It’s all over but the shouting and the negative long-term impacts. Collins and Corker both say “Yes” to tax reform.

Done Deal

On Tuesday, House Republicans will vote on tax reform legislation. It will pass easily. In the Senate, the Wall Street Journal reports GOP Gets a Key ‘Yes’ Vote for Its Tax Bill, Senator Susan Collins.

That makes it a done deal.

Collins reiterated her confidence that Senate Majority Leader Mitch McConnell and President Donald Trump would honor an agreement they made with her on two bills addressing cost-sharing payments to insurers and high-cost claims.

The Republican leadership lied to Senator Bob Corker about the deficit, so why Collins believes anyone now is a mystery.

Then again, the promise (or lie) does provide cover for Collins in case McConnell or Trump reneges. And as we all know, the one thing politicians do not like is anyone pointing a finger at them. Collins is covered.

How to Benefit

The New York Times has an interesting “Upshot” on Ways to Profit Off the Republican Tax Bill.

Some of the ideas are quite lame, such having a kid now rather than later.

I suggest having a kid when you are 100% sure you are ready, and not before.

Another lame idea is upgrading your personal jet this year. Yes, they did write such advantages into the tax bill, but how many people can take advantage?

The “Upshot” is reasonably on target with one key idea.

Turn Yourself Into a Pass-Through Business

If you run a pass-through business that earns up to $157,500 a year if you’re single ($315,000 if you’re married), you get a 21 percent tax break on all profit that comes through your company — in other words, only 80 percent of that income would be taxed. That might make it worthwhile for some workers to switch from salaried work to freelance, though there are a few complications, like obtaining health insurance and getting your employer to agree. Those earning more might still be better off as a pass-through, but there are more rules about what types of income qualify for the deduction.

This shift is something that actually happened. In 2012, Kansas instituted even more generous pass-through rules, leading many people — perhaps 1 out of every 500 workers — to persuade their employers to pay them this way.