being “Liberal” or “Conservative”. I just wanna see one day where both sides can find a middle ground to an issue and actually debate civilly.

[izuksammy]

Can you imagine have a cap on interest for your 750k dollar Home? That’s going to NAIL the low and mid income families.

[fred]

IF CNN says it is bad, it must be good.

[ramirobenavidez]

Oh Boy Now That Rich's Companys Got The Big Tax Cut, Can Wait 4 My Bonuses N Raise They Said We Getting. LOL

[MrNYCman]

I've got good news for the Jimmy Kimmels, Al Sharptons, Michael Moores, Rosie O'Donnells, Chers, Dixie Chicks, etc: They can donate money directly to the Treasury, as can all of the other multi millionaires who are complaining about tax cuts. Many of them that are complaining about tax cuts don't pay their taxes anyway.

[gillgillerton]

So property tax deduction is capped at 10k? Please tell me again how this is only helping the rich?

[sz]

Oh no! We don't want to give the mean corporations who we depend on for employment and require us to work for a living a tax break.

[Youngster]

Important takeaways here: Supply side economics is simply the theory that we should be concerned with the supply side of the economy, not just with the demand side (as with the Keynes style protocol folks on the left like to advocate). Its the idea that we may want to look at the taxation and regulations on the supply side to determine if there is anywhere it can be improved (its pretty evident that there is). What supply siders aren't arguing is that tax cuts on the wealthy will somehow "trickle down" to employees or that cutting corporate rates will ALWAYS increase revenues though there are real-world examples where they have. Beyond this there is no evidence that reducing taxes across the board slows economic growth in any way, its also not logical. People on the left like to argue the growth of the 50's and the 90's as shining examples of Keynesian success but that argument doesn't hold up to scrutiny. The growth the 50's was likely DESPITE higher taxes and union interference rather than because of. Most economists credit the fact that the rest of the industrialized world was devastated by ww2 and the US was unaffected for the success in the 50's. The growth in the 90's was due to the increased investment in technologies, its worth noting essentially all of that growth occurred in the later half of the decade after Clintons famous "tax relief act" where he lowered capital gains taxes, individual rates, as well as introduced a higher child tax credit (remember these cuts were proposed by a republican majority congress and Clinton opposed them). Oh and LOfuckingL @ 1:03, That's called wealth redistribution and that's all you democrats ever advocate for but suddenly when republicans draft a bill that does it unintentionally you don't like it? haha.

[laserbeamchaser]

but why should america be the highest in corporate tax rates ? And that's not counting the state they have to pay as well. The world average is 22 %.
And i file under a 1040a so this is a huge win for 70% of americans who ALSO file under a 1040a.

[lostat]

It will effect the unemployed and people not paying taxes, by incentive them to make the most of their abilities.

[PupsMcDougal]

As a small business owner in California, I can tell you that I won’t be paying higher wages because of this tax bill as it’s already hard to keep the lights on here in California.

[nightknight]

Fuck, instead of telling me "who its gonna hurt" JUST BREAK DOWN THE FACTUAL ASPECTS OF THE TAX PLAN AND LET ME DECIDE FOR MYSELF, you can add some thoughts, or include clarifications but DO NOT TELL ME WHAT TO THINK

[sz]

I love finally having a job again, owning a home and paying taxes. Thanks Donald Trump!

[CarlosMorales-xlxd]

What it sounds like to me the corporations and the one percent of America benefit it sends me to see that our president has left the rest of the country behind in tax reform

[FloridaCoastalGuy]

The $4, 050 Exemption for each dependent claimed on Form 1040 Line 42 has been eliminated.
The Tax Cuts and Jobs Act signed into Law on December 22, 2017 almost double the Standard Deduction to $24, 000. on 2018 1040 Tax Return for married filing jointly, however, you lose the $4, 050.00 for each Dependent Exemption; you can’t claim any of your dependents if you use the Standard Deduction on 2018 1040 Tax return filed in 2019.

[BoriPR]

Companies hire me, they save money I get raises. I have never been hired by a poor person.

[TheDaexiled]

Short version if you're making less than a million a year you're screwed

[bjsw]

This is the most biased video I've ever watched in my life. This is, "How the Tax Bill will Hurt Americans"

[schoolboydanny]

So eliminating Obamacare causes premiums to go up when passing Obamacare caused premiums to go up? And this is tax bill, not a budget. How does that affect Medicare? And I’m not gonna buy a $750, 000 home so I guess I’m safe in that regard. And the 35 to 21% corporate cut affects business itself, not the income of management. So.... yeah. No problems here. Quick note: the 8 million healthcare recipients projected loss? Those are the ones who want the taxpayer to pay for their healthcare.

[enseta]

Walmart and McDonald’s pay their employees so far below the living wage, they teach them how to apply for financial aid to survive instead of raising wages to a livable income. They are the largest employers in America. Every time you go and buy a 99¢ burger you are supporting a company that forces tax payers to support THEIR employees. Returning tax brackets to the time when minimum wage was livable wage is the answer. Not reducing taxes for the top 1% who own 90% of the United States’ wealth already.