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Post by the Scribe on Apr 7, 2020 10:52:33 GMT
worth seeing again... Tax cuts for the wealthy ONLY help the wealthy. Nothing trickles down.
The economic reason why tax cuts for the rich are so stupid
Published on Sep 27, 2017
Rich Americans know they don't need a tax cut. They also know trickle-down economics is nonsense. Listen to Tom Steyer.
Warren Buffett On GOP Tax Cuts & Consequences
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Post by the Scribe on Apr 7, 2020 10:53:00 GMT
Everything about the Republicon Party is a scam from their corporate whore leadership to their propagandizing to their marketing, in this case the Frank Luntz created title The Tax Cuts and Jobs Act. They are such liars and deceivers as the below article proves. It is amazing that so many idiots have fallen for their bs and are registered Republicons. And if they haven't fallen for it they must be right in line with their thinking which is a total disgrace.
question: Rather than lie if you believe in what you are doing why not just come out and be honest, tell the truth as to what you are doing and what it will do to people? ans. they would be voted out of office and run out of town on a rail.
question: Trumpublicans are bragging about the low unemployment rate which effectively means there are few people without jobs. So why are they creating a Tax Cut and Jobs Act when we don't have enough people to fill those jobs? ans. SCAM.:Tax Bill Will Lead to More Automation, Executives Boast to Wall Street Investors The Intercept 12 hours ago .
Tax reform is being sold as an overhaul designed to create jobs. It’s in the name, even: the Tax Cuts and Jobs Act of 2017. But business executives say the bill will drive them to invest in automation, the type that will allow them to cut jobs in the future. The issue at hand is a provision of the bill that allows full and immediate depreciation of capital spending. This change will allow most capital expenditures, such as investments in machines and building upgrades, to be written off against profits in the first year. The change, set to last for five years, is far more generous to corporations than current law, which allows businesses to write off the costs of new equipment gradually over ... Read more theintercept.com/2017/12/14/tax-bill-provision-will-lead-to-more-automation-executives-boast-to-wall-street-investors/WATCH: Cuomo Masterfully Breaks Down How The Gop Tax Bill Will ENRICH Trump Special Giveaways in Tax Cut Bill Benefit Family Members and Colleagues of Key GOP Senatorstheintercept.com/2017/12/01/special-giveaways-in-tax-cut-bill-benefit-family-members-colleagues-of-key-gop-senators/GOP’s List of Economists Backing Tax Cut Includes Ghosts, Office Assistants, Ex-Felons, and a Sprinkling of Real Economiststheintercept.com/2017/12/01/gops-list-of-economists-backing-tax-cut-includes-ghosts-office-assistants-ex-felons-and-a-sprinkling-of-real-economists/ Koch Brothers’ Internal Strategy Memo on Selling Tax Cuts: Ignore The Deficit theintercept.com/2017/10/13/koch-brothers-internal-strategy-memo-on-selling-tax-cuts-ignore-the-deficit/The Big Secret Behind a “Small Business” Pushing Trump’s Tax PlanLee Fang October 11 2017, 8:19 a.m.
In a bid to win public support for President Donald Trump’s tax cut proposal, lobbyists recently unveiled a website called Tax Reform for America, featuring tools for contacting legislators and testimonials of “fellow taxpayers” to explain why the legislation is necessary.
The promotional website prominently features Loretta Lepore, a small business owner from Atlanta, Georgia, as an ordinary American who would benefit from a tax cut.
“The tax system is so complex that it puts an undue burden on small businesses instead of allowing us to allocate resources back into our businesses and back into our people,” Lepore says in her testimonial. “Tax reform needs to be addressed, to be simplified for every American and every small business across the country.”
Testimonial from Tax Reform for America website. The nature of Lepore’s small business, however, is never disclosed.
She runs a consultancy that serves big businesses. Lepore’s LLC is registered to lobby on behalf of one of the biggest expected winners of tax reform: Cisco Systems, the California-based technology conglomerate that’s poised to reap a windfall of billions of dollars from a reduction in the corporate tax rate.
