A tax code nightmare for everyone but the rich and their corporations.
It’s exactly what you would expect from this Republican-held Congress:
A new tax plan that makes the middle class pay for tax cuts to corporations and the ultra rich.
How do they pay for it? By eliminating deductions for student loan interest payments and medical expenses, while capping mortgage interest deductions and eliminating the ability for working parents to put pre-tax money towards child care.
The end result?
- It will be more difficult for parents and their kids to pay for college.
- More difficult to pay your medical bills,
- More difficult to buy and sell homes.
- More difficult to work if you have small children.
But yes… if you’re in the upper 1%, or own a large corporation, this might be better for you. It’ll devastate the people that work for you, but you’ll be better off (even if you can’t sleep as well at night.)