The Tax Cuts and Jobs Act of 2017, which passed the United States Senate on December 2, and still needs Congressional approval before it becomes law—will reduce tax for lower and middle earners and mark the end of the hyper-capitalist Obamacare swindle which forced Americans to purchase private health care or face financial penalties payable to the state.
As detailed in a statement issued by US Senator Chuck Grassley (IA-R) the “passage of this bill is a historic moment for the entire country,” adding that it has been more than 30 years since Congress passed significant tax reform.
“This reform bill enacts across-the-board tax cuts, providing financial relief to middle-class and low-income earners who need it most.
“As just one example, an average family of four with two children would receive a $2,200 tax cut. Lowering taxes lets people decide how to spend more of their own money instead of Washington politicians.
“It would help working families struggling to make ends meet, allow farmers and small business owners to further expand and invest, and makes American jobs and workers more competitive globally.”
The bill also “gets rid of the unfair and regressive Obamacare individual mandate tax,” giving Americans the freedom “to make choices that work best for them instead of being forced by the federal government to purchase an unaffordable product they either don’t want or don’t need.”
As an example, Senator Grassley said that more than “52,000 Iowans in 2015 were required to pay the individual mandate tax, even though more than 80 percent of those who paid the tax made less than $50,000 a year. That’s a tax on working families, and I’m hopeful to see it gone.”
Other changes include a move to allow business owners to pay individual, not corporate, taxes on their profits by allowing deductions of 23 percent, up from 17.4 percent. In addition, people will be allowed to deduct up to $10,000 in property taxes.
The bill also increases a one-time tax on profits U.S.-based corporations are holding overseas and require firms to keep paying the business version of the alternative minimum tax.
The highest personal income tax rate will drop from 39.6 percent to 38.5 percent, and although deductions for state and local income taxes, moving expenses and other items would vanish, the standard deduction—used by most Americans—will double to $12,000 for individuals and $24,000 for couples, and the per-child tax credit would grow.
Grassley said the Senate passage of this legislation is “a victory for every income level and way of life, but there’s more work to be done. It now needs to be reconciled with the House-passed version.
“This is a once-in-a -generation opportunity to make lasting reforms to our broken and outdated tax code. I look forward to working with my House and Senate colleagues to draft a bicameral bill to be signed into law by the President.”
* While many Americans—and others around the world—have been led to believe that Obamacare is a form of socialized medical healthcare similar to, for example, Britain’s National Health Service (NHS), in fact it is nothing of the sort.
A socialized healthcare service as Britain has, is a complete medical service run by the state, including hospitals, clinics, administration, drug sourcing etc., all controlled directly by public bodies.
The NHS is also wholly funded by the state, through a combination of taxes and a special surcharge upon each citizen taken from something called a “National Insurance” contribution, which is calculated upon the gross earnings of every working individual who earns above £155 per week.
In the U.S. version, the medical services are still provided largely by privately-run hospitals, and all that Obamacare has done is obligate all working individuals to take out compulsory medical insurance—again with private companies—to pay for health services.
Obamacare is in fact, state-enforced capitalism, and bears no similarity to a socialized health service at all.
Refusal to take part in this state-enforced capitalism is currently punishable by fines and other penalties—and contributors are expected to cross-subsidize those who cannot afford to pay, such as “immigrants,” and illegal aliens.
As a result, premiums charged by these private companies have sky-rocketed—because they are out to make a profit.
As the unaffordability of the system becomes obvious, more and more of the health care insurers have dropped out of the market, leading to the inevitable crisis Obamacare now—predictably—faces.