In order to avoid paying U.S. federal taxes, Cisco has about $68 billion in earnings in overseas accounts. The company is expected to repatriate a large portion of those funds if corporate tax rates are dramatically lowered. The repatriation dynamic positions Cisco — along with Apple and Microsoft — as one of the companies that stands to gain the most from the tax plan proposed by Republicans.
If Cisco repatriates its overseas cash, don’t expect a sudden rush of investment into new jobs. Kelly Kramer, executive vice president and chief financial officer of Cisco, told a conference of financial analysts in June that the company expects to use the cash to reward investors. Kramer said she expects to use tax reform to “grow to our dividend” and become a “lot more aggressive on the buyback,” referring to efforts to provide a short-term boost to the company’s stock price by buying its own shares on the marketplace.
The Tax Reform for America site is part of a campaign managed by the U.S. Chamber of Commerce, the largest private sector lobbying organization in the country. The Chamber claims it is the “voice for business,” representing “mom-and-pop shops.” But the business association is largely funded by a relatively small number of massive corporate interests, including Fortune 100 firms such as Microsoft and Dow Chemical.
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Post by the Scribe on Apr 7, 2020 10:53:37 GMT
Looks like it will be a go! Congratulations to all the wealthy benefactors from your paid corporate whores in congress. In the long run this will be devastating to the poor, elderly and middle class or what's left of it. If the Republicans start a war the deficit will explode even more because it will be off the books like the Iraq war, bust the budget and crash the economy. Huge tax bill heads for passage as GOP senators fall in lineSTEPHEN OHLEMACHER and MARCY GORDON STEPHEN OHLEMACHER and MARCY GORDON 50 minutes
WASHINGTON (AP) — After weeks of quarrels, qualms and then eleventh-hour horse-trading, Republicans revealed the details of their huge national tax rewrite late Friday — along with announcements of support that all but guarantee approval to give President Donald Trump the Christmas legislative triumph he's been aching for.
The legislation would slash tax rates for big business and lower levies on the richest Americans in a massive $1.5 trillion bill that the GOP plans to muscle through Congress next week before its year-end break. Benefits for most other taxpayers would be smaller.
"This is happening. Tax reform under Republican control of Washington is happening," House Speaker Paul Ryan of Wisconsin told rank-and-file members in a conference call. "Most critics out there didn't think it could happen. ... And now we're on the doorstep of something truly historic."
According to the 1,097-page bill released late Friday, today's 35 percent rate on corporations would fall to 21 percent, the crown jewel of the measure for many Republicans. Trump and GOP leaders had set 20 percent as their goal, but added a point to free money for other tax cuts that won over wavering lawmakers in final talks.
The legislation represents the first major legislative achievement for the GOP after nearly a full year in control of Congress and the White House. It's the widest-ranging reshaping of the tax code in three decades and is expected to add to the nation's $20 trillion debt. The tax cuts are projected to add $1.46 trillion over a decade.
The bill would repeal an important part of President Barack Obama's Affordable Care Act — the requirement that all Americans have health insurance or face a penalty — as the GOP looks to unravel a law it failed to repeal and replace this past summer.
Only on Friday did Republicans cement the needed support for the overhaul, securing endorsements from wavering senators.
Marco Rubio of Florida relented in his high-profile opposition after negotiators expanded the tax credit that parents can claim for their children. He said he would vote for the measure next week.
Rubio had been holding out for a bigger child credit for low-income families. After he got it, he tweeted that the change was "a solid step toward broader reforms which are both Pro-Growth and Pro-Worker."
Sen. Bob Corker of Tennessee, the only Republican to vote against the Senate version earlier this month, made the surprise announcement that he would back the legislation. Corker, the chairman of the Senate Foreign Relations Committee, has repeatedly warned that the nation's growing debt is the most serious threat to national security.
"I realize this is a bet on our country's enterprising spirit, and that is a bet I am willing to make," Corker said.
The White House said Trump "looks forward to fulfilling the promise he made to the American people to give them a tax cut by the end of the year."
The bill embodies a longstanding Republican philosophy that a substantial tax break for businesses will trigger economic growth and job creation for Americans in a trickle-down economy.
