The US House of Representatives passed the Republican plan to change the tax code much to the overly dramatic outcry of Democrats. No Democrat votes were in favor of a tax bill that actually gives a vast majority of taxpayers relief from their national tax liability.
As opposed to say a Democrat bill that makes it a penalty for not buying health insurance.
This weekend, I reviewed the legislation and calculated I would get somewhere around $2,500 in reduced tax liability assuming nothing changes in the future. Due to some technical issues, there appears to be more changes coming but most likely will have little to no impact on the overall savings. It should all be signed by Friday.
Despite Democrat doom and gloom, one of the major agenda items for Trump and the Republicans has made it through the daunting political process where the benefits will hopefully be seen as soon as early spring in 2018.
Democrats have reason to be Debbie Downers on this legislation: If the economy grows before the November elections, Republican candidates will ride that wave to a larger majority and possibly a filibuster proof Senate which would give unprecedented power to a party that has struggled to use it towards the conservative agenda.
Imagine the campaign slogans against Democrats: “Your paycheck got bigger. The incumbent Democrat voted against it. You think it’s a good idea to vote someone back in who doesn’t want you to have that money?”
For me and my family, this represents a better outlook with more opportunities. Hopefully, it will help you as well.