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Post by the Scribe on Mar 21, 2020 10:27:53 GMT
FANTASY: A 'Giant, Beautiful, Massive' Tax Cut
REALITY: YES, BUT FOR THE ALREADY WEALTHY (BULLSHIT AND PSYCHOLOGICAL PROPAGANDA FOR EVERYONE ELSE}.
The tax cut in the Trumpublican plan is geared towards the wealthy. When those tax cuts happen something will be needed to replace that revenue or it will have to be offset in cuts to social programs. (which is a Republican wet dream if it cuts minority programs) Did anyone hear Trumps budget director say that the average family of 4 will gain $1000 that can be used to buy a car or remodel a kitchen? Only if you have a time machine and go back to 1905! Who are these people kidding? They are all so wealthy themselves they are completely out of touch.
The MIDDLE CLASS will have to make up the difference but if this plan went into effect you can bet RepubliCons will be bellyaching WE CAN'T AFFORD HEALTHCARE. WE CAN'T AFFORD MEDICAID. WE CAN'T AFFORD SOCIAL SECURITY DISABILITY. But true to RepubliCon form they will be saying WE CAN AFFORD WAR. WE CAN AFFORD INCREASED MILITARY SPENDING. WE CAN AFFORD INTELLIGENCE SPENDING.
This tax plan is expected to add trillions to the debt which RepubliCons cry and cry about when a Democrat is in office but not a word when they are in control.
AN ANIMATED FILM ON THE DEBT & THE DEFICIT | Marshall Curry
Warren Buffett thinks $19 trillion debt isn't a problem
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Post by the Scribe on Mar 21, 2020 10:28:36 GMT
This sums things up whereas Republicons are concerned:Republicans once railed against deficits. Now President Trump's tax plan piles on more than $2 trillion in red inkLos Angeles Times Thu, Oct 5 4:00 AM MST .
Not long ago, Paul D. Ryan stood before charts and graphs as the House Budget Committee chairman like a new Ross Perot, promoting an austerity plan that slashed taxes and spending, and warning of the dangers of deficits. “The facts are very, very clear: The United States is heading toward a debt crisis,” he said then. Now as House Speaker, the Wisconsin Republican is undergoing a role-reversal, championing President Trump’s tax cuts, which promise massive tax cuts for corporations and, to some extent individuals — and which experts say will add some $2 trillion to the nation’s red ink over the next decade. Economic growth must take priority, many Republicans say, and will ultimately take care of worries about red ink. ... Read more www.latimes.com/politics/la-na-pol-gop-taxplan-20171005-story.htmlSome history on this:This is all part of the Two Santa Claus Theory:
The Two Santa Claus Theory is a political theory and strategy published by Jude Wanniski in 1976, which he promoted within the United States Republican Party.The theory states that in democratic elections, if Democrats appeal to voters by proposing programs to help people, then the Republicans cannot gain broader appeal by proposing less spending. The first "Santa Claus" of the theory title refers to the Democrats who promises programs to help the disadvantaged.
The "Two Santa Claus Theory" recommends that the Republicans must assume the role of a second Santa Claus by not arguing to cut spending but by offering the option of cutting taxes. According to Wanniski, the theory is simple. In 1976, he wrote that the Two-Santa Claus Theory suggests that "the Republicans should concentrate on tax-rate reduction. As they succeed in expanding incentives to produce, they will move the economy back to full employment and thereby reduce social pressures for public spending. Just as an increase in Government spending inevitably means taxes must be raised, a cut in tax rates—by expanding the private sector—will diminish the relative size of the public sector."
Wanniski suggested this position so that the Democrats would "have to be anti-Santas by raising taxes, or anti-Santas by cutting spending. Either one would lose them elections."RepubliCons are so predictable lol. They keep doing this and their voters keep falling for it. It is all part of their trickle down scam put into place with Reagan and it is what turned the US from a creditor nation to a debtor nation. Thank you for that Conservatives. Keep voting to enrich elite corporatists and globalists who couldn't give a damn about labor and the middle class.
Republicons are also masters of word games:The 'pass-through' loophole in the Trump tax plan is a huge handout to the 1%Los Angeles Times Wed, Oct 4 3:10 PM MST . Paul Ryan is LOVING this. Take a look at his shit eating grin as he and his comrades try to fool the American public.
