Because the damage this bill is going to do to the poor and the middle class isn't limited to their bank accounts.
The U.S. House of Representatives on Tuesday signed off on a $1.5 trillion tax overhaul that Republican advocates say will cut taxes for individuals and companies, and boost job creation, investments and economic growth. Currently, the state income tax gets deducted from their salary and forwarded by their employers to Albany.
Nearly half the American public (47%) disapprove of the tax reform bills passed by the Senate and House and just 26% approve. Tax cuts for people like me, who have significant income and wealth, will stay permanent. "This is a good day for America".
For example, while the nonpartisan Tax Policy Center projects that 80 percent of taxpayers will get a cut next year, the Monmouth poll found that 55 percent of those making less than $50,000 expect to pay more.
The end-of-year sprint toward passage by Congress marked a remarkable recovery of Republican fortunes since mid-2017, when the party's drive to dismantle former Democratic President Barack Obama's signature health-care law crumbled in the Senate and prospects for a tax overhaul seemed doomed by party infighting.
Despite many state residents' concerns over losing the full deductibility of local and state taxes and lower mortgage tax deduction limits, 12 Republican representatives from California voted in favor of passing the bill.
The biggest winners are business owners, corporate shareholders, and many workers who will see reduced tax withholding from their paychecks. Jeff Denham of Turlock and David Valadao of Hanford have said the changes to the tax code - especially the near doubling of the standard deduction - constitute a win for their constituents.
Ryan was positive, even insistent.
"I know people are going to see dramatic improvements that are going to change their view of this", said Rep. Tom MacArthur (R., N.J.).
In 2010, Ryan touts "a very simplified system, so that businessmen, entrepreneurs, and individuals can actually have a clean, easy postcard to fill out and move on". Asked if he was concerned by recent polling that shows the bill to be broadly unpopular, Ryan said he had "no concerns whatsoever", and he blamed the perception on misinformation.
"What happened to the postcard?"
The bill passed along partisan lines at 227 for and 203 against.
This is not something that was added to the bill, but something that wasn't.
On the U.S. economic front, the Commerce Department released a report showing an unexpected increase in housing starts in the month of November. He was the only House Republican who changed his vote on the final bill.
Trump's sweeping tax reforms include slashing the rate of corporate income tax from 35 per cent to 21 per cent. Final approval there would send the bill to Trump to sign into law. It also allows oil drilling in the Arctic National Wildlife Refuge. His retirement from politics could have freed him to vote his conscience. Parents would have to provide children's Social Security numbers to receive the child credit, a measure intended to deny the credit to people who are in the U.S. illegally. They oppose a new $10,000 limit on the deduction for state and local taxes.
It is, in that sense, a total mystery.
But New York can fight back.
The current proposal is significantly less popular than the landmark 1986 tax reform law. For a typical family in New York in the 25% federal tax bracket, a $1,000 deduction reduces their tax bill by $250.