The bait and switch continues... the GOP tax plan has morphed again since it was unveiled on Thursday.
Now the "Chained CPI" provision in the tax bill [a terrible way to figure inflation] will be effective immediately [instead of 2023.]House GOP quietly revises tax bill to tax income at higher rates over time
Nov 4, 2017
" House Republicans on Friday quietly made changes to their far-reaching tax overhaul: Now its tax cuts would be less generous for many Americans.
A day after the GOP unveiled its plan promising middle-class relief, the House's top tax-writer, Rep. Kevin Brady, R-Texas, released a revised version of the bill that would impose a new, lower-inflation "chained CPI" adjustment for tax brackets immediately instead of in 2023. That means more income would be taxed at higher rates over time and less generous tax cuts for individuals and families.
The change, posted on the website of the Ways and Means Committee, reduces the value of the tax cuts for ordinary Americans by $89 billion over 10 years compared with the legislation released with fanfare Thursday.
As wages rise, middle-class taxpayers would have more of their income taxed at the 25 percent rate instead of at 12 percent, for instance. "
more at linkhttps://www.cbsnews....ates-over-time/
The GOP has also been advocating Chained CPI to figure Medicare's cost of living increases...
which would mean even lower cost of living raises in the future.
Here is Ron Paul quote about the GOP tax plan and Chained CPI :
" The framework also contains a stealth tax increase imposed via the chained consumer price index (chained CPI). Supporters of chained CPI clam the government is currently overstating inflation. The truth is exactly the opposite: government statistics are manipulated to understate inflation.
Chained CPI enhances the government's ability to lie about inflation. One way it does so is by claiming that inflation does not lower our standard of living if we can substitute cheaper goods for goods made unaffordable by inflation. So inflation does not harm you if you cant afford a steak dinner as long as you can still buy a cheeseburger.
Chained CPI allows the government to take maximum advantage of "bracket creep," where individuals are pushed into higher tax brackets not because they are actually earning more money, but because inflation creates the illusion they are wealthier. In fact, by decreasing their purchasing power, inflation makes most people poorer. The inflation tax thus raises taxes on declining incomes. It is hidden and regressive, making it the most insidious of all taxes. "
more at linkhttp://www.ronpaulin...-limit-liberty/