Well, if you really thought that the Republican Establishment was going to get its act together in time to pass a clean tax reform and cut by the end of the year, the time for disappointment to set in would be…right…about…now. Because it already looks like this is going to be another debacle on the order of the Obamacare repeal. After promising several times that the tax plan would mean a substantial tax cut for every income bracket, Republican leaders are beginning to walk back their initial claims. Now things, you see, are a little more complex than that. And, you know, we may have said some things – er – that we really didn’t mean to say…ahem. And, um, yeah, well…
In an interview with The New York Times on Friday, Senate Majority Leader Mitch McConnell said that he was taking back what he said previously about “nobody in the middle class getting a tax increase.”
“I misspoke on that,” McConnell said, which we can only guess is a fancy, Congress-y type term for lying. “You can’t guarantee that absolutely no one sees a tax increase, but what we are doing is targeting levels of income and looking at the average in those levels and the average will be tax relief for the average taxpayer in each of those segments.”
Quite frankly, when a politician uses the word “average” three times in the span of a single sentence, it’s time to get the wading boots out of the closet. The swamp waters are rising, and a lot of faithful Republican voters are probably about to get pinched hard by the IRS.
That is, if this band of clowns can even manage to pass the damn bill in the first place. With the way things are going, most of this is purely academic discussion. We’re not sure if the leaders of this party forgot how to actually pass legislation or what, but we’ll believe there will be tax reform – in any form – when it hits President Trump’s desk. Call us skeptical.
Alas, McConnell had no choice but to admit that he lied (er, misspoke) when the Times confronted him with their analysis that showed that MILLIONS of middle-class families would see a tax hike when this bill became law. Yes, the Senate bill would indeed cut taxes, on average, for people in every income bracket – McConnell’s not wrong about that. But in the Republican Party’s desperation to keep this bill revenue-neutral (because God knows they don’t want to cut a dime from the spending budget!), they have put some extra burden on plenty of middle class families. You start slashing deductions left and right, and someone’s bound to get the shaft.
When it’s all said and done, this bill is not going to make an enormous difference for middle class families one way or the other. Those that see a tax hike will wind up paying about $1,000 more and those that see a tax cut will see a savings of about that same amount. If there are economical benefits to this plan, they will come from the overall growth the cuts are going to inspire. Well, that’s the theory anyway. How that works out in real dollars remains to be seen.
That is, of course, if they actually pass this thing.