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Post by the Scribe on Apr 7, 2020 10:24:32 GMT
As much as we may be exhausted by trying to stop Trumpcare from taking effect (and even that in itself may not be over), we'll have to be even more vigilant about stopping The Giveaway To The Rich.
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Post by the Scribe on Apr 7, 2020 10:25:04 GMT
As much as we may be exhausted by trying to stop Trumpcare from taking effect (and even that in itself may not be over), we'll have to be even more vigilant about stopping The Giveaway To The Rich.
On a party line vote, the House just passed a budget that cuts Medicare by nearly $500 billion and Medicaid by up to $1.5 trillion, along with raising the Medicare eligibility age to 67. Yet again, the Republican Party has betrayed the American people to give their Wall Street donors massive tax handouts.
The fight now moves to the Senate, where a budget with similarly draconian cuts has been proposed, and will be voted on in 2 weeks.
A new report by Senator Bernie Sanders―ranking member on the Senate Budget Committee―says:
"The Republican budget is a massive transfer of wealth from working families, the elderly, children, the sick, and the poor to the top 1 percent."
Shortly after House Republicans voted for a budget that slashes Medicare and Medicaid―just to hand massive tax breaks to the wealthy―the Senate held their own vote.
Senate Republicans have moved this disastrous tax and budget plan out of committee and are preparing for a full Senate vote this month.
It only takes three Senate Republicans to defeat this budget.
Defeat a Republican tax and budget plan that cuts Medicare and Medicaid just to give tax cuts to the millionaires and billionaires on Wall Street.
Republican leaders want to hand Donald Trump his first legislative victory at the expense of working families and older Americans. Daily Bot Report lol Warning signs emerge in GOP's tax reform pushThe Hill 22 hours ago .
The GOP’s push for tax reform legislation is showing some early signs of trouble. With Republicans pivoting to their second big agenda item, leadership is facing a familiar dynamic: Divisions among members, competing demands and no room for error. Republicans have failed to score a major legislative win this year despite having the first unified GOP government in a decade. And they’re under intense pressure from both supporters and outside groups to meet their self-imposed deadline of passing tax reform this year. The move would hand the party a major accomplishment to tout heading into the 2018 election. Both the House and Senate took steps this week toward that goal. The House cleared its 2018 ... Read more thehill.com/blogs/ballot-box/354162-warning-signs-emerge-in-gops-tax-reform-push
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Post by the Scribe on Apr 7, 2020 10:25:36 GMT
WHO NEEDS THE ARTICLE WHEN YOU HAVE THESE COMMENTS ABOUT IT:Beware. This is a RepubliCon plan. Tax cuts for the very wealthy will have to be made up by EVERYONE ELSE in one way or other. Whether it be other types of taxes or cuts in services or to states which means your state taxes will sharply increase. This will all happen if you let them create an ARISTOCRACY which our Founders fought against. Leave it to the party of the wealthy to come up with a plan to feather their's and their campaign donor's pockets.
Let's say you are over 65 single with no dependents, and you have a moderate income Here's how Republican Trump tax cuts work for you. You get to take the standard deduction ($6,350) and one personal exemption ($4,050) and being 65 or older, you also get to take an additional standard deduction ($1,250). That adds up to $11,650, if you're over 65. The Republican Trump plan would replace all these provisions with a single deduction of $12,000, that's a 3% increase. And then your first dollar of taxable income would be subjected to a 12% tax rate, instead of the current 10%. Guess what? If your annual income is a whopping $16,000 a year you will pay $480 in taxes instead of just $435. But if you are in the top marginal income tax rate of 39.6 percent with a taxable income of $418,400 in 2017. Trump will boost your net take home 4.6% or $19,246. So Grandma making $16,000 a year pays $45 more in taxes while Uncle Donald gets to keep $19,246 for starters.
Let me get this straight as middle class senior citizen filer my taxes will be going up from 11.5% to over 18% so all the billionaires can save more of their money. This is a specialty of Donald Trump Bankrupt America and spend our money on himself!
This tax change will net that greedy m-f-er in the WH, tens of millions each year in income tax reductions and billions more due to the elimination of the estate tax. The working poor and lower middle class will get a $50 to $200 tax cut. Our children and grandchildren will get the bill. That orange perv is in this game to feed his sick ego, to push through YUUUUGE tax cuts for himself and his family and pimp his damn business all over the planet at taxpayer expense. I loathe that lying, liddle orange weasel.
