Everything You Need to Know About the GOP Tax Cut Plan

Rush: The Republican leadership gathered in the Capitol today, and they had their big press conference and their rollout of the tax plan. And the highlights of the tax plan are thus. They’re gonna change the rates. We’re gonna go from — one, two, three, four — five rates to three rates, essentially. And it looks like the 39.6 rate that currently exists for the top 1% will stay, and it will remain the top rate, but there is a pretty significant change in the other rates.

There’s also gonna be some modification made in the home mortgage deduction. The corporate rate — and it’s not gonna be phased in from what I understand. They’re gonna slash this thing from 35 to 20%. Now, that one bit of news is what is fueling … Democrat activist … They are all over TV claiming, “This is a tax cut for the rich. This is a tax cut for the wealthy. This is obscene. This is outrageous. …

The same predictable, formulaic response to tax cuts that the Democrats offer no matter what. The other response that they’re offering is, “How are we going to pay for this? If we’re gonna let people keep more of their money, that’s going to raise the national debt.”

Now, you start talking about taxes and it’s easy to lose people because there’s numbers involved and I think taxes, tax tables, tax codes, tax policy, it’s tough to follow even if you’re reading about it, much less hearing about it. But the elimination of deducting state and local taxes you live in New York, you live in California, that is a chunk of change that you can no longer deduct. But more than that, it’s going to put a crimp in the state governments of those blue states as well. Now, people in Florida, people in Texas, people in Kentucky, we don’t get this tax break because we don’t pay state and local taxes, so we don’t have a deduction for those anyway.

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