You might wish to read this summary of the freshly minted “Tax Reform” bill.
1) The rich get much, much richer, permanently, by Law. Most especially, the great populist, Donald Trump and his family, make out like bandits.
2) The rest of us seem to get a little richer in 2018, but that is temporary, by Law.
3) About the time my kids begin to reach retirement age, they’ll learn the truth of what is now being done to their future.
Any young person (below retirement age) had best pay a great deal of attention to what was just signed into federal law.
Who makes the rules makes a great deal of difference.
December 21, 2017: And “After the Victory”, here.
from Fred: I agree with your summary of the GOP tax legislation but, unless your offspring will be retiring within a year two, I fear they will encounter some its side affects soon.
from Carol: Premiums for the most popular health insurance on the individual market exchanges are estimated to rise 34 percent on average next year, according to the consulting firm Avalere Health, because of previous sabotage done by the Trump administration. Premiums in Iowa would be up 69 percent, Wyoming 65 percent and Utah 64 percent.
Employer-based health insurance costs are forecast to rise in 2018 by the most since 2011, at 4.3 percent, according to the human resources consulting firm Mercer, and overall medical costs will be up 6.5 percent, the first increase in the rate in three years, according to the consulting firm PwC. Assuming those increases are passed along to workers, they would eat up half of the $910 tax cut received next year by households with income between $55,000 and $93,000 and all of the tax cut received by households earning $27,000 to $54,000.
“we would hire more people if we saw growing demand for our products and services. We would raise salaries if that is what it took to hire and retain great people. But if we had a tax cut that led to higher profits absent those factors, we would ‘pocket it’ for our investors” (source)