Now that the Big Beautiful Bill is the law of the land and has been signed by President Trump, I would like to look to the future and share some insights on important topics and outcomes.
I'm curious how the public perception of "no tax on tips" will play out when people realize their still paying taxes throughout the year. Telling people to "wait for your return" will be frustrating for a lot of people who need help now, and then see that their end-of-year return isn't all that different from previous years.
I just saw a video interview with Arthur Laffer, an old Reagan economist and current advisor to Mr. Trump, who loves the BBB. He says it will lead to 4-5% growth and debt reduction -- he says that the CBO models that show Reagan's tax cuts led to higher deficits were flawed. It's useful to see someone who is a trained economist who sincerely supports this side of the argument, just to see what they have to say. Unfortunately it was an interview, so there was no evidence for anything, so I emerged a little bit more convinced about Hannah Arendt's general point that "When truth is no longer valued, society loses its ability to think critically. Those who cannot distinguish fact from fiction soon cannot tell right from wrong—and such a society becomes vulnerable to control." But what we are experiencing now is more of a battle between conflicting versions of reality. Instead of truth not being valued, we see two different versions of truth, both strongly held, and with increasing amounts of evidence produced by partisan think-tanks to back each point of view.
Taxes are tricky. When the jobs act first passed in 2017 I went from breaking even to owing every year. The ironic part is I only made a extra 80 dollars a month and started owing half back out. Taxes are tricky and these cuts will barely make a difference for me. Great article. I know this bill is a lot to digest.
I'm curious how the public perception of "no tax on tips" will play out when people realize their still paying taxes throughout the year. Telling people to "wait for your return" will be frustrating for a lot of people who need help now, and then see that their end-of-year return isn't all that different from previous years.
I just saw a video interview with Arthur Laffer, an old Reagan economist and current advisor to Mr. Trump, who loves the BBB. He says it will lead to 4-5% growth and debt reduction -- he says that the CBO models that show Reagan's tax cuts led to higher deficits were flawed. It's useful to see someone who is a trained economist who sincerely supports this side of the argument, just to see what they have to say. Unfortunately it was an interview, so there was no evidence for anything, so I emerged a little bit more convinced about Hannah Arendt's general point that "When truth is no longer valued, society loses its ability to think critically. Those who cannot distinguish fact from fiction soon cannot tell right from wrong—and such a society becomes vulnerable to control." But what we are experiencing now is more of a battle between conflicting versions of reality. Instead of truth not being valued, we see two different versions of truth, both strongly held, and with increasing amounts of evidence produced by partisan think-tanks to back each point of view.
Taxes are tricky. When the jobs act first passed in 2017 I went from breaking even to owing every year. The ironic part is I only made a extra 80 dollars a month and started owing half back out. Taxes are tricky and these cuts will barely make a difference for me. Great article. I know this bill is a lot to digest.