Trump’s 2017 Tax Reform With Benefits Saved?

Lost in the campaign was the Trump tax cuts soon set to expire if Harris & Dems had won, but the WSJ reminds us now that the “Republican Tax-Cut Gamble … Is About to Pay Off” for Harris’s “middle class” as well as Trump’s billionaires.

Recall how the massive 2017 tax cuts were made possible by GOP’s short-lived control of the White House & Congress. True, the corporate tax rate was slashed from 35% (highest in the world) to 21%, and many of the Swamp’s stifling regulations were defanged. But, often ignored by opposition propaganda was the several key tax cuts or benefits to individuals: A higher standard deduction for all, lower tax rates for most, a bigger child tax credit, a larger estate tax exemption and even a 20% deduction for some closely held businesses. The result? An economic boom for business and ordinary citizens alike.

As the WSJ coverage noted, not only are Harris’s proposed tax hikes unlikely because of her defeat and the GOP’s flipping control of the Senate while still maintaining a slim majority in the House, but the “2017 tax reform with benefits” is much more likely to be extended before they expire next year. As the paper said, “House Republican leaders have been saying they would aim to move a [extending] tax bill within the first 100 days of the new Congress starting in January … IF the party controls Washington.” That, of course, is still no sure thing as several Congressional elections are still too close to call. Yet, having retaken the Presidency and Senate at least puts the GOP in the strongest negotiating position it’s had in a long time.

Davd Soul