Dump Trump the CHUMP / DOTARD who is a Liar, a Traitor, a Bigot, a #$%$, a bully, a racist, an idiot, a womanizer, a sex offender, a #$%$ who should be in Federal Prison for Treason, NOT in the White House. Impeach this traitor now and remove him from Washington DC NOW. This racist bigot took money from David Dukes the leader of the #$%$. This scam artist scammed $128,500,000 million from students at his bogus Trump University. This clown should be Federal Prison with his entire family who are all #$%$s.
This is a reverse of ROBIN HOOD. This is "DEVIL TRUMP" stealing from the poor to give to the rich. I guess no one will stop this maniac with his screwball ideas. All I can say is "Thanks All You Deplorables"
hey TRUMPTARDS, get ready to BENDOVER and SPREADEM. when YOUR REPUKE PARTY keeps the income range for the three tax brackets hidden. ANYONE WITH A BRAIN KNOWS that this means the POOR AND WORKING CLASS WILL be getting the SHAFT.... BTW, its NICE TO SEE THAT Trump WONT BE USING ANY LUBE when he RAMS IT UP YOURS
www.yahoo.com/finance/news/tax-reform-plan-changes-may-213100007.html
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Post by the Scribe on Apr 7, 2020 10:26:00 GMT
Trump and company (RepubliCons) are finally admitting to the obvious and only after experts have challenged them ad nauseam. Republicons will lie to your face and admit nothing. Good grief!!
'It's very hard not to give tax cuts to the wealthy,' Steven Mnuchin now says John Harwood,CNBC 13 hours ago
The Trump administration, bent on deregulation from the start, has now completed wholesale repeal of the "Mnuchin Rule." It happened in an interview with Treasury Secretary Steven Mnuchin that Politico published Wednesday.
Faced with economic analyses showing the White House plan to cut corporate and personal income taxes provides big gains for wealthy Americans, Mnuchin called that result unavoidable. "The top 20 percent of the people pay 95 percent of the taxes," the Treasury secretary said. "The top 10 percent of the people pay 81 percent of the taxes."
"So when you're cutting taxes across the board, it's very hard not to give tax cuts to the wealthy with tax cuts to the middle class," he concluded. "The math, given how much you are collecting, is just hard to do.
"That represents a dramatic reversal from Mnuchin's initial assertions on the subject. After last November's election, he appeared on CNBC to pledge that wealthy Americans would receive no tax cut whatsoever.
"Any reductions we have in upper-income taxes will be offset by less deductions so that there will be no absolute tax cut for the upper class," Mnuchin told CNBC's "SquawkBox" then.
"When we work with Congress and go through this, it will be very clear: This is a middle-income tax cut."
After the administration took office in 2017, Mnuchin began softening that pledge, which had come to be known as the "Mnuchin Rule."
When I interviewed him in May at the Peter G. Peterson Foundation's Fiscal Summit, he described avoiding tax cuts for the rich as a goal, not a commitment.
"The president's objective is to create a middle-class tax cut," he told me. "I can't pledge what the results will be, since the results are going to be a combined effort of the administration and the House and the Senate."
The president's priority has been not cutting taxes for the high end," Mnuchin continued. "His priority is about creating a middle-income tax cut. So we'll see where it comes out."
Where it came out, according to analysts at the Tax Policy Center, was a tax plan that in 2027 would give 80 percent of the benefits to the wealthiest 1 percent of Americans. That figure involved some educated guesswork based on details in earlier GOP proposals, since the White House-Congress "Big Six" plan has not yet filled in many details.
President Donald Trump has insisted the plan he wants Congress to pass by year's end will not benefit rich people like him. "The wealthy are not getting a tax cut under our plan," National Economic Council Director Gary Cohn told ABC recently. Under the "Mnuchin Rule," that was once the Treasury secretary's promise, too. Yet his new remarks to Politico not only conceded that the rich will get a tax cut, but cast it as mathematically inevitable.
Of course, cutting the payroll taxes that all workers pay to finance Social Security, rather than income taxes, would produce a different mathematical outcome. So would dropping the GOP proposal to eliminate the estate tax — which currently applies only to estates valued at more than $5.5 million for an individual or $11 million for a couple.
