The Great One, Mark Levin weighed in on the House tax bill, and he said he pretty much supports the corporate facets of the legislation, but was very disappointed on the individual tax side.
Watch below:
Here’s what he said:
“But on the individual side – that’s the corporate taxes – but on the individual federal income tax side of the ledger, it’s a mess. It’s an absolute mess.
“They should have just cut the rates across the board, even modest rate cuts across the board. Just cut them across the board.
“Now we’re gonna have a new extra rate for millionaires. ‘Yeah! We gotta get ‘em. Get ‘em! Get ‘em! Get the, get the bourgeois. Get the bourgeois. Let’s get the forks. Let’s go get ‘em.’
“Is that what you want for your Republicans, your employer to be taxed so heavily that he or she can’t expand, that he or she can’t pay bonuses, that he or she has to lay people off. It’s ridiculous!
“Business equipment on the corporate side, business equipment expenditures would be able to be taken all at once under the House plan rather than amortized.
“Now, for the individual side: ‘Items among the plans,’ this is according to Fortune Magazine, ‘Items among the plan’s highlights include reducing the tax brackets from seven to four and raising the lowest rate from 10% to 12%. The standard deduction would also double, and personal exemptions would be eliminated. In addition, many popular deductions would be eliminated, including those for medical expenses, mortgage interest, and state and local income taxes.
“‘On the business side … state and local taxes would still be deductible.’
“Now think about that. According to this article, ‘On the business side … state and local taxes would still be deductible.’
“On the individual side, when you fill out your tax return, state and local income taxes would not be deductible. What’s that all about? Isn’t that the stupidest thing in the world?
“So now it goes to the Senate – the second stupidest body in the world. So, we’ll see what they’re up to.
“My own view is: slash the corporate rates and leave the rest of us alone because these people are screw-ups. They’re screw-ups. That’s what they are.
“Well, but it passed, and we’ll see what the Senate does with it. I don’t trust those guys. I really don’t.”
We’ll see what happens on the Senate side… I just don’t see body that couldn’t pass Obamacare repeal on it’s own figure out how to do it in a tax bill….