Tax Bill Charts Course To Fiscal Conservatism

[Norman]

The biggest long term win of Trump's tax reform bill is that it charts a course away from personal debt and towards fiscal conservatism.

With most of the tax deductions related to personal debt lowered, capped, or eliminated over 90% of the people are now expected to take the standard deduction ($12,000/$24,000). If you are taking the standard deduction the government incentive for people to go into debt up to their eyeballs just vaporized.

Only the wealthy will benefit from itemizing. The bill punishes workers for having debt but retains the advantages for the wealthy. It would not be a bad thing, possibly, to punish personal debt, but there's no way to avoid the gop is redistributing wealth by increasing public debt to finance a bill benefiting primarily upper earners.

Poor thing...