Friendly reminder: if your government representatives sell you out for a handful of silver coins it’s okay to construct guillotines on their front lawn
Okay I’ve been sorting through the ratfuck of information this past hour because fiscal conservatives deserve to drown
A bunch of weird amendments got tacked onto the end of a very exploitative tax reform bill that is a complete eyesore to read and about 400 pages long. I’m gonna try and sort some of that relevent info into digestable and understandable nugs
You can read most of this better in an NYTimes article
Deductions are mostly gone, with the exception of charity donations, mortgage interest and retirement savings. It eliminates most medical expense deductions as well as state and local tax deductions (This will suck hard for anyone in a high-tax area like NY.)
It’ll eliminate deductions for interest payments on school loans, theft, and moving expenses. This is huge for anyone who is a student or lives in an area with crime. This bill is making being poor harder.
The plan will eliminate personal tax exemptions (claiming for people in your family) but DOUBLE estate tax exemption (primarily used by top 1% income holders)
The plan lowers max corporate tax rate from 35 percent to 20 percent.
It’s going to cut taxes on profits earnt in other countries and incentivise work in the U.S. This is generally great for business but amazingly bad for U.S. workers.
In the long run you can see taxes rising on folks earning less than $30 000 a year.
Amendments:
The GOP literally scrawled a bunch of bullshit into the margines of this plan a few hours ago so some dodgy stuff wiggled it’s way through (this is just what I’ve found so far):
– A wildlife preserve has been OK’d for oil drilling
– A conservative private college in michigan has dodged the deduction cuts
– Life is now officially recognised as beginning at conception
Some pissed off thoughts:
This tax plan is the republican wishlist from hell.
The groups affected by these policy changes will be the disabled, LGBT and non-nuclear families, PoC (notable a huge part of the black community), students, women and young people. Anyone who was already struggling in the economy is going to have an even tougher time.
The obscenely wealthy will be like pigs in shit.
I know I usually just shitpost and draw but this is literally class war and all of you without rich dads should all be very pissed.
Published
Mooncustafer 