Skeptical Democrats are likely to oppose the legislation unanimously.
"Under this bill, the working class, middle class and upper middle class get skewered while the rich and wealthy corporations make out like bandits," said Senate Minority Leader Chuck Schumer of New York. "It is just the opposite of what America needs, and Republicans will rue the day they pass this."
The bill would drop today's 39.6 percent top rate on individuals to 37 percent. The standard deduction — used by around two-thirds of households — would be nearly doubled, to $24,000 for married couples.
The $1,000-per-child tax deduction would grow to $2,000, with up to $1,400 available in IRS refunds for families who owe little or no taxes. Parents would have to provide children's Social Security numbers to receive the child tax credit, a measure intended to deny the credit to people who are in the U.S. illegally.
Those who itemize would lose some deductions. The deduction that millions use in connection with state and local income, property and sales taxes would be capped at $10,000. That's especially important to residents of high-tax states such as New York, New Jersey and California. Deductions for medical expenses that lawmakers once considered eliminating would be retained.
The bill would allow homeowners to deduct interest only on the first $750,000 of a new mortgage, down from the current limit of $1 million.
People who inherit fortunes would get a big break. The bill would double the exemption, meaning the estate tax would apply only to the portion of an estate over $22 million for married couples.
Members of a House-Senate conference committee signed the final version of the legislation Friday, sending it to the two chambers for final passage next week. They have been working to blend the different versions passed by the two houses.
Republicans hold a slim 52-48 majority in the Senate, including two ailing senators who have missed votes this past week.
John McCain of Arizona, who is 81, is at a Washington-area military hospital being treated for the side effects of brain cancer treatment, and 80-year-old Thad Cochran of Mississippi had a non-melanoma lesion removed from his nose earlier this week. GOP leaders are hopeful they will be available next week.
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Post by the Scribe on Apr 7, 2020 10:54:10 GMT
Blue states will suffer the most as far as this goes. Wealth is being funneled to the red, conservative states that are already the welfare taker states.
Would the GOP tax reform plan lead to mass exodus out of NYC, California?
New York's wealthiest are threatening a mass exodus because of the GOP tax plan
Wall Street tax expert Robert Willens, president of Robert Willens LLC, has never heard more discussion from wealthy New Yorkers about relocating to another state with a more favorable tax environment until now because of the GOP tax plan.
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Post by the Scribe on Apr 7, 2020 10:54:38 GMT
But this rich exodus isn't the worst that this plan might accomplish. This tax bill screws the victims of the massive firestorms here in California, and does so only because our state voted overwhelmingly against Trump (and in fact we haven't voted for a Republican for president since 1988). This tax bill is so transparently punitive against both California and New York, especially against the vast majority of taxpayers.
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Post by the Scribe on Apr 7, 2020 10:55:41 GMT
This video is an eye opener. It was done before the reconciliation. There will probably be a ton more new videos and articles about the final plan. Being from Long Island if I ever had a thought of moving back to a decent climate I can forget it now because I couldn't afford it. My well cooked and water logged body will probably be found floating in my Arizona house if a global warming real rain "perfect storm" ever hits here during monsoon season. If the power ever went out here for any length of time during July-August-September there will be deaths in the tens of thousands. A couple of inches of rain will cause flooding like you wouldn't believe.
