House Set To Vote Today On New Tax Reform; Trump Asks If UCLA Players Will Thank Him

Later today, the U.S. House of Representatives will vote on new tax cut legislation, the Tax Cuts and Jobs Act, that roughly doubles the standard deduction, lowers the corporate tax rate to 20 percent from 35 percent, and reduces the tax rate on small business income to 25 percent while increasing the federal deficit by approximately $ 1.5 trillion from 2018-2027, not including macroeconomic effects.

President Trump tweeted last night after writing a series of rants on Twitter, criticizing the “Failing” New York Times over its foreign policy coverage,

“Big vote tomorrow in the House. Tax cuts are getting close!”

Ways and Means Tax Policy Subcommittee Chairman Peter Roskam spoke positively about the tax reform legislation in a statement,

“We’re the biggest, best economy in the world, and it’s time we acted like it. This is transformational….Let’s not defend the status quo. Let’s move forward and let’s transform this economy.”

Rep. Dave Reichert (R-Washington), an original co-sponsor of the legislation, said about the Tax Cuts and Jobs Act, “This plan will change lives, energize our country, and get our economy booming again.”

House Minority Leader Nancy Pelosi (D-California) tweeted on Wednesday that the Senate Finance Committee just rejected House Speaker Ryan’s “GOPTAXSCAM” in a 26-0 vote and said that he’s still asking House GOP to “walk the plank” concerning the upcoming vote today.

“The Senate Finance Committee just rejected @SpeakerRyan’s #GOPTaxScam in a 26-0 vote. And he’s *still* asking @HouseGOP to walk the plank.”

Pelosi followed up with an explosive tweet criticizing the GOP House inspired tax reform:

“Lowlights from the : Pro-middle class personal exemptions 💥REPEALED💥 Student Loan Interest Deduction 💥ELIMINATED💥 State & Local Tax Deduction 💥GUTTED💥 Companies outsourcing US jobs 🎈GET TAX BREAK🎈

Trump Questions If UCLA Players Will Thank Him For Intervening On Their Behalf In China

President Trump took recent credit for rescuing 3 UCLA basketball players from serving lenghty jail time in China over a shoplifting incident and questioned if the players will say thank you to him.

“Do you think the three UCLA Basketball Players will say thank you President Trump? They were headed for 10 years in jail!”

In a 2nd tweet, President Trump already said “you’re welcome” for his rescue efforts and advised the 3 players to “give a big Thank You to President Xi Jinping” who made their release possible.

“To the three UCLA basketball players I say: You’re welcome, go out and give a big Thank You to President Xi Jinping of China who made your release possible and, HAVE A GREAT LIFE! Be careful, there are many pitfalls on the long and winding road of life!

Written and Edited By:

John Schweitzer

@SchweitzFinance

@Schweitz31

schweitz31@gmail.com

 

About Johnathan Schweitzer 1585 Articles

Welcome to Schweitz Finance. I hope that my financial website will provide you with relevant market information to help you manage your investments with greater clarity and insight.

Contact: Website