As everyone looks through new tax bill, will share some gems along the way. On the Hill today so picking up a few things if interested.1/
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Here's a gem. Bill allows you to buy a 529 (college savings) plan. For your UNBORN child. Yep, the tax code will define our species.2/pic.twitter.com/R5IzgEag8o
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OB/Gyns, will not only be asked to lecture women about their bodies, but be able to expand their practice 2 be a tax auditor. No thanks. 3/
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One might pffer the suggestion they that they might want to first deal with actual human kids and pass CHIP.
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Proposed bill eliminates medical expense deduction. People who need this deduction are those w significant ongoing or unplanned illnesses.5/
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Bill is consistent w ACA repeal approach of isolating sicker so as to not burden the rest (in this case 2 pay 4 a bigger standard deduct.)6/
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(Sorry for delays if you are following live. As I continue to have convos, I will use this thread to update. In the middle of those,..)
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Another problem with the tax bill out of the gate that Americans hate is same one as ACA repeal. No hearings, no bipart. All backroom. 7/
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Unfortunately for the majority, ordinary Americans aren't the only ones . . .
8/https://twitter.com/sahilkapur/status/912744474857615360 …Show this thread -
The tax plan is unlikely to have fans among millennials. 9/https://twitter.com/benwikler/status/926087569170927616 …
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Bill is not popular w small biz, providing more benefits to bigger corporations & those with big estates/assets.10/http://thehill.com/policy/finance/358444-small-business-lobby-opposed-to-gop-tax-bill …
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Good tip 4 future: If you're going 2 market your bill as good for economy, don't have real estate, h care & small biz against it Day 1. /11
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Not to mention: farmers, schools, cities, labor, energy providers, religious groups, non-profits.... 12/https://blogs.wsj.com/washwire/2017/11/02/industry-reacts-to-republican-tax-reform-bill/ …
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...On other hand bill is great for those who already have or are inheriting substantial assets. All of this is before Care/caid cuts.13/
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Tax bill has clauses harmful 4 ppl w disabilities & ppl receiving alimony. Hiring ppl w disabilities & alimony both no longer deductible.14/
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New conversation -
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also 529's are a horrible predatory product that doubles as a tax shelter for the rich
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Rather see the $ in Pell Grants
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we can be buddies over how problematic 529s are. Remember when Obama floated Reform?
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At any stage of development? I have unfertilized eggs that I'd like to put money aside for, this will reduce my taxable income, yes?
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Yeah this is where the code can be abused. This would eliminate probate when no living heirs are present.
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Shhh, you'll upset my eggs.
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"The eggs are getting restless..."
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They've requested cookies.
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"Wouldn't you rather have peace of mind, knowing that your college costs have been provided for?" "NO, COOKIES"
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Tried it. Didn't work. Now eating cookies. Still want college costs covered. All several hundred of them.
End of conversation
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