Yesterday the House passed the “Tax Cuts and Jobs Act” (H.R. 1) by a vote of 227-205 along party lines. Not a single Democrat voted for the Act, and 13 Republicans from states with high taxes voted against it – no surprise there.
While it very obviously is NOT a “massive tax cut for the middle class” as promised by arrogant arsehole Donald T Rump and the Republicans, and serial liar Trump and his family benefit “huuuuugely” from its provisions, it is not all bad. As I have said elsewhere, like TRA ’86 it is a mixed bag – there is some simplification, yet there is also more ridiculous complication. I wrote about the House version in several previous posts here at TWTP - click here, here, here, and here.
The Senate will vote on its version after Thanksgiving, and the prospect for passage is actually up in the air. If the Senate does pass its Act, a conference committee will have to work out the differences.
I will not discuss this Act in detail any further until it is actually signed into law by the idiot in the White House, if that actually does happen.
What I will talk about at this time is what is actually very, very good in the House bill, as I understand what it includes - items which I really, really, reallyhope will remain in any final bill that is signed into law.
1) It maintains the step-up in basis for inherited assets even after the total repeal of the federal Estate Tax.
(2) It repeals the dreaded Alternative Minimum Tax.
(3) It provides an annual inflation adjustment for the Standard Mileage Allowance amount for charitable driving.
As for everything else, while I support some items and oppose others, I will not be devastated if any of the other items I support do not make it to the final cut.