This is a very real and deliberate attempt by the GOP Conservatives to obliterate blue states. They are shooting themselves in the foot because it is blue states that keep red states going. If they fail the red conservative states can say bye bye to their goodies from blue states.Proposed GOP Tax Plan Could Wallop Bay Area Home Buyers
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Post by the Scribe on Apr 7, 2020 10:56:23 GMT
GOOD RANTSGot a mind? Got a minute?? Reagen cut taxes for the wealthy with a plan he called trickle down, first time we've ever heard of that, and it's failure is NOT debatable anymore. Bush one said " read my lips, no new taxes " and promptly rescinded some parts of the Reagan cuts for the wealthy. Keep in mind there was a tsunami tech boom in the 80s and 90s with lots of new revenue never seen before, but the priority for the Republican Congress and potus's were to deliver wealth to the wealthy, not the stimulus of the economy or even conservative values. So the economy tanked in the 90s and slick Willie's first move HAD TO BE raise taxes across the board, Democrats were in charge, social programs blossomed, the economy thundered and Bill Clinton left Bush two a huge SURPLUS!! No deficits, no debt and a booming economy!! Then Bush two's FIRST MOVE WAS TO CUT TAXES!! For the rich and everybody. Then 9/11 and 2 major military invasions were kept off the books (trillions of dollars) , put on the country's credit card with China and the wealthy. Then a housing and bank collapse that Bush 2 was warned about happened. Then auto manufacturing. Very, very, VERY, dark days for America. Then a Democrat was elected, again. And the wars and 9/11 costs were put on the books ( the 10 trillion the trumptards whine about) and even though he had a deadbeat Congress, the Democrat succeeded, the economy roared, and he HAD TO raise taxes. If you see the pattern, then you see the Republican party's game plan for the last 30 years. Keep using the single issue voters to get elected and do the bidding for the wealthy by saying democrats raise taxes, knowing they set up the next Democrat potus and Congress for failure. And all they have to do is serve the wealthy. Do you see the pattern repeating now?? REPUBLICANS ARE EVIL
Estevan 7 hours ago Why are we cutting taxes for corporations and the rich when our economy is already thriving and we have a 19 million dollar deficit already.I have seen people interviewed, students at universities that will have to drop out of school now:RobertH 5 hours ago
The bill in full is basically a bait and switch...it's like a credit card offer that offers a low introductory rate and then boosts you up to insane numbers. The increases they give on deductions for the average person and family do NOT equal nor exceed the deductions they have removed. And they are making Graduate Students pay tax on their education credit when they teach at a school and get their degree. In short, it's a giveaway with just enough window dressing to make the uninformed actually think they are getting SOMETHING. Unless, of course, your a corporation or have massive wealth, in which case the final tax amount agreed upon is LOWER than EITHER bill originally had.
Our government at work.Albert E 6 hours ago
What's next. Can you say financial crash so the wealthy can take more of our hard earned money. Do you see a nasty pattern here. Greed and Power. God Bless America. Trump will "make America Break Again". Scott 7 hours ago
McCain will be wheeled in, even if unresponsive, to vote for this thing if need be. BUT...a newly-elected Senator from Alabama will have to wait...John Miller 4 hours ago
I am not a Democrat but this tax plan, if passed, will set Republicans back for a long time if not indefinitely.
Corp will not reinvest and hire, they will hoard profits. Anyone with a personal increase, which is most people, will not forget. Myself included.j 6 hours ago
Tax relief? The republicans have already taken away every bit of interest I pay on credit cards, home loans, car loans, etc. But I have to pay every penny of interest on savings accounts I set up for my grandkids. If the GOP gets anywhere near your money it's gone while a $30 million corporate jet is fully deductible including operational, maintenance and storage costs. Bend over middle class. If you think you're rich because you can afford to fly fitrst class the GOP will fix that too!Brian 3 hours ago
the New Tax Plan : VOTE OUT THE GOP!!!
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Post by the Scribe on Apr 7, 2020 10:57:11 GMT
Quote by ronstadtfanaz: Well, tough s**t, as far as I'm concerned. If there's a Civil War, then so be it. And if Trump tries to veto any legislation in the extremely unlikely event that the Democrats got a large enough majority in either chamber, if two-thirds of both chambers overrode his vetoes, he is absolutely f***ed. If he tries to fire Mueller, or anyone in the FBI or DOJ, then we have a mega-Saturday Night massacre, and a constitutional crisis that, if the GOP doesn't take their oaths to the Constitution seriously, will not only put Trump in jail but destroy the GOP once and for all. pg3
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Post by the Scribe on Apr 7, 2020 19:58:47 GMT
Income tax brackets will change in 2018 if President Donald Trump enacts the GOP tax legislation. • The Republican tax plan proposes keeping seven tax brackets, but it changes the income ranges. • The final bill proposes eliminating the personal exemption and increasing the standard deduction.