But Mnuchin, who like Trump and many top administration officials is very wealthy, cast abolishing estate taxes as a matter of fairness rather than math.
"The estate tax is somewhat of an economic issue, and somewhat of a philosophical issue," he told Politico's Ben White. "People pay taxes once. Why should people have to pay taxes again when they die?"
My Comments: Rob 0 seconds ago Cutting taxes on the wealthy will mean SOMEONE will have to make up the difference and that someone is the MIDDLE CLASS TAXPAYER. Those who benefit the MOST from our country and system SHOULD be paying the MOST TAXES. We have heard this trickle down nonsense before. Either the debt will be quadrupled like under Reagan Bush OR our economy will CRASH AGAIN like under Bush Cheney especially if they give us another phony war. o matter how hard RepubliCons are conning today's Americans our Founders fought to give us an ARISTOCRATIC FREE country. Estate Tax cuts or elimination will ENSURE AN ARISTOCRACY especially since our right wing SUPREME COURT has ruled money is speech. The more money you have the more power your speech. We see it's influence in THIS TRUMP ADMINISTRATION. Now they are trying to feather their own nests and bamboozle their ignorant base into turning our country over to THEM. The Republicon Party has been the party of the wealthy, elite, corporations before their founder Lincoln's body was cold. Name 3 things this party has EVER done to help the average worker and tax payer since Eisehhower (and even before).
knaug60 9 hours ago So basically Republicans are going to pay for big tax cuts to the very wealthy by bloating the deficit or by letting our lesser folk starve and freeze in the dark? Nice.
Dave 6 hours ago So when trump said "Believe me, this won't benefit me," he was lying? Hard to imagine that.
Uma Guma 8 hours ago He's really counting on the stupidity of the people to get him through this.
MikeR in L.A. 6 hours ago Suddenly the economics genius is having trouble doing math? Just another link in the big Trump con-job.
Pepe 11 hours ago The conversation should be why cut taxes at all when we are already 20 trillion in debt. Tax cuts don't pay for themselves, that has been proven. The economy is doing fine now. If they cut them now, what tool will they have when the economy goes south at some point?
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Post by the Scribe on Apr 7, 2020 10:26:37 GMT
Trump's White House Asked Americans What They'd Do With a Raise. It Backfired
Newsweek Chris Riotta,Newsweek 4 hours ago Trump's White House Asked Americans What They'd Do With a Raise. It Backfired
President Donald Trump's White House called on Twitter users to let it know what they’d do with a $4,000 raise, with Press Secretary Sarah Huckabee Sanders promising to should out the answers during her daily briefing Monday afternoon. The White House should have known what sort of responses to expect.
"What would your family do w/ a $4,000 raise from the President’s tax cut plan?" Sanders tweeted Sunday. “REPLY & I’ll share your family’s story in the press briefing."
Related: Here’s how Donald Trump could actually be impeached
Trending: Trump’s Iran Nuke Deal Stance is Driving Europeans into Putin’s Arms
The tweet came as the administration is trying to drive up support for an overhaul to the American tax system that would provide big tax breaks to corporations, such as lowering their tax rate to 20 percent from 35 percent. Doing so, the White House says, would boost the average American family’s annual income by $4,000. read the priceless responses: www.yahoo.com/news/trump-apos-white-house-asked-141433843.html
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Post by the Scribe on Apr 7, 2020 10:27:04 GMT
TAX WAR: This plan is blatantly obscene and criminal. This has been a GOP wet dream since Reagan screwed us over with the last tax overhaul. This is a GOP DONOR CLASS TAX CUT and a TAX HAVEN RELIEF ACT. NEVER ALLOW TAX REFORM WHEN REPUBLICONS ARE IN CONTROL, NEVER EVER EVER!!!PRESIDENCY FOR PROFIT Trump’s Proposed Tax Overhaul Would Give Billions to Trump & Cabinet While Sparking Global “Tax War” Published on Oct 23, 2017
democracynow.org - As the Senate narrowly passes a budget bill that clears the path for a historic tax reform, we’ll look at how President Trump’s proposed tax overhaul would shower billions of dollars in tax cuts upon the wealthiest Americans—including President Trump’s family and members of his administration. An analysis by the Center for American Progress Action Fund shows President Trump’s family and Trump’s Cabinet members would, combined, reap a $3.5 billion windfall from the proposed repeal of the estate tax alone. Trump’s plan would cap the tax rate on “pass-through income” at 25 percent—a move that would also shower millions in savings upon millionaires and billionaires. We speak with economist James Henry of the Tax Justice Network and Pulitzer Prize-winning journalist David Cay Johnston, whose latest piece is titled “Nine Reasons Trump’s Tax Plan Will Hurt You.”
