The liberal Democrat Congresswoman Nancy Pelosi from the San Francisco area of California is so out of touch with the real world that she has made everyone a promise I’m sure not many on either side of the political aisle will soon forget.
This time she straight up promised to repeal and replace the GOP tax cut package that passed last December if the Democrat party regains its majority in November of this year. And since the Democrat Party is a far cry from the Republican Party when they promise to “repeal and replace” a law, we should all believe her.
Speaking in Culver City, California, alongside the extreme left wing Hollywood Congressman Ted Lieu. Pelosi actually promised to discard the popular bill since the average savings for the taxpayer is only “crumbs” to her. The same bill which prompted several major American companies to boost wages, share profits, and in some cases even move their operations back from overseas. And the reason she gives for the repealing of this job-saving bill is that Republicans were secretive in enacting the bill. Um, like “we need to pass the bill to see what’s in it?”
She also went on to indicate that the “Pelosi Plan” would involve a major tax hike which would greatly punish corporations who actually create the jobs, to begin with, by pushing the corporate tax rate from the current 21% to 25%. While at the same time reinstating the upper tax bracket of 40% for high earning Americans who buy goods and services.
The best part about all this is Democrats constantly ask themselves how Trump’s approval rating is now over 50%. That’s more than at this same time during Obama’s presidency. While at the same time the Democrat approval in Congress keeps sinking lower and lower.
Here is more on the positive effects of the GOP Tax Plan KUTV 2 News: “Most Americans will receive a tax cut next year under the Republican Tax Cuts & Jobs Act, but some distinctive groups will receive new tax breaks.
While some filers will receive new tax breaks, other tax breaks were maintained in the final draft, after earlier versions threatened to scrap them. For example, the $7,500 tax credit for people who buy new electric cars.
America’s citrus farmers will receive help in the tax bill. Due to the citrus greening disease — a deadly disease that kills citrus plants — and Hurricane Irma, the bill will provide tax incentives to farmers who replant damaged trees.
Private aircraft owners will get a break that will accept their payments from management services from excise taxes. These services include storing and fueling planes, as well as weather forecasting.
The break initially garnered outrage from critics who said it is just one more way in which the tax bill benefits the rich over the middle class. However, the tax break is designed to help private charter flight operators and commercial airlines, according to Business Insider.
Brewers, vintners and distillers
Those who make the hard stuff are beneficiaries of the Craft Beverage Modernization and Tax Reform Act, which is part of the bill.
The Distilled Spirits Council said in a statement that it is the first reduction in the federal excise tax on distilled spirits since the Civil War. The Wine Institute said it was the first reduction in wine excise taxes in more than 80 years. They further stated that efforts have been in place since 2015 to support the tax break.
The tax break also encompasses sparkling wine, which the Wine Institute says is the first time the bubbly drink has qualified for a credit that lowers the excise tax.
Engineers and architects
These two groups have been exempted from the definition of “service businesses.” This matters because service businesses cannot receive the full 20% deduction for pass-through revenue, which is a lucrative tax break for people who own partnerships, S corporations or sole proprietorships.
Service businesses that can not take the pass-through deduction include doctors, attorneys and financial service companies.
Students at private schools
Section 529 plans were developed to help parents save for their childrens’ college education, but the tax code expands the plan by allowing them to be used for kindergarten through 12th grade tuition. This expansion is for the 10% of families who send their children to private schools. But an expansion that would have covered homeschooling was omitted from the bill, the Wall Street Journal reports.
Including private K-12 education in 529 plans is a “tremendous victory” for families, said #ExTaxCredit50 Coalition executive director Thomas Carroll in a statement.
People with heavy medical expenses
Taxpayers who endure large out-of-pocket medical expenses may be able to get a tax break. The bill lowers the threshold for deducting those expenses to 7.5% of adjusted gross income, compared with 10% previously.
Ex-spouses who receive alimony
The bill makes a big difference to people affected by alimony. The Tax Cuts & Jobs Act eliminates a 75-year-old tax deduction for alimony payments, though it will not impact couples who divorce or separate by 2019.
The longstanding tax treatment of alimony traditionally allowed the spouse paying it to deduct it, while the spouse who received the money had to pay taxes on it.
The Republican bill reverses this, giving the break to the ex-spouse who receives alimony. About 243,000 people receive alimony, the vast majority of whom are women, according to Census figures.
Uber drivers and gig-economy workers
The tax bill provides a 20% deduction to pass-through businesses, many of which are small businesses like landscapers and Uber drivers.
Under previous law, that income was taxed at the personal income rate. but with Republicans lowering the corporate tax rate to 21%, that left a large gap between what big businesses would pay versus independent contractors or small businesses, given the top individual tax bracket will be 37%.