On Tuesday, December 19, House Speaker
Paul Ryan (R-WI) boasted in a WSJ op-ed (see below) of the
wonders GOP tax bill will bring. (What is the Hogwarts spell
for something out of less than nothing, I wonder?)
As Dorothy Parker put it:
Oh, life is a
glorious cycle of song,
a medley of extemporanea,
And love is a
thing that can never go wrong,
and I am Marie of Romania.
We at TCCDD plan to grade the Speaker
on the accuracy of his predictions. But that is for the future. (If
there is a future.) Meanwhile, for we know the world can surprise
even a House Speaker, our coda:
[once again, with apologies to Messrs.
Rodgers and Hammerstein.]
Rainbows on
kittens, a roomful of unicorns,
Protestant virgins in Catholic school uniforms,
to live in a land
where Ayn Rand still survives
and I alone rule
how you live your lives
I'll lower forever
corporate taxes,
I'll call a halt
to disapproved sexes
and put an end to
any debate
when I declare us
a one party state
Girls in white
dresses — no wait that's covered.
Voter ID laws
assure Dems get smothered
in future
elections where voters are few,
very rich
Christians and maybe a Jew
If the real world
disappoints me
if it makes me sad
I'll simply have a
quick heart attack
and I'll die young
like my dad
THE WALL STREET JOURNAL.
Tax Reform Means Your
Paycheck Will Grow
So will the economy, as the bill brings
U.S. corporate taxes in line with the developed-world norm.
By Paul Ryan
Dec. 19, 2017 7:02 p.m. ET
 |
| Paul Ryan (R-WI) |
The Tax Cuts and Jobs Act, which the
House passed Tuesday, represents the biggest advancement for growth
and opportunity in recent memory. It provides real relief to
middle-income families and realizes policy goals conservatives have
sought for decades.
The centerpiece of the bill is the most
sweeping pro-growth reform of our tax code since the Reagan
era—perhaps ever. Once President Trump signs it into law it will
deliver more jobs, fairer taxes and bigger paychecks for Americans
from all walks of life.
This is about helping a middle class
that has been squeezed by a tax code that is expensive, complicated
and skewed toward special interests. Nearly 8 in 10 Americans live
paycheck-to-paycheck; nearly half say a $500 surprise bill or
emergency would put them in debt.
Taxpayers will get significant relief
soon. A family of four earning the median income of $73,000 can
expect a $2,059 tax cut. The Internal Revenue Service has announced
that it will adjust its withholding tables as soon as February. With
less money withheld, paychecks will be bigger in a matter of weeks.
The bill significantly increases the
standard deduction, nearly doubling the amount you can earn
completely tax-free. It also makes taxes simpler, so that nearly 9 in
10 Americans will be able to file their taxes on a form the size of a
postcard.
Middle-income families will benefit
from the doubling of the child tax credit to $2,000 a child. The
expansion of 529 college-savings plans to elementary and secondary
education means more Americans will be able to invest in their
children’s futures.
This bill will also create jobs and
drive up wages. It cuts the highest corporate tax rate in the
industrialized world from 35% down to 21%, below the developed-nation
average. This will make American companies more competitive. By
driving economic competitiveness, lowering the cost of capital, and
moving to a territorial system like most other countries, America
will once again become the best place in the world to invest and
build a business. Jobs and capital will return from overseas, leading
to more demand for labor, higher wages and bigger paychecks.
Relief is also coming for the small
businesses that are at the heart of the economy. A new provision will
enable job creators on Main Street to deduct 20% of their income.
Small businesses will also be able to write off immediately the full
cost of new equipment, giving them an incentive to expand and hire
more workers.
The bottom line is that this bill will
help you earn more and keep more of what you earn. But that is not
all. The Tax Cuts and Jobs Act achieves a historic trifecta of
conservative policy goals. In addition to tax reform, the bill
eliminates the ObamaCare individual mandate penalty, the linchpin of
the health-care law, which forces people either to buy insurance or
pay a tax. And for the first time, we will open up the Arctic
National Wildlife Refuge for energy exploration and development, so
we can harness these natural resources.
After years of stagnation and division,
we are firmly and finally choosing the path of growth. These ideas
will pave the way for an economic renaissance, as Americans once
again feel confident in their future, and the country’s too.
Economic growth will not solve all our problems, but it will make our
problems much easier to solve.
Moments like this come along once in a
generation. This is conservative reform at its best: applying our
founding principles of liberty, limited government and free markets
to the most pressing challenge of the day. We are delivering relief
to those who have struggled for too long under an antiquated system.
And we are keeping our promise to the American people by giving them
the tax cut—and tax code—they need and deserve.
Mr. Ryan is speaker of the House.
Appeared in the December 20, 2017,
print edition.
[reprinted entirely without permission]
[updated: 12/20/2017, 7:17 pm]
