Congress will probably fail on tax reform: Kennedy

By Tax Reform FOXBusiness

Tax reform has turned both houses of Congress against each other: Kennedy

FBN's Kennedy on why neither the Senate nor House tax plans will benefit the American people.

This whole tax reform ruse is becoming utter nonsense as the shell game shifting your taxes has turned both houses of Congress against each other.

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House Republicans have been furiously de-snagging their tax bill all day, huddled together like sweaty villains in the dank basement of despair.

Senate Republicans, never ones to miss an opportunity to fail, answered the challenge and threw a suitcase full of monkey wrenches into revenue collection by insisting on keeping the mortgage interest rate deduction at a million bucks, delaying the cut to the corporate tax rate by a year, and completely getting rid of state and local deductions.

According to the Tax Policy Center, some middle income earners will end up paying more in the end because the budget does nothing to constrain spending on critical areas like entitlements (which gobble up $2 trillion dollars of the budget) and defense.

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Without meaningful self-imposed austerity, these "tax cuts" may give you the false sense that you get to keep more of your money, but really the gambit is just fooling you into paying the same or more in other realms.

Imagine you go to the doctor with excruciating neck pain you've had since 2008 (this is most people with their finances and tax obligations). He tells you he can fix your neck pain, but only by giving you a terrible stomach ache. That's what's happening here! When the government gives you back your wallet but steals your briefcase, it doesn't exactly fill you with prescription strength federal confidence.

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If Congress fails on taxes, which they probably will, they have not only committed legislative malpractice. They should be thrown out en masse for being an immoral pain in the ass.
 

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