Paul Ryan and his Republicans managed to pass the tax bill today. But their post-vote celebration may be too early because it still has get by the Senate with a narrow margin of only 2 votes.
No matter what you’ve heard about lower tax rates (or no taxes at all), don’t believe that these guys are really working for you, because they’re not. This bill, if passed by both Houses and signed into law by Trump, will benefit the super rich only!
While tax rate cuts for the super rich remain permanent, forever, the rate cuts for everyone else phase out within a few years. In addition, in order to benefit the rich, the House bill eliminates deductions for mortgage interest and tuition interest. It also stops deductions for teachers who use their own money to purchase school supplies for their classes. And if your employer pays your school tuition for you, you will taxed as income for that amount.
The Senate can only lose 2 votes. I hope the Senate does its job for the American people, not the special interests, and votes this bill down.
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