#1 – Does it remove / reduce the Estate Tax?
If it does, it is a bad deal. The purpose of the Estate Tax is to prevent the wealthy from sheltering their wealth, passing it on from generation to generation free from taxes. Free market best practices approve of this type of tax because the ability of the powerful to produce generations of family wealth thwarts competition.
#2 – Does it reduce taxes on ‘small businesses’ that either have only 1 employee or that by their nature will never create more jobs?
The vast majority of small businesses are set up for professionals to avoid taxes. If their taxes are reduced, no jobs will ever be created. If this deal reduces the taxes on this type of business, that break largely goes to the wealthy and won’t create one single new job.
#3 – Does it remove the additional Medicare tax that was part of the ACA?
If it does, passing the bill will cripple Medicare. Part of the ACA had those that earned income outside of payroll or self-employed income pay into Medicare often for the 1st time. This loophole being closed not only strengthened Medicare it removed the entitlement that the top 1% received by getting Medicare benefits without paying a % of their income as the rest of us do.
#4 – Does it mess with the deductions for Health Care Insurance, claiming this is a major ‘loophole’?
If it does, it will dramatically increase the cost of employer-supplied health care insurance – impacting the bottom 99% the most. It increases the cost of providing health care because it subjects the money used to pay health premiums to social security and
Medicare taxes. This means you will have to spend more to get the SAME health insurance you have now.
#5 – Does it lower / reduce the tax rate on the top income level?
If it does, it will reduce the ability of our government to fund government services and pay its bills – including any current debt. It also will NOT create jobs or increase consumer demand in any way that will produce jobs. Once you earn a certain level of income, you are already buying each year what you need. If you get more money, you are not likely to spend it.
#6 – Does it leave the lowest tax rate unchanged?
IF it does, it misses the largest opportunity to stimulate economic growth. Any tax applied to people who make below the poverty level reduces their capacity to fund their survival. If there is no tax relief for those at the bottom of the tax rates, then the opportunity to really impact economic growth is lost. So is the opportunity to reduce demand for government programs.