Democracy Now! is an independent global news hour that airs weekdays on nearly 1,400 TV and radio stations Monday through Friday. Watch our livestream 8-9AM ET: democracynow.org
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Post by the Scribe on Apr 7, 2020 10:27:40 GMT
Perfect example of why the estate tax (inheritance tax) should NOT be repealed. Politics Donald Trump Jr.'s Bizarre Halloween 'Lesson' Backfires Spectacularly HuffPost Ed Mazza,HuffPost 2 hours 50 minutes ago . Donald Trump Jr. doesn’t seem to know how Halloween works. The whole point of trick-or-treating, of course, is that children get candy ― free ― from friendly neighbors. But in a tweet Tuesday, the eldest son of President Donald Trump indicated that he would take half of his daughter’s Halloween haul and give it away to teach her about socialism. He wrote: The tweet quickly backfired, with more than 30,000 comments. Many of them looked a lot like these:
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Post by the Scribe on Apr 7, 2020 10:28:05 GMT
Kind of serves him right, but then, like the affluenza-infected family he's a part of, he thinks and lives in an alternate universe, and no kind of criticism figures into his way of thinking.
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Post by the Scribe on Apr 7, 2020 10:28:39 GMT
This article is just stating the obvious but evidently not so obvious to some and is more proof Republicons are corporate whores. They enact legislation written for them by corporate owned think tanks written solely to benefit their corporate donors. These corporations know they are bluffing because they have no where to go except to their paid conservative and libertarian shills. Republicans Say They’ve Got to Act on Tax Reform—or Donors Might Get MadYou’re not supposed to admit that.
Russ ChomaNov. 10, 2017 11:14 AM
Everyone knows politicians pay excessive attention to the demands of their campaign donors. But if you’re a politician, you’re not supposed to actually say that publicly.
Yet so far this week, two Republican politicians have done exactly that.
“My donors are basically saying, ‘Get it done or don’t ever call me again,'” Rep. Chris Collins (R-N.Y.) told The Hill on Tuesday when asked about the GOP’s tax reform package.
On Thursday, Sen. Lindsay Graham (R-S.C.) followed with his own unusually frank comment:
GOP donors have made clear for months that they are unhappy with congressional Republicans.
As far back as June, Doug Deason, a well-known conservative donor from Texas, announced that “the Dallas piggy bank” for Republican politicians was closed until GOP lawmakers started delivering. He had already refused two congressional Republicans who had asked him to hold fundraisers. “Get Obamacare repealed and replaced, get tax reform passed,” Deason said. “You control the Senate. You control the House. You have the presidency. There’s no reason you can’t get this done. Get it done and we’ll open it back up.”
By the time the Obamacare repeal flopped in late September, lawmakers were privately warning each other about the fundraising ramifications. Sen. Cory Gardner (R-Colo.), who heads the National Republican Senatorial Committee, cautioned his colleagues in a closed-door meeting that they were treading on dangerous ground by failing to deliver for their donors.
“Donors are furious…We haven’t kept our promise,” Gardner reportedly said.
But the disconnect between what GOP lawmakers apparently felt obligated to get done (an Obamacare repeal) versus what opinion polls suggested voters wanted (no Obamacare repeal) was getting more uncomfortable.
“Republicans campaigned on this so often that we have a responsibility to carry out what you said in the campaign,” Sen. Chuck Grassley (R-Iowa) said when asked why so many Republican senators were supporting an Obamacare repeal when there was a notable lack of popular support. “That’s pretty much as much of a reason as the substance of the bill.”
Last month, Politico reported that donor anger at Republicans was threatening to bubble over.
“When you’re in a business and you tell your stakeholders you’re going to build a building or something, you have to follow through,” a Texas Republican donor named Dan Eberhart told Politico. “I can’t borrow money to build a building and then not follow through, which is what these guys are doing.”