Republican leaders appear to have enough votes needed to pass their final tax bill.
The bill, the Tax Cuts and Jobs Act, was finalized this week by a conference committee made up mostly of members of the House and Senate committees that wrote the versions that those chambers passed.
Republican leaders have said they plan to hold a vote on the compromise bill early next week, with a goal of President Donald Trump signing it by Wednesday.
Here's how this new tax plan could change federal income tax brackets in 2018 compared with those in 2017.
First, for single filers: •10%: $0 to $9,525 of taxable income for an individual •12%: $9,526 to $38,700 individual •22%: $38,701 to $82,500 individual •24%: $82,501 to $157,500 individual •32%: $157,501 to $200,000 individual •35%: $200,001 to $500,000 individual •37%: over $500,000 individual
And second, for joint filers: •10%: $0 to $19,050 for married joint filers •12%: $19,051 to $77,400 joint •22%: $77,401 to $165,000 joint •24%: $165,001 to $315,000 joint •32%: $315,001 to $400,000 joint •35%: $400,001 to $600,000 joint •37%: Over $600,000 joint
Under the final version of Republican plan, there would still be seven federal income tax brackets — but at slightly lower rates and adjusted income ranges. The brackets proposed are 10%, 12%, 22%, 24%, 32%, 35%, and 37%.
About 70% of Americans claim the standard deduction when filing their taxes, and their paychecks will almost certainly increase — albeit slightly — if the tax plan is enacted.
TO FURTHER CLARIFY
There's a very simple thing most people get wrong about taxes
Business Insider Elena Holodny,Business Insider Thu, Dec 14 7:59 AM MST . The Republicans' proposed tax bill would change income tax brackets in 2018. But many Americans don't understand how tax brackets work. We put together a handy guide to explain.
Republicans reached an agreement on their final tax bill on Wednesday, taking a step forward to passing the Tax Cuts and Jobs Act.
In the midst of the political maneuvering, we've calculated how President Donald Trump's tax plan could affect you if tax reform is signed into law.
By looking at what Trump's tax plan means for Americans' take-home pay at different income levels, our team at Business Insider got a number of emails that made us realize something important: Most people don't understand how tax brackets actually work.
Many people look at their tax bracket and think, "If I make $40,000 per year, then all of my income will be taxed at at 25% under current law, and at 22% under the Republicans' proposal." But that's not how taxes are calculated under our progressive tax system.
In 2017, the standard deduction for a single taxpayer is $6,350, plus one personal exemption of $4,050.
The GOP proposal would combine those into one larger standard deduction for 2018: $12,000 for single filers and $24,000 for joint filers.
Here's how the calculation does work for a single taxpayer in 2017: Figure out your taxable income: annual salary - deduction(s) - exemption(s). Everyone pays 10% federal income tax on their first $9,325 of taxable income. Everyone pays 15% federal income tax on their next $9,326 to $37,950 of taxable income. Everyone pays 25% federal income tax on their next $37,951 to $91,900 of taxable income. And so on and so forth.
Your tax bracket applies only to the amount you earn above the minimum income threshold for that bracket. For income below that limit, you pay the same federal income tax amount as everyone else, even if they earn less overall.
One notable thing about this kind of tax set up is that the amount of taxes owed by someone steadily increases as the amount of income increases. It's not a monumental change when people jump from one tax bracket to another.
Let's run through how this would work for an imaginary person, Picard, who earns $40,000. To keep it simple, let's say he makes all his money from his work salary and has no dependents.
For his 2017 taxes (which are due April 17, 2018), Picard would subtract the standard deduction ($6,350) and one personal exemption ($4,050) from his $40,000 income.
This brings his taxable income to $29,600, putting him in the 15% tax bracket. But here's how to use the tax brackets to calculate how much he actually owes in federal taxes: The first $9,325 (of his $29,600 total taxable income) is taxed at a 10% rate. Then, his income from $9,325 to $29,600 is taxed at a 15% rate. So he would owe about $3,974 in taxes.
