Tax Bill

[Aseahawkfan]

This tax bill is the nicest to the middle, working class, and old I've seen in ages. No tax on overtime. No tax on tips. No tax on social security. Sheesh. Never seen tax breaks like this for working people.

We'll see what the hits are to Medicare/Medicaid. Those are some crazy tax cuts if they pass. Going to be more people working overtime now I would imagine. I work a lot of overtime in a year. I can't say this will make me too unhappy to pay less in taxes.

[c_hawkbob]

Nothing you just wrote is accurate.

[Aseahawkfan]

Nothing you just wrote is accurate.

It isn't passed yet, but not sure what you mean by not accurate. With the current bill, overtime pay will not count against taxable income at the end of the year. Tips the same. So it will count as a tax break at the end of the year, which will reduce taxable income by a substantial amount leading to lower paid taxes and larger tax returns.

But we'll wait until the bill passes to see if it as I said: one of the biggest tax benefits to the middle and working class in decades.

In its current form, it's huge for hourly workers and tip workers.

Not so great for clean energy industry.

It's great for the rich and great for big oil.

Very good for senior citizens on social security, though as Riverdog pointed out they will have to figure out how to keep social security funded.

Terrible for the deficit.

Terrible for people people on Medicaid or other government welfare systems.

As far as your statement, I'll see what the final bill looks like and analyze what's in it, not what either mouthpiece for a political party says is in it.