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The Republican tax reform bill — as welcome as it might be — is similar to the Affordable Care Act in one way.
It will take time to realize its effects.
The U.S. House of Representatives passed the bill on Tuesday, but will revote on Wednesday due to technical changes in the bill. The bill went to the Senate on Tuesday, as well, and President Trump is waiting eagerly for his opportunity to sign it as a sort of “Christmas gift” to taxpayers.
The bill is being sold as tax relief for middle-class Americans and small-to-medium businesses. It removes a penalty for failing to buy health insurance, which appeared — much to taxpayers’ dismay — in the ACA.
Most souls favor decreased taxes. If the GOP’s bill proves itself satisfactory to taxpayers over the next few months, then Democrats will wish they had signed on come the 2018 election cycle.
Truth be told, both parties should be working on easing the tax burden.
But, if the reform hurts instead of helps taxpayers, and doesn’t encourage the economy, elections will more easily fall to the Democrats.
As the saying goes, the proof will be in the pudding — whatever the pudding looks like in about 10 months.
Of course, Republicans can continue to address taxes in the coming year. This bill doesn’t need to be the last word on the topic, nor should it be.
Even the GOP notes the tax reform bill isn’t all comprehensive. Other bills could follow.
This is a topic the GOP and the president — Democrats, too, for that matter — should zero in on frequently to ensure that the government isn’t hamstringing taxpayers. The side effect of government tax restraint is a healthy economy.
One way or another, this latest GOP tax reform bill will affect it. Taxpayers will know in time.