Comment by jweir
6 months ago
We are small and so have been on a hiring freeze since 2022. I’d like to hire but the upfront cost is high.
For those around when this went into effect many business owners were surprised. Our accountants told us they seriously thought congress would fix this before it went into effect.
... they did that because that's exactly how Trump presented the change. The article points that out: this change was an attempt to lie to the congressional budget office, not intended to be an actual tax change.
And then it suddenly was an actual tax change.
Like so many Trump actions: "oops".
[flagged]
Often the way this works is that some time bomb is added to the tax code so that forecasts for future tax revenue will be higher (justifying more spending in the short term) and congress then needs to remember to remove the time bomb before it blows up. So it isn’t that uncommon for these things to be reverted.
Everyone knows it’s a time bomb but the only way we can get an omnibus funding bill through Congress is reconciliation. That’s how our government has been functioning since like 1980 and almost nothing has been “reverted” since then except for the time bombs required to get through the reconciliation process.
Or in this case, not justifying extra spending, but justifying extra tax cuts for incomes above a half million dollars per year, inheritances of more than 5 million dollars, corporate profits, private jet flights, and a variety of other special tax cuts, mostly aimed at wealthy GOP donors.
It's actually not uncommon for something stupid to make it to the official tax code and then get reverted. They knew the history.
Get a better government.
Get better citizens.
22 replies →