Associated Press writers Andrew Taylor and Richard Lardner in Washington and Scott Bauer Milwaukee contributed to Saturday morning’s report of tax law vote. They said, “Republicans muscled the largest tax overhaul in 30 years through the Senate early Saturday, taking a big step toward giving President Donald Trump his first major legislative triumph after months of false starts and frustration on other fronts.” As a Certified Public Accountant, I am not so sure the victory will produce the results most taxpayers wanted. “Just what the country needs to get growing again,” Senate Majority Leader Mitch McConnell, R-Ky., said in an interview after a final burst of negotiation closed in on a nearly $1.5 trillion package that impacts the breadth of American society. Is this really a “tax cure” for what ails us? It seems that the new tax package gives and immediately erodes the tax savings for many.
Though I have not read the 500+ pages of the bill, I have listened carefully to the discussions presented by both sides of the issue. I am a conservative American. I am not bound by either Party. And, I know my opinion is worth just what you would pay for it—nothing. However, as a tax preparer for 45 years, I cringe at the thought of a legion of changes that will, in my opinion, not be equally redeeming for all. The president thanked the Senate and the House Republicans for their monumental task. Indeed the task has monopolized the agendas of Congress for months. I think the arduous task could have been streamlined as I indicated in my article last week. Reminder: Just adjust the top tax rate for all and leave the remainder of the law un- touched. If the new tax law, when finally ratified, discloses the obvious misalignment of tax application, there will be enough “egg on faces” to cover Washington, D.C. I have sent messages to our senators, Lamar Alexander and Bob Corker and I have sent the message to the President. It will be interesting to see if my contribution to their thought will bring change.
The vote was not a land slide–51-49. The one hold out was Senator Bob Corker of Tennessee. (Thank you, Brother Bob.) It was reported that he “was the only lawmaker to cross party lines, joining the Democrats in opposition.” I do not agree with that statement. I believe he is the only Republican who stood up for the American public, without regard to party lines. That took a lot of nerve and dedication.
The Associated Press writers wrote, “Republicans said the package would benefit people of all incomes and ignite the economy. Even an official projection of a $1 trillion, 10-year flood of deeper budget deficits couldn’t dissuade GOP senators from rallying behind the bill.” Bob Corker voted no, having made a courageous stand against the magnanimous increase to the already giant deficit. There is a better way to reduce the deficit; stop wasting money.
The Associated Press writers wrote, “The Republican-led House approved a similar bill last month in what has been a stunningly quick trip through Congress for complex legislation. Democrats derided the hastily written, scribbles-in-the-margin crafting of the bill in the final hours Friday night.” Have you ever heard that “haste makes waste?” Perhaps the House should have heeded the deluge of emails and letters that indicated the wishes of the American populous. Remember, those same people are the constituents who vote.
The first three quarters of the year were consumed with the repeal of “Obama Care” to no avail. It lives on. While we all know there is a real need for medical and health care, I am not yet convinced that it is a requirement of government to provide it. I heard some horror stories from people who lived in Canada. They touted the “free” or “near free” medical care provided by the Canadian government. But the downside was the delay in receiving such care. Some people waited weeks or months to see a doctor. Some never saw the doctor and when the appointment was finally granted to some, the people had died. Socialism is very expensive and history proves it is not acceptable .
Will this bill and subsequent passage of new tax law be fair to all American citizens? In my opinion, No! Let your voice be heard. Contact members of Congress. Tell the President how you feel. One of the most treasured freedoms in America is the freedom to have an independent and sometimes apposing idea
Count on it, when the dust settles and the changes to the tax law are ratified, I plan to show a comparative calculation of tax using the old tax code and comparing it to the new. Watch for it!
The opinions expressed in this article are those of James C. Wilson, Jr., MBA, CPA ,CFE and do not necessarily reflect the opinions of GCA News.
For more information, call Wilson & Wilson, PC, CPA, CFE at 615-673-1330 or email jim@ wilsonandwilsoncpa.com