If the House Conservatives agree to the last minute deals that various Senators squeaked out of their parties leadership?
The Republicans will have rushed thru a massive tax INCREASE for poor and middle class Americans that will RAISE the nation’s deficit by almost TWO TRILLION dollars….
The vote was 51 to 49 for the bill…
We’ll see if things end up like Republicans want…
Tax the middle class and poor to give to the rich….
The Democrats have had to stand on the sidelines and talking about getting rid of their fellow lawmakers while Republicans move ahead a ‘do their thing’….
The ambitious package, opposed by Democrats as a giveaway to the wealthy that will pile on the national debt, challenges GOP orthodoxy against deficit spending. Even after accounting for future economic growth, the plan is estimated to add $1 trillion to the deficit over 10 years, despite Republican promises that the tax cuts will pay for themselves.
Still, all but one Republican voted to approve the bill. Sen. Bob Corker of Tennessee, one of the GOP’s few remaining deficit hawks, joined all Democrats in opposing the plan in a 51-49 vote. The bill must now be reconciled with a House-passed version, a process that leaders hope to complete as early as next week….
The final Senate bill also includes a repeal of the Affordable Care Actrequirement that Americans have health insurance, which the Congressional Budget Office estimated would result in higher premiums and leave an additional 13 million Americans without coverage.
Collins, who worried about that outcome, said she also won assurances from GOP leaders that they would help pass bipartisan bills designed to stabilize Obamacare markets and assist low-income consumers, and to protect the Medicare program from possible budget cuts that might arise from the tax plan…
Overall, the House and Senate bills would be the most massive rewrite of the tax code in a generation, centered on the reduction of the 35% corporate rate to 20%, its lowest level since the Great Depression.
The bills lower individual rates — the Senate drops the top 39.6% rate to 38.5%, the House lowers it to 35%, other differences that will need to be resolved.
But both bills also do away with many popular deductions used by Americans to reduce their tax bills, including the personal exemption.
Instead, the bills offer an enhanced standard deduction, at $24,000 for couples, and a more generous $2,000 child tax credit in the Senate version.
While taxpayers across income levels are expected to see cuts on average at first, the benefits are uneven and some households, nearly 1 in 10, would see a tax hike, according to the Tax Policy Center.
Nonpartisan analyses show tax benefits flow mainly to the wealthy with reductions of $34,000 a year for the top 1% while lower-income households see $50 tax breaks.
And while the corporate cuts are permanent, the individual rates — under the Senate version — expire in 2025, meaning most middle-income taxpayers would face tax hikes in eight years.
Here’s the part that will test the vote on a final tax bill….
The tax overhaul the Senate approved on Saturday rests on a shaky stack of promises Republicans will be hard-pressed to keep.
Foremost are the two central assurances GOP senators made to justify passage of the bill, which may be irreconcilable with each other. First, Republicans have insisted that the measure’s $1.4 trillion cost would disappear under a bustle of economic activity—more jobs, higher wages, and buckets full of new tax revenue flowing into the government….
In addition to the major pledges they made to the public, GOP leaders made more discreet, shorter-term promises to round up the final votes for the bill, on issues far afield from tax policy. Those will be equally tough to keep, and a failure to follow through could jeopardize the tax legislation’s final enactment after negotiations in a conference committee of the Senate and House…
Perhaps Collins and Flake realize that the assurances they won were etched in something less than permanent ink, just as Republicans more broadly understand that their claims about the tax bill’s potential for economic growth are optimistic guesses at best. Both senators cited other, more concrete provisions that helped sway their vote, and both all along indicated their desire to support a key pillar of the GOP agenda. But in their haste to pass their tax bill through the Senate, Republican leaders have put themselves on the hook with lawmakers and voters alike, and for commitments that could haunt them in the weeks and years to come….Share on Facebook