Tax Relief For Christmas
It is beginning to look a lot like Christmas as the Congress is posed to give tax relief to America.
Don’t believe the negative distortions from the politics of envy crowd. There is a reason why envy is in the Ten Commandments, and denying middle class Americans tax relief because the richest Americans, who pay most of the taxes, also get relief, is no way to help them. No tax bill makes everyone happy, but this tax reform will bring some much needed benefits to average Americans.
For starters, the standard deduction was doubled, eliminating income taxes for families below the poverty line and significantly reducing middle class taxes. The child credit was doubled, bringing relief to struggling families. Middle class tax rates were also lowered substantially. In addition, the “alternative minimum tax”, which was designed to punish the rich but instead hits many middle class taxpayers, has been limited to high income taxpayers.
Another benefit for individuals is the elimination of the Obamacare tax on the uninsured. This tax hit poor people the most, and is another tax savings for average Americans. Perhaps more importantly, individuals can purchase affordable insurance without all of the costly Obamacare mandates, such as maternity coverage for 60 year old women, and not be subject to this tax. It is a good first step in elimination Obamacare and making health insurance more affordable.
Perhaps the largest benefit from the reform will come from increased prosperity and jobs. Under the current system, American companies are hobbled with the highest taxes in the world, leading companies to move businesses and jobs to lower tax countries. By lowering tax rates on corporations and unincorporated business and letting U.S. companies bring home earnings without punishing taxation, the Congress has opened the way for a stronger economy and more job creation.
So 2018 is shaping up to have lower taxes, more medical insurance choice, and better job opportunities.
Looks like tax relief will turn out to be a great Christmas present for America.