Quote:
Originally Posted by Jim in CT
If the GOP plan passes this year, would it apply to the 2017 tax returns?
If so, and if the GOP's claims about savings prove to be false, they will get rightfully creamed in the 18 midterms. Creamed.
If the GOP plan does in fact put a few more bucks in the pockets of the middle class (and if the stock market takes off and wages go up), the GOP will clobber the Dems in the midterms.
High stakes game here.
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No, the 2017 law is already set.
The tax benefit to the Middle Class is minimal. The real recipients are the super wealthy and corporations who will, if history is any guide, use the savings to buy back stocks and increase dividends.
Companies in the US area already sitting on over 2 trillion in cash with another 2.5 trillion overseas. A lack of funds isn't inhibiting domestic growth.
You're not going to see much economic impact from this plan if it passes. Many think the market is already overvalued and the idea that more free cash will lead to wage growth is silly. Companies pay based on perceived value, not available money to spend.