There’s a new tax law in town. It passed without a single vote from Democrats in the House or the Senate, and it’s a huge windfall for the richest Americans, including President Donald Trump. Forbes crunched the numbers and found Trump could save about $11 million a year from just one of the new law’s provisions.
But Republicans didn’t just want any new tax law — they wanted to reform the tax code, to give the richest Americans a big tax cut while still funding the government’s essential functions, like building roads and flying fighter jets. The GOP needed to find tax revenue somewhere else. To do that, they had to start taxing income that used to be tax-free, by closing loopholes and eliminating deductions.
If all of that sounds boring and confusing, fear not. We’ve broken it down in this video. Just don’t blame us if it leaves you craving cereal.
