Tag Archives: The US Senate 2017 tax cut bill

Warning…Are The Republicans walking into 2009 …All Over?

The English outfit the Guardian expresses a warning that the signs are there in the American Republican political moves with the economy, taxes and the Federal Reserve and stock market and other things that a repeat of economic crisis that landed in President Obama could be brewing…

Borrowing has moved out a limb , so has debt….

Now countries do NOT have to have balanced budgets…

But they sure DO have to have the reserves if people show up at the bank and want to cash their checks…

The Trump tax cuts are another spur to those investors who would wish away the prospect of a recession or, worse, a financial crash.

Donald Trump’s proposals are expected to be signed into law sometime over the Christmas break or early in the new year and look like injecting $1.5tn into the US economy.

Donald Trump displays the $1.5tn tax overhaul package he had just signed.
Pinterest
Donald Trump displays the $1.5tn tax overhaul package he had just signed. Photograph: Evan Vucci/AP

Wealthy Americans are expected to gain the biggest benefit and will most probably invest it in financial markets. They don’t need the money to finance their lifestyles, so why not speculate with it?

Already the Dow Jones index, the main securities market in the US, is soaring to new highs. In just five and a half years it has doubled in value to almost 25,000 points.

Third on the list of catalysts is the eurozone, which has woken up after years of intermittent crisis following the 2008 crash.

With the US accelerating on the back of the Trump tax bill and China re-energising its manufacturing sector, many European companies are in demand, particularly if they have machine tools, cars, pharmaceuticals or marketing services to offer. Even Brexit is seen by investors as a parochial event that can do little harm to global growth.

All these forces delay a recession that should be around the corner after nine or 10 years of increased borrowing. The usual course of events would dictate that a shake-out of debt-funded companies drags on growth and even sends the economy into reverse.

The late arrival of the eurozone to the growth party, the Trump tax cuts and the modest increases in interest rates (carried out by the Federal Reserve and signalled by the European Central Bank), have all delayed the day the shake-out occurs. And that means the recession, when it comes, will be deeper and more harmful….

More….

The Senate Tax cut bill and Budget would save Obamacare and the Dreamers?…

Republicans…..Rush…Rush….Hurry!

If you haven’t caught this in this way this story is running in the Senate ?….Stop and look….

The House tax cut bill is a straight out screw the poor and middle class period….

The Senate bill has little to do with the House bill….

Why?

Because there are reports that in their haste to get SOMETHING, excuse me…..ANYTHING passed in the next 30 days or so?

They are making promises to EACH senator they need….

HTF is this gonna work when the final vote from BOTH houses of congress needs to be made?….

The budget bill is probably gonna be connected to the tax bill…Democrats HAVE to be in on THAT vote….

Collins: Health-care fix will pass before tax bill

Sen. Susan Collins (R-Maine) said early Thursday that she expects legislation to lower health-care premiums to pass Congress before senators take a final vote on a $1.5 trillion tax reform bill that would repeal ObamaCare’s individual mandate….

More…

McConnell promises Collins tax bill won’t lead to Medicare cut

Senate Majority Leader Mitch McConnell (R-Ky.) is promising the GOP tax bill, which is projected to add $1.5 trillion to the deficit over the next decade, will not result in cuts to Medicare next year.

McConnell offered the vow to Sen. Susan Collins (R-Maine), a key swing vote, during a Wednesday meeting in his office….

More…

Sen. Richard Durbin (D-IL) said he is encouraging his colleagues to join him in blocking spending legislation if the legal status of “dreamers” isn’t resolved, the Washington Postreports.

“Durbin has repeatedly said in recent months that Congress needs to resolve the status of dreamers by the end of the year, but he is now the highest-ranking Democratic senator to raise the specter of a government shutdown sparked by an impasse over immigration… Durbin’s position is shared by at least four members of his caucus — Sens. Kamala Harris (D-CA), Elizabeth Warren (D-MA), Cory Booker (D-NJ) and Bernie Sanders (I-VT).”

Politicalwire…

Note….

Right Now.?….This dog thinks there is a LESS than 50% chance there will be a new tax cut law come next year….

Update….

Senator Collins wants more folks….

A Senate Republican holdout on the GOP tax overhaul says she still has problems with the legislation.

Sen. Susan Collins of Maine says, “I have a lot of concerns that I’m trying to fix.” She spoke to reporters Thursday at a Christian Science Monitor breakfast.

She says it would be “very problematic for me” and hard for her to vote for the bill if it still includes elimination of the federal deduction for state and local taxes….

More…