United States – U.S.Tax Legislation

December 21, 2017

United States – U.S.Tax Legislation

Padmini Arhant

Congratulations! On the tax legislation regarded a major overhaul by Republican Congress and administration under President Donald Trump.

As stated earlier on this website on the topic shifting tax burden from the wealthiest to middle class and lower income is not a viable option.  Such maneuvers are always unsustainable as proved in previous administration’s health care reform.

The repeal of mandatory health insurance subscription tied to penalty is a fair measure considering there were no equal requirements and obligations on health insurers despite them granted 35 million additional subscribers through Affordable Care Act aka Obamacare.

The health care industry exponential costs and health insurance conpanies consistent declining of non and minimal invasive treatments essential to patients living normal life stated as experimental course ignoring FDA approval are the norm prioritizing profitability over patient care. Such responses are typically evasive on insurers part rejecting  responsibility and market choice.

The recently passed tax law taxing social security benefits, retirement accounts like 401K and IRA, interests on savings deposits affect ordinary citizens dependent on life savings as financial security. Again the legislation targeting overwhelming majority as tax revenue base would impact consumer spending ultimately hurting retail businesses and upward in the economy,

The generous tax breaks to Corporations and 1% wealthy members in society perhaps offered as tax incentives in creating jobs and the latter to detain capital flight. Unfortunately these actions in the past by earlier administrations both Republican and Democrat in extending Bush tax cuts to these two categories have not deterrred companies from moving jobs overseas and the wealthiest  in expanding offshore investments for self and vested interests.

In case there are any changes anticipated which are seriously doubtful given the trajectory conforming to global economy concept, the results will be reflected in the economy especially the gap between haves and have nots either remaining the same or worsening in some demography.

Tax restructuring was necessary and long overdue. However, not to disproportionate benefits of the rich class and against the average population and middle income groups primarily stimulating cash flow and credit opportunities as first home buyers, home improvements, auto loan and student loan applicants in the economy.

The tax breaks to working families allowing full deductions on property tax rather than capping limits up to $10,000 including other state and local taxes leave ordinary citizens with meager net disposable amount and direct effects on their buying power as mainstream consumers in market place.

Anytime major corporations and 1% are favored the most which has been the trend thus far with any administration and political party in control of Congress, the candidacy promise to them as campaign financiers are duly fulfilled without reciprocation from them exacerbating mainstream plight not to mention the increase in national deficit.

Anything otherwise in this context would be significant and a pleasant surprise which would be verified with passage of time and mainstreet reality.

The individuals on single income or for that matter families deserving tax relief are regular taxpayers unlike the top 1% and big corporations finding ways to evade taxes with profits and assets in tax havens due to different standards in society exempting them from fair share of taxes in return for enormous gains they have at ordinary and average citizens’ expense.

The prospects and drawbacks of any legislation lies in alleviating economic and social inequality. The latest tax legislation upon meeting expectations among citizens across the spectrum would then be a national goal.

Thank you.

Padmini Arhant 

Author & Presenter PadminiArhant.com

Spouse in Divine Mission 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Written by Padmini Arhant · Filed Under Featured, United States 

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