| TAX CUTS FOR WORKING PEOPLE END 8-10 YEARS, TAX CUTS FOR WEALTHIEST ARE PERMANENT, INCREASING NATIONAL DEFICIT NEARLY $1.5 TRILLION
HERE COMES THE TRICKLE DOWN
MARK TWAIN SAID "Get your facts first, then you can distort them as you please," but in this case the distortions are up-front and the facts will have to come later, 500-page bill full of hubris, added to the US Tax Code which is thicker than the Holy Bible.
By Bob Weaver
House Speaker Paul Ryan praised Trump's "exquisite presidential leadership."
The chairmen of the key committees also had high praised for the president. Orrin Hatch, chairman of the Senate Finance Committee, called Trump "one heck of a leader."
Kevin Brady, chairman of the House tax-writing committee, says the "historic day" could not have been achieved without Trump's leadership.
Trump said most of the US media naysayers are reporting the event with "fake news."
The Republican tax bill will cut taxes on average across all income groups, with the biggest reductions by far going to upper-income people, according to the nonpartisan Tax Policy Center.
The cuts will likely increase the national deficit about 1 1/2 trillion dollars, long, long opposed by Republicans.
The deficit will likely be reduced at some time, targeting health programs, Medicare, Social Security and Medicaid.
The Tax Policy Center says after 10 years, 83% of the cuts go the nations wealthiest 1%.
The tax breaks for working people end in 8-10 years, while the tax breaks for the wealthiest are permanent.
While corporate taxes have been cut to 21%, most major corps had already figured out how not to pay taxes, offshore corporations and hundreds of tax breaks in the US tax code.
The 1 1/2 trillion dollar deficit is mostly because of the tax breaks to American's wealthiest.
Dozens of US senators and congressmen will benefit millions from the passage of the bill, including Trump, who has adamantly denied it would help him.
The bill has provisions to kill Obamacare, with nothing to replace it.
Look for crowded emergency rooms and closures of USA hospitals and medical facilities.
The projections by the Tax Policy Center also found that by ten years â when most tax provisions affecting individuals would expire â just over half of all taxpayers would face higher levies.
Most of the bill's benefits go to businesses and the wealthy, which Republicans say would goose the economy and benefit all, the trickle down theory.
Democrats reject that assertion and are expected to oppose the bill unanimously.
The study found that, on average, individual taxes would be reduced next year by $1,600. That ranges on average from $60 for people earning below $25,000 to $7,640 for those making above $149,000.
The biggest beneficiaries by far are USAs top 1%, whose interests have lobbied Congress for years for the breaks.
America's middle class will get a few boxes of chocolate for immediate gratification.
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