Rubio: Tax Bill went too far

[_Kevin Graham]

He actually said this.

Went too far in helping corporations.

[_EAllusion]

Marco Rubio stories make more sense when you realize he's actually a rare species of jellyfish.

[_subgenius]

I don't live in Florida, so Rubio's comments are not applicable to me.

[_canpakes]

I don't live in Florida, so Rubio's comments are not applicable to me.

Or, “I’m not a corporation, so Rubio’s comments are not applicable to me”.

Or perhaps you live in a state with no corporations.

[_Kevin Graham]

Apparently not everyone will end up getting a tax cut because their attempts to "simplify" the code led to them adding yet more complications.

How Might the New Tax Reform Law Affect Families?

Bottom Line

As this hypothetical example shows, the TCJA won’t cut taxes for everyone. Here, the Smiths would end up owing an extra $891.50 in taxes for 2018 under the new law, compared to what they will owe for 2017 under the old law. Even though their effective tax rate is reduced, the new law eliminates or limits some key tax breaks for this family and results in a higher tax bill.

The only folks guaranteed to see a smaller tax burden are the really wealthy and corporations.

[_Brackite]

The only folks guaranteed to see a smaller tax burden are the really wealthy and corporations.

What about the expansion of the Child Tax Credit that Rubio made sure that it got put in the bill?? The Smith's children from that situation are over 17.

How would the situation differ if the Smiths’ children were under 17? In that case, the couple’s tax bill would have been reduced by $4,000 in child tax credits, and they would be better off under the new law. That is, their 2018 tax liability would be $24,069 — $2,108.50 less than they will owe for 2017.