Tax Reform Christmas Gift?

The house and senate passed this historic tax reform, just in time for Christmas. Nice to have a gift from the Government.  Now on the Republican side the selling points focus on the middle class.

For people who make less than $25,000 will see an average tax cut of $60.

Those who earn between $49,000 and $86,000 will get about $900.

Those in the top 1 percent of income — earning more than $733,000 — will receive around $51,000 in tax savings, the policy center said.

Many Democrats focus on how Corporations benefit from this tax reform. The tax package provides a deep cut in the corporate rate, from 35 percent to 21 percent. On the individual side, about 80 percent of American households will get tax cuts next year, while about 5 percent will pay more, according to the nonpartisan Tax Policy Center.

Now the tax breaks for people are not permanent, they are for corporations. By the way, over the next 10 years, it is estimated that this legislation will add $1.4 trillion to the national debt. Now that is the gift that keeps on giving.