The new Republican tax cuts act was passed today, and as is being reported, will cut out trillion of dollars in tax loopholes from the country’s 1%.
From Conservative Post:
Republican #TaxCutsandJobsAct eliminates $4 trillion in loopholes for wealthy
– NO deduction for Member of Congress living expenses
– NO deduction for local lobbying expenses
– NO corporate deduct for expensive meals, entertainment
– NO deduction for excess executive compensation
Do you think this is a good thing, or will these tax breaks inspire the nation’s wealthy to find new, “sneakier” ways to hide their money?