With donors going on the record describing the relationship as nakedly transactional, Collins and Graham’s frankness starts to make more sense.
www.motherjones.com/politics/2017/11/republicans-say-theyve-got-to-act-on-tax-reform-or-donors-might-get-mad/#
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Post by the Scribe on Apr 7, 2020 10:29:14 GMT
Mike Pence To Attend “Tax Prom” Funded By Corporate Billionaires Next Week Well, ladies and gentlemen, it’s time to dust off those tuxedos and formal dresses because next week, the Tax Foundation in Washington D.C. is going to be throwing their annual Tax Prom for members of Congress. Specifically, about 600 members of Congress, their staffers, lobbyists, and guest of honor Vice President Mike Pence will be treated to this Tax Prom by the right-wing Tax Foundation. Who’s gonna be paying for all this lavish prom night activity? Well, it’s gonna be the same corporations that are hiding hundreds of billions of dollars in their money offshore as far away from the reach of Federal Government. The whole purpose of this year’s Tax Prom, according to the International Business Times, is to give these corporations an opportunity to go talk to leaders in Congress, talk to Vice President Mike Pence, have their lobbyists go around and do the talking in order to get the tax package that Republicans are currently considering in Congress passed and signed into law.
This isn’t about just just giving them a fun night out like prom used to be in high school. This is about lobbying people when they’re maybe having a little bit to drink, maybe feeling a little loose and relaxed, maybe getting access to people you wouldn’t normally have access to. This is wealthy billionaire corporations trying to game the system in a way that average American citizens could never dream because these corporations, again according to the International Business Times, are holdings hundreds of billions of dollars in their assets offshore just so that they don’t have to pay taxes on them. According to the article, if we let them bring that money back and we taxed it at the rate it should be, that would be $150 billion in instant tax revenue for the Federal Government, more than enough to fully fund higher education, college education, for every American citizen and a universal healthcare program just from that one-time tax on these corporations.
Many of the corporations involved in putting on this event were also mentioned in the Paradise Papers that came out earlier this week, something that the media seems to have almost immediately forgotten about. We learn all this great information about corporations hiding money offshore, members in the Trump administration hiding money, Democrats, Republicans, celebrities, and everyone in between hiding money and nobody seems to give a damn. These are important stories, and whether you think it’s interesting or not, that doesn’t make it not newsworthy. Corporations are putting on a Tax Prom for our elected leaders next week just so that they can lobby in favor of a tax cut bill that’s going to screw over average Americans and hand everything over to billionaires, millionaires, and the corporations that they run.
trofire.com/2017/11/12/mike-pence-attend-tax-prom-funded-corporate-billionaires-next-week/
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Post by the Scribe on Apr 7, 2020 10:29:48 GMT
I hope everyone who isn't happy with what these CONS are doing with their tax cuts for the wealthy bill will call their senators since it is now moving to the senate for a vote on their own bill. I just contacted one of my senators office (McCain). I used some of the below points in my message. They say calling is better than email or snail mail.
Look at the bags of money from the wealthy corporate donors they are carrying in and look at the wet dream shit eating grin on the AynRandian Paul Ryan. I wonder how much he stands to gain? The Trump family will gain billions which is the reason the mango menace ran in the first place: U.S. Speaker of the House Rep. Paul Ryan (R-WI) (R) arrives at a House Republican Conference meeting June 22, 2016 at the Capitol in Washington, DC. Photo by Alex Wong/Getty House Republicans approve their regressive tax plan 11/16/17 03:23 PM—Updated 11/16/17 04:03 PM By Steve Benen
In the end, the vote wasn’t especially close.
The House passed a nearly $1.5 trillion tax bill on Thursday that would slash tax rates on corporations and private businesses, overhaul the individual tax code, and eliminate taxes on wealthy heirs.
The 227-205 vote on the “Tax Cuts and Jobs Act” is a victory for Speaker Paul Ryan, R-Wis., and for President Donald Trump, who spoke to Republican members ahead of the vote.
The full roll call on today’s vote is online here. Note that zero Democrats voted for the regressive tax plan – Dems were not invited to participate in this process in any way – and 13 House Republicans broke ranks and voted against it.
Of the 13, five represent districts in New York (Dan Donovan, John Faso, Peter King. Elise Stefanik, and Lee Zeldin), four represent districts in New Jersey (Rodney Frelinghuysen, Leonard Lance, Frank LoBiondo, and Chris Smith), three represent districts in California (Darrell Issa, Tom McClintock, and Dana Rohrabacher), and they were joined by North Carolina’s Walter Jones.