Under the GOP's proposal, Picard would only take the $12,000 standard deduction, because personal exemptions would be eliminated. That makes his taxable income $28,000 under the GOP tax plan, putting him in the 12% tax bracket.
Here's how to estimate how much he would owe in taxes if the Republicans' proposed tax brackets become law: The first $9,525 (of his $29,600 total taxable income) is taxed at a 10% rate. Then, his income from $9,525 to $28,000 is taxed at a 12% rate. So he might owe about $3,170 in taxes.
www.yahoo.com/finance/news/apos-very-simple-thing-most-140000865.html Here's when Trump's new tax plan will take effect if it passesElena Holodny
Americans won't feel the effect of tax reform until 2019. • Senate and House Republicans reached an agreement on their final tax bill on Wednesday. • If President Donald Trump signs it before the end of the year, the new tax plan will take effect on January 1, 2018. • Americans won't see the change to their tax returns until spring 2019 — when they file taxes for 2018.
President Donald Trump has said he wants tax reform on his desk by Christmas.
And Republicans appear to be on track to getting that done.
On Wednesday, party leaders reached an agreement on their final tax bill, called the Tax Cuts and Jobs Act. They're moving quickly to get the bill to the president, feeling greater pressure after Democrat Doug Jones' unexpected victory Tuesday in Alabama's special election for a US Senate seat.
If Trump does end up signing the bill before the end of the year, the bill will go into effect on January 1, 2018.
But regular Americans won't feel the effects of tax reform until spring 2019, when they file taxes for 2018. That means people won't see changes to their tax returns until after the 2018 mid-term elections.
If the House and Senate don't manage to get an updated bill on Trump's desk before the end of the year, but do get things done in early 2018, then the bill could be made retroactive. That just means it would count as if it went into effect on January 1, 2018, so Americans would also see the effect in 2019 when they file their 2018 taxes.
And just as a reminder: folks will be filing taxes for 2017 this upcoming spring. Taxes are due on April 17, 2018.
We'll update this post if there are changes as Congress moves closer to passing the Tax Cuts and Jobs Act.
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Post by the Scribe on Apr 7, 2020 20:00:46 GMT
I just composed the following letter that I will be sending to my two Republican senators, McCain and Flake. I tried to keep my cool but it is difficult being a bleeding heart liberal and all:
Dear Senator,
From an early age we are told that it is wrong to lie but every day reality contradicts that notion when we see that not telling the turth is the way to become successful and achieve power especially in politics. There are many ways to lie, among them lies of omission. The Tax Cuts and Jobs Act seems to fit all categories. Even its name is deceptive.
This partisan Republican tax reform bill is nothing more than a payoff written by and for rich corporate campaign donors with only 25% support in the country. Currently corporations are sitting on over 2.3 trillion dollars in offshore money with NO requirement they hire or retrain a single worker or expand a plant. CEO’s have already admitted these cuts are going to go back to shareholders, stakeholders and buying back company stock. The inequality in America this is going to create will be even worse than it is now. And technically we are already at full employment. Who exactly is going to take these jobs? Robots? The Republican Party has given America and Americans no reason to believe in anything, least of all them.
I met a grandmother who was in line at a food bank with her disabled adult grandson (clearly disabled). She was in tears about what will become of him when this tax cut forces the Paygo rule into effect which is a cowardly way to achieve the long time conservative goal to cut entitlements that help the poor, sick and elderly survive. She said she lost her home to foreclosure while in the hospital trying to beat cancer and other health issues and the one thing that kept her going was she had to take care of her boy. And she did it with assistance that may well disappear so some elite corporatist can improve his portfolio. Is this what the Republican Party stands for now?
Evidently the idiot in the White House is the best thing that has happened for the party faithful in achieving its conservative goals. Goals that may well spell the end to whatever decency we have left in this country. Two things our Founders clearly feared and tried to prevent was an American aristocracy and the unchecked power of accumulations of capital that can come with bankers and corporations. I guess I just answered my own question as to what for your party stands.
From the party of Tricky Dick Nixon to the party of Dicky Tricks Trump. God help us all.
