Suckered

The Republicans just passed their Tax Bill...America just got suckered!

An estimated 13 million Americans are projected to lose health insurance.

Commuters will no longer receive a perk that has saved them money.

Some residents of high-tax states like New York, New Jersey and California will pay more in taxes.

And more than half of American households could face tax hikes in coming years. That's because their new tax breaks are set to expire after 2025. And their taxes could creep up because the IRS has been directed to use a less generous gauge of inflation in adjusting tax brackets.

Republican lawmakers have sold their far-reaching legislation as benefiting everyone in the long run because, they argue, it will speed up economic growth. But most economists say that any boost in growth would be modest in the long term. And most argue that at least some of the tax benefits will be undermined by the much higher budget deficits that help pay for them.

Here is a list of the losers, now that this Tax Bill has been signed.-


THE UNINSURED
The tax bill removes a penalty that was charged to people without health insurance as required by Obama's 2010 health insurance law as a way to hold costs down for everyone. By eliminating this mandate, the tax bill will likely deprive 13 million people of insurance, according to estimates by the Congressional Budget Office.
The repeal of the health insurance mandate will help preserve revenue to pay for the tax cuts. The government would no longer have to subsidize as many low-income people receiving insurance. This change would generate $314.1 billion over 10 years, according to the Joint Committee on Taxation.
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COMMUTERS
It could get more expensive to ride the subway or park your car near work. Employers would no longer be able to deduct from their taxes the cost of providing parking or transit passes worth up to $255 a month to workers. Bicycle commuters would also lose their benefit from companies.
Technically, companies could still offer this benefit. But under the tax bill, they will lose the financial incentive to do so. Such a change could have the effect of reducing ridership on public transit and possibly increase costs for riders on rail and bus systems.
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HOMEOWNERS IN HIGH-TAX STATES
The bill imposes a $10,000 cap on taxpayers who deduct their state, local and property taxes — and the cap isn't adjusted for inflation. Currently, there is no limit on how much in state and local taxes you can deduct. Some Republican lawmakers in such high-tax states such as California and New York voted against the bill because their constituents' taxes could increase as a result of the provision, but the measure still passed.
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TAXPAYERS AFTER 2025
Most Americans would receive tax cuts initially. But the lower rates and a host of other benefits would expire after 2025. This effectively sets up an $83 billion tax hike for many millions of Americans in 2027. More than half of taxpayers would pay more in taxes that year, according to the nonpartisan Tax Policy Center.

What's more, people's taxes could continue to creep up because the plan will adjust the tax brackets at a less generous measure of inflation than it formerly did. The slower indexing for inflation amounts to a $400 billion tax hike between 2028 and 2037 that would help finance the lower corporate rates, Lily Batchelder, a New York University law professor and former Obama White House adviser, observed on Twitter.

Congress could decide years from now to extend the lower tax rates. But doing so would increase the deficit far more than the $1.5 trillion now being estimated by Congress' Joint Committee on Taxation.

AMERICA!!  YOU GOT SUCKERED!  

There is a cost to elections....You elected this incompetant clown who has no business in any public office and you're going to pay for it...

The shame of this is...A number of you won't even realize it!