The release of the tax reform plan by the Republicans in the U.S. House of Representatives has caused the Washington spin machine to go into overdrive. For taxpayers there is much to like, including across-the-board tax rate reductions, doubling of the standard deduction and significant tax simplification. But progressive politicians and pundits predict the end of western civilization if the plan becomes law.
So as California citizen taxpayers listen to the hyperventilating coming from the nation’s political elites, what should they believe? Here’s our take:
It is important to remember that the proposed tax reform package is just that: Proposed. It is not the final product and will undoubtedly be amended substantially by the U.S. Senate. It is unclear whether tax reform will even be enacted this year although Republicans and President Trump have stated they would like it passed by Thanksgiving. That is a very ambitious goal.
Second, when hearing shrill criticism from progressives — which includes about 90 percent of the mainstream media — understand that they are still suffering from TDS (Trump Derangement Syndrome). Even though this tax reform proposal will be a legislative act originating and enacted by Congress, the effort is closely associated with President Trump and, therefore, no matter how beneficial it might be, knee-jerk attacks will be unrelenting.
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