It's no surprise the GOP will cut corporate taxes massively. & it's no surprise that accountants for the rich will be able to find new ways for their clients (LLC's) to pay a lot less once the new brackets in the tax plan take effect. However, once the trillions in debt are calculated, you should be aware that it will be we the people (the middle-class) who'll be left holding the bag.
In a brazen move, Trump/GOP will take money from the middle-class to pay for tax cuts for the rich utilizing (among other things) the elimination of the mortgage interest deduction which will affect mostly upper middle-class Americans in blue states. In addition, the deduction for local income/sales tax as well as state & local property taxes, the medical expense deduction, & the property casualty loss deduction will all be eliminated:
https://www.youtube.com/watch?v=kHb7wv_xi6A
This "Mother Jones" headline reiterates the point:
"Donald Trump’s Tax Plan Would Give Nearly 50 Percent of Tax Cuts to the Top 1 Percent"
"About 1 in 5 middle-class families would end up paying more taxes to help offset the handout."
"The initial analyses of House Republicans’ new tax cut bill are out, and they’re not looking good for the middle class. In the past few days, two think tanks, as well as Congress’ nonpartisan tax committee, have found that the Tax Cuts and Jobs Act would raise taxes on millions of Americans to help pay for corporate tax cuts that overwhelmingly benefit the wealthiest Americans. Even with 18 percent of households paying more to the government, the plan would still cost at least $1.5 trillion over 10 years."
Also today, the New York Times posted an article indicating half of all middle-class families would pay even more taxes over time:
https://www.nytimes.com/2017/11/06/business/republican-plan-would-raise-taxes-on-millions.html"Nearly half of all middle-class families would pay more in taxes in 2026 than they would under current rules if the proposed House tax bill became law, and about one-third would pay more in 2018, according to a New York Times analysis, a striking finding for a bill promoted as a middle-class tax cut."
Why would the U.S. need this particular Tax bill at this moment in time? That can only be explained if you understand that wealthy GOP donors expect something (mainly more money in the form of tax cuts) from congressmen they helped fund. & the donors are aware they may not get another chance in the near future to get everything they want in one bill.
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