Senate Tax cut bill passes on Promises….

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’….

Senate Republicans, after a flurry of last-minute deals, salvaged their tax plan early Saturday and put Congress on track to deliver President Trump’s most significant first-year accomplishment.

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.

More…

Promises……Promises….

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….

More…

Share on Facebook

13 thoughts on “Senate Tax cut bill passes on Promises….”

  1. If the House rolls over on the Senate tax cut/give away ?

    Jack will be right….

    GOPer’s have absolutely NO aim or ideology except to fuck all Americans except the rich 1%….

    The upside to that is that Democrats , if they can stop screwing each other , and get their act together have a BIG thing to hammer Republicans on…

    And…

    Will Democrats voters COME OUT and vote 11 months from now , or simply sigh and take a continual beat down ?

    1. Here’s my reasoning on why I believe that a final bill STILL has a less than 50% chance of passage….

      The bill has attachments and ‘promises’ to various Senator’s that HAVE TO BE voted on by a Senate MAJORITY of 60 votes….

      They are attached to programs in the overall budget which MUST BE voted on by 60 vote….

      Collins, Flake and Corker are NOT out or the picture as Republicans and the media would like your to think…
      Now they CAN roll over in the end…which might be as soon as Dec 8th…
      But they might not….

      Wonder why Chuck Schumer has been VERY quiet?

      He KNOWS that McConnel will HAVE to come to him in the end….

      This isn’t quite over yet….

  2. Oh I don’t think they will be any major problem with reconciling the two versions.

    I don’t know about your “overthinking” but ,as I’ve said earlier, failure to pass a tax cut for the wealthy is not an option for a party whose very existence is defined by cutting taxes for the wealthy.

    There will be a bill.

    Indeed ,your idea that after all this,no bill will emerge is laughable.

    1. They said the same for the healthcare repeal….

      There are a LOT of ‘promises’ and moving parts in this…

      We’ll see….

  3. I’m still trying to grasp of the concept that James is “overthinking”.

    I do expect the House and the Senate to agree on a final bill that will be closer to the Senate version.

  4. I would assume that Paul Ryan is working hard to get his caucus to accept the Senate version of this bill (lobbyist written and approved) to short circuit the Conference Committee and move the bill to Trump’s desk.

    The lies that have been told around this legislation are unprecedented — even for Trump and the Republicans in Congress.

    But, hey, let’s all talk about Al Franken.

    1. McConnel has said it goes thru reconciliation ….

      Conservertives would have to swallow hard on the Senate version….

      Promises made to Flake and Collins are pro-Democrat’s…
      Can the Freedom Caucus accept these ‘deal’?

      1. As I have pointed out….

        Republicans have some SERIOUS issues to deal witrh to get to an actual bill they can have BOTH house vote on for passage…

        …Congress is under pressure to act quickly, with Republican leaders racing to complete action before the winner of Alabama’s special Senate election can be seated later this month. Lawmakers fear that both Republican Roy Moore and Democrat Doug Jones will oppose their plans.

        The agreement on many of the big-ticket items is largely due to the work of the so-called Big 6, a group of Republican leaders who worked this fall to get the two sides on the same page. Both chambers want to slash the corporate tax rate to 20 percent, from the current 35 percent, while expanding a popular child tax credit and capping a long-standing deduction for corporate interest expenses. Republicans also agreed not to cut taxes by more than $1.5 trillion.

        Still, the conference committee will have to work hard. They’ll have to find agreement amid fierce lobbying from special interest groups determined to squeeze in last-minute changes. And the Senate’s close 51-49 vote on Saturday morning underscores Republicans’ thin margin for error.

        And there are some significant differences to resolve. The House, for example, wants to slash the mortgage interest deduction in half, and eliminate it entirely for second homes. The Senate would only end it for home equity loans.

        In a surprise move, Senate Republicans decided at the last-minute to abandon plans to repeal the AMT — a key part of GOP promises to radically simplify the code — and that’s sure to be unpopular with House Republicans….
        More …

    1. Hmmmmm?…The Senate needs Collins, Flake and McCain’s vote

      ….Maine GOP Sen. Susan Collins has said her vote in support of the tax overhaul is conditional on passage of two bipartisan proposals. One from Sens. Lamar Alexander of Tennessee and Patty Murray of Washington would fund the CSR payments. A separate proposal authored by Collins and Florida Democrat Bill Nelson would provide $10 billion over two years to states to establish high-risk pools or reinsurance programs.

      When asked Monday if the House would consider passing the Alexander-Murray measure if that’s what it takes to pass the tax overhaul, McCarthy remained silent as he walked into his office…..

      More…

Leave a Reply

Your email address will not be published.