Ok, let’s summarize:
1. The tax bill drastically increases costs for graduate students by charging the tuition which they don’t pay as income.
2. The tax bill would devastate startups, especially technology startups, by taxing options when they vest (but in many cases before they could be sold, making them worthless for startups). Note: this was removed after “intense lobbying from Silicon Valley,” but I’m including it because it was written into the bill for a while.
3. The tax bill attacks the insurance industry by removing the insurance mandate. (For those who can’t logic, if you require insurance companies to insure sick people, you have to make sure that people don’t wait until they’re sick to get insurance. …and if you allow insurance companies to refuse insurance for sick people, it’s not health insurance.)
4. And finally, the tax bill now allows the individual tax cuts to expire in 2025, but not the corporate ones.
So here’s the summary of who is affected:
Basically, people earning less than $75k pay more (up to 20% of their TOTAL INCOME for the $20-30k range); people earning more than $75k get a little bit back.
Ok, so: attack higher education, startup innovation, health insurance, and the middle class. So this bill harms anything and anyone who takes long term risks for innovation.
They’re attempting to compromise America’s long term competitiveness, to give money to rich people.