PDA

View Full Version : Senate passes sweeping GOP tax plan in early hours of Saturday morning



Peter1469
12-02-2017, 07:08 AM
Senate passes sweeping GOP tax plan in early hours of Saturday morning (http://www.cnn.com/2017/12/01/politics/senate-tax-bill-vote-uncertainty/index.html)

The Senate passed its tax bill 51-49. Senator Corker was left out of the GOP vote. Dems actually complained that they didn't have time to read the bill- that is a hoot considering what they did when they were in charge.


The Senate passed its tax reform bill in the early hour of Saturday morning, following a day full of Republican leaders making changes to bring enough members on board and a long night full of heated rhetoric on both sides of the aisle.
The vote was 51-49, mostly along party lines. Sen. Bob Corker of Tennessee was the only Republican to vote against the bill, citing concerns about growing the deficit.

Peter1469
12-02-2017, 08:01 AM
Here's what the plan looks like (http://www.foxnews.com/politics/2017/12/02/senate-takes-up-tax-reform-heres-what-plan-looks-like.html)


This article discusses the tax changes that may effect you.


U.S. Bob Corker, R-Tenn., was the only Republican to join the Democrats in opposing the proposal -- which now must be reconciled with the House version before advancing to President Donald Trump's desk.

Initially, multiple Republicans (http://www.foxnews.com/politics/2017/11/28/here-are-republican-senators-to-watch-on-tax-reform.html) were uncommitted to the bill, citing concerns with tax breaks for businesses or a potential increase in the federal deficit.



But enough of those skeptics within the GOP were won over to win passage -- in a victory for both Senate Majority Leader Mitch McConnell, R-Ky., and President Donald Trump.


Here’s a look at what the Senate’s tax plan would do.

I like the idea of eliminating deductions for state and local taxes. That just provides an incentive for states and local governments to over spend. And it effectively spreads those costs to other states that are not as irresponsible with spending. If NYC wants to add a large income tax to its citizens, I should not subsidies it through a federal income tax credit.


The Senate’s tax plan would eliminate state and local tax deductions – meaning taxpayers in high-tax states would lose a write-off. This would impact mostly blue states, such as California and New York.

Also note- many people who have these high local taxes take the standard deduction and do not itemize.

NapRover
12-02-2017, 08:08 AM
I think most people see through Corker’s charade. He hates Trump and just can’t stomach supporting him.

Common
12-02-2017, 08:11 AM
Now we have to see if america likes it.

barb012
12-02-2017, 08:56 AM
There is an article on Yahoo about cuts to Medicare and Social Security in order to pay for this tax plan. Before anyone here gets upset, I want remind everyone that these two create surpluses every year where the government has borrowed that surplus and replaced it with Treasury notes.

Crepitus
12-02-2017, 10:29 AM
Senate passes sweeping GOP tax plan in early hours of Saturday morning (http://www.cnn.com/2017/12/01/politics/senate-tax-bill-vote-uncertainty/index.html)

The Senate passed its tax bill 51-49. Senator Corker was left out of the GOP vote. Dems actually complained that they didn't have time to read the bill- that is a hoot considering what they did when they were in charge.

Lol, republicans didn't have time to read the bill either. It was still being rewritten when they passed it. "Sweeping" is also kind of an exaggeration in my opinion.

Headlines should read "historically unpopular Senate forces through historically unpopular bill for historically unpopular *president*.

This is simply a desperation move so they can say they passed something, anything during Trump's first term.

Chris
12-02-2017, 10:50 AM
Sander's rhetoric is over the top. He's basically lying. Tax cuts do not rob the treasury. Tax cuts are not a giveaway. Spending is the problem, but he thinks it's a right.

Sanders: This Tax Bill Will Be Remembered As One Of The Greatest Robberies In American History (https://www.realclearpolitics.com/video/2017/12/01/sanders_this_tax_bill_will_be_remembered_as_one_of _the_great_robberies_in_history.html)


As I think about what's going on here today, I think this is in many ways a historic day, a day that historians will look back on: December 1, 2017.

And they will conclude that today is the day of one of the great robberies, criminal activities if you like, in the modern history of this country, because the federal treasury is being looted tonight.
As we speak, there are lobbyists all over Capitol Hill writing down in handwriting, amendments to this bill to give hundreds of millions, if not billions in tax breaks, billions of dollars in tax breaks to large corporations.

