… and still, nobody seems to be talking about it.
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Now that the tax reform package is in the books, I should be elated, right?
But, I’m quite ambivalent.
On the plus side, I do think that the stock market will stay el fuego.
Selfishly speaking, that dwarfs all of the negatives.
But …
- Based on my calcs, I’m in the 20% of folks whose taxes are going up, not down. I’m thinking that I may be the only person who doesn’t reside in CA, NY and NJ whose taxes are going up. Ouch.
- Carried interest is alive and well. C’mon Donald, you promised. And please, don’t tell me that hedge funds and private equity are engines of growth. May be small potatoes re: tax revenue, but it’s what Rudy Giuliani would call a “broken window”.
- Are Google and Facebook really going to invest their tax savings here in the USA? I’m betting the under on that one. Wish the corporate tax benefits were tied more directly to employment levels.
And. my biggest concern is the long-run tilt in voting dynamics. Tax cuts will no longer have any campaign whallop.
Why?
Remember Mitt Romneys ill-timed observation about “47% of Americans”.
No, they weren’t deplorables, they were simply the folks who pay no Federal income taxes.
Well if the GOP tax plan goes through, the 47% will be be alive .. and well … and growing.
Let’s start with some data…
The Homa Files 