May you vote your conscience when the time comes.
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Post by the Scribe on Apr 7, 2020 20:01:09 GMT
It's a shame that you have to send that letter, rob, but, of course, some things have to be done for the sake of country and conscience, instead of the Koch Dealers and the Merciless Mercers.
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Post by the Scribe on Apr 7, 2020 20:01:32 GMT
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Post by the Scribe on Apr 7, 2020 20:02:01 GMT
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Post by the Scribe on Apr 7, 2020 20:02:26 GMT
REPUBLICANS LAUGH AS THEY PASS TAX CUTS FOR THEIR WEALTHY CAMPAIGN DONORS AND TRUMP HIMSELFGiddy Republicans celebrate major tax victory ahead of vote
Associated Press Marcy Gordon, AP Business Writer,Associated Press 3 hours
WASHINGTON (AP) -- Giddy Republicans took a victory lap on Tuesday hours before their big vote on the most sweeping overhaul of the nation's tax laws in more than three decades. House Speaker Paul Ryan dismissed criticism of the widely unpopular package and insisted "results are what's going to make this popular."
Their long-sought political goal within grasp, Republicans were set to catapult the $1.5 trillion tax legislation through the House, rolling over a dozen GOP defectors from high-tax states. Senate Majority Leader Mitch McConnell of Kentucky said the Senate would vote Tuesday evening, sending the legislation to President Donald Trump.
The bill provides steep tax cuts to businesses and wealthy families, and more modest cuts to middle- and low-income families. It scales back a popular deduction for state and local taxes, repeals a key tenet of Barack Obama's Affordable Care Act and allows drilling in the Arctic National Wildlife Refuge.
"Did you ever believe we would be here on this day?" asked House Majority Leader Kevin McCarthy, R-Calif.
Republicans acknowledged they still have to convince many Americans of the benefits of their bill, which polls poorly. Many voters in surveys see the legislation as a boost to the wealthy, such as Trump and his family, and only a minor gain for the middle class.
But by 2023, people making under $30,000 would see tax increases, and those earning more would see their tax cuts get smaller.
Rushing toward a vote and political triumph, Republican leaders brushed off the less-than-rosy projections. "That's just cherry-picking the numbers," Rep. Kevin Brady, R-Texas, head of the tax-writing House Ways and Means Committee, told reporters Monday. Looking ahead, he said, enthusiasm is growing for the tax bill and changes it will bring. "People are excited about a stronger economy and bigger paychecks," Brady said.
The disgruntled Republican lawmakers from high-tax New York, New Jersey and California receded into the background as the tax train rolled. Twelve of them voted against the House tax bill last month, which passed 227-205. They were protesting its new $10,000 cap on the deduction that millions use in connection with state and local income, property and sales taxes. The cap remains in the final bill.
The deduction is especially vital to residents of high-tax states.
Several defectors reaffirmed their "No" votes for the final bill on Tuesday. Rep. Peter King conveyed what people in his Long Island, New York district were telling him about the tax bill: "Nothing good, especially from Republicans. ... It's certainly unpopular in my district," he said.
House passes massive tax package; Senate to vote next
Associated Press STEPHEN OHLEMACHER and MARCY GORDON,Associated
WASHINGTON (AP) — Gleeful Republicans on Tuesday muscled the most sweeping rewrite of the nation's tax laws in more than three decades through the House. House Speaker Paul Ryan dismissed criticism of the widely unpopular package and insisted "results are what's going to make this popular."
The vote, largely along party lines, was 227-203 and capped a GOP sprint to deliver a major legislative accomplishment to President Donald Trump after a year of congressional stumbles and non-starters.
Senate Majority Leader Mitch McConnell, R-Ky., said the Senate would vote Tuesday evening, sending the legislation to Trump for his signature.
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Post by the Scribe on Apr 7, 2020 20:02:49 GMT
Once the primaries start in the congressional districts of the GOP assholes who voted "Aye!" on this s***-and-anchovy "tax reform" bill, it may be an entirely different story. F**K 'EM ALL!
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