The significance, of course, is that New York, New Jersey, and California stand to lose the most from the Republican plan because of the state-and-local-tax-deduction (SALT) issue.
There’s no shortage of angles to this afternoon’s historic vote – it’s the first major vote on overhauling the federal tax code in three decades – but let’s consider just four.
1. This is a bad bill. The Republican tax plan disproportionately benefits the wealthiest Americans and corporations, and raises taxes on many in the middle class, ostensibly the intended beneficiaries of the entire GOP endeavor. The bill would blow a hole in the budget, and there’s no credible reason to believe these massive tax breaks will boost the economy in a meaningful way. Members who voted for it will face brutal, accurate attack ads.
2. This is a bad bill passed in a bad way. The 1986 tax reform effort took two years of bipartisan work to complete. This year, the House GOP leadership wrote a bill behind closed doors and passed it in two weeks – literally just 14 days.
What’s more, the House acted without a Congressional Budget Office analysis of the economic effects of the bill, without a meaningful congressional hearing, and without considering amendments.
3. This is a bad bill the public really doesn’t want. Throughout the process, every national poll has shown broad and persistent opposition to the Republican tax plan. House GOP lawmakers decided not to care, which is a rather risky thing to do given the prevailing political winds and the unpopularity of their party’s president.
4. This is a bad bill with an uncertain fate. Today’s vote helps Republicans clear a major hurdle, but the entire initiative now heads to the Senate, where a very different bill faces a vote later this month. No one can say with confidence if the far-right plan will pass the upper chamber, though if it does, we’ll likely see the House and Senate go to a conference committee to reconcile their differences. That bill would then go back to the House and Senate floors for up-or-down votes.
Watch this space.
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Post by the Scribe on Apr 7, 2020 10:30:23 GMT
Time to bring out the pitchforks.GOP Senator Loses His Cool When Confronted About Tax Cuts For The RichHuffPost Willa Frej,HuffPost 2 hours 3 minutes ago .
Senators Hatch, Brown Trade Barbs in Tax Debate
video www.yahoo.com/news/gop-senator-loses-cool-confronted-154034548.html
Senate Finance Committee chairman Orrin Hatch (R-Utah) tore into Sen. Sherrod Brown (D-Ohio) on Thursday for suggesting the Republican tax bill would only help the rich.
“Spare us the sarcasm and the satire,” Brown told supporters of the bill during a meeting, saying the proposed tax cut would benefit wealthy Americans.
“That whole thing about higher wages, well, it’s a good selling point, but they just don’t give out higher wages,” he said.
“ I come from the lower-middle class. We didn’t have anything. Don’t spew that stuff on me, I get real tired of that crap. Senate Finance Committee chairman Orrin Hatch (R-Utah)
Everyone would initially see lower taxes under the plan, but people earning less than $75,000 on average would face a tax increase by 2027, according to a Joint Committee on Taxation study released Thursday. People earning more than $100,000 would keep paying less in taxes.
Hatch appeared to take the comments personally.
“I come from the poor people and I’ve been here working my whole stinkin’ career for people who don’t have a chance, and I really resent anybody saying I’m just doing this for the rich,” he said. “Give me a break.”
Brown attempted to respond, leading to a shouting match between the two senators. It ended with Hatch pounding his gavel repeatedly.
“Listen,” he said once the room was quiet. “I come from the lower-middle class. We didn’t have anything. Don’t spew that stuff on me. I get real tired of that crap.”
The committee ended up voting 14-12 to send the proposal to the full Senate.
House Republicans passed their tax proposal on Thursday, but its chances of survival in the Senate are in question. Sen. Ron Johnson (R-Wis.) has already stated his opposition. Sen. Susan Collins (R-Maine) may also vote “no” if the bill ends up including a repeal of the Obamacare individual mandate, which Hatch added to the bill earlier this week. This article originally appeared on HuffPost.
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Post by the Scribe on Apr 7, 2020 10:30:49 GMT
This is it, folks! Time not only for the pitchforks, but the torches (preferably something other than Tiki torches)! If ever there was a time for this nation to be mobilized against the Trumps, the Koch Dealers, the Merciless Mercers, and the Sheldon "Addled" Addelsons of the world, it has finally come!
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