There’s Give and Take in the GOP Tax Bill

Since I moved to the U.S, I have only been able to file taxes twice – and within that framework, I have learned that there are specific benefits as well as irritants that you face when you have to file taxes. One thing that I know for sure is that I am very unclear as to what the potential benefits of this new Tax Bill are.

Thus far, there has been a lot of fanfare from the GOP - almost as if they are trying to draw attention away from the fact that they have not been able to come up with a suitable and viable replacement for the Affordable Care Act.

I wonder what they’re hiding.

It makes me wonder what this bill’s intent really is as I am almost certain that they aren’t telling us everything that we need to know. Rather, it is my belief that they are just barely giving us enough information so that we show some interest and maybe support, but not enough that we can raise a cry if it isn’t all it’s cracked up to be.

I am not going to sit here, behind the comfort of my office chair and pretend to be an expert in political analysis or that I am a card-carrying Democrat or even that I am in support of the GOP. What I am trying to say is that I am all for supporting policies, bills and acts that will support myself and my family and other people like me.

It’s being touted by the GOP that many middle income families would pay less. This would be due to a larger standard deduction being taken out as well as an increase in the child tax credit. The GOP has also said that under their new plan – a family of four earning on or about $59,000 would save about $1182 in taxes.

We need to get thinking!

This sounds good but what does it actually mean? No one from the GOP is telling and there lies the confusion. There is also the potential that phase-outs of certain benefits might be a sign that those taxes could grow sometime in the future.

What I will not support is legislation that will harm my family and I and the other families like my own.

There is a lot of talk from President Trump about "tax breaks" and the "creation of more jobs," and I guess that this sounds good – on paper. What I am concerned with is how it will be executed. Thus far, the GOP has "talked a good talk" but have failed in their efforts to put their words into action.

There has also been talk that this new tax bill was designed to be a win for the wealthiest 1%. I am not sure how much of that I believe, what I will say is that we will all just have to play the waiting game and see what actually happens if and when comes to pass.