...Mr. President, I have not the slightest doubt as I have said before, that after the Republicans pass this huge tax giveaway to the wealthy and large corporations, they will be back on the floor of the Senate. And when they come back, they'll say, 'oh, my goodness, the deficit is too high. We have got to cut social security, medicare, medicaid, education, and nutritional programs.'

Tahuyaman
12-02-2017, 11:08 AM
I would have preferred to see this tax bill provide tax rate cuts at all income levels. As it is, realistically it is a tax increase on the top 5%. Still this is going to stimulate more economic growth and give the congress greater revenues to waste. Especially through the cuts in the corporate rates.

I'll bet our GDP growth will climb to 5% fairly soon after this plan is implemented.

Now if if we could just limit spending increases to the rate of inflation, the national debt can be lowered dramatically.

Tahuyaman
12-02-2017, 11:10 AM
I think most people see through Corker’s charade. He hates Trump and just can’t stomach supporting him.

Correct, with him it was personal.

The Xl
12-02-2017, 11:27 AM
I'll be honest, I haven't payed that close attention to the proposed tax deal, but the issue is the loopholes for the wealthy corporations that buy our government. Mid level and growing businesses get crushed by excessive taxation. So if the tax rates are lowered but all the loopholes are closed, that would be a great thing.

MisterVeritis
12-02-2017, 11:31 AM
I'll be honest, I haven't payed that close attention to the proposed tax deal, but the issue is the loopholes for the wealthy corporations that buy our government. Mid level and growing businesses get crushed by excessive taxation. So if the tax rates are lowered but all the loopholes are closed, that would be a great thing.
"Loopholes" are tax law.

We make it complicated so the members of Congress can extract the greatest possible amounts of protection money from corporations. We need to end the income tax. That puts an end to the greatest source of corruption in government. When we no longer allow unelected members of regulatory agencies the right to write their own laws we will end the second greatest source of corruption.

Chris
12-02-2017, 11:35 AM
I'll be honest, I haven't payed that close attention to the proposed tax deal, but the issue is the loopholes for the wealthy corporations that buy our government. Mid level and growing businesses get crushed by excessive taxation. So if the tax rates are lowered but all the loopholes are closed, that would be a great thing.

Agree. There should be no loopholes.

I think the senate bill closed state and local exemptions.

Common
12-02-2017, 11:37 AM
The future of the GOP in congress rests on the american peoples perception of this tax bill. I know MrVeritas will take umbrage at that statement :) Its ok opinions differ

barb012
12-02-2017, 11:40 AM
The problem is it is ex-CEO's that are hired in many government positions.

MisterVeritis
12-02-2017, 11:43 AM
The future of the GOP in congress rests on the american peoples perception of this tax bill. I know MrVeritas will take umbrage at that statement :) Its ok opinions differ
Why would I object to your reasonable statement?

I believe the Republican Congress is just a little less Marxist than the Democrats. This start is tepid, weak, and, a bit pathetic. Imagine Republicans raising taxes and calling it a tax cut.

Chris
12-02-2017, 11:44 AM
The future of the GOP in congress rests on the american peoples perception of this tax bill. I know MrVeritas will take umbrage at that statement :) Its ok opinions differ

That's the truth, I think. Sanders is lying but if he can convince the people Reps are stealing from them it will take away votes. One story I read had a picture of Reps holding a sign proclaiming the reform cut taxes for small businesses, true, but it's more than that. They're selling that to the people as well. Truth no longer matters. Politics has becme mass marketing.

gamewell45
12-02-2017, 12:26 PM
I'll be honest, I haven't payed that close attention to the proposed tax deal, but the issue is the loopholes for the wealthy corporations that buy our government. Mid level and growing businesses get crushed by excessive taxation. So if the tax rates are lowered but all the loopholes are closed, that would be a great thing.
Either way, the American people (most of them anyhow) end up getting screwed by the government; there is no reasonable excuse to eliminate the tax breaks that people were getting; just another excuse to take money out of the middle class and funnel it towards big business. The fat cat executive's and lobbyists just love Washington; the donations will continue to roll in for the politicians. I guess a lifetime of watching the government in action has left me a bit jaded. :angryfire:

Kalkin
12-02-2017, 12:29 PM
Sanders: This Tax Bill Will Be Remembered As One Of The Greatest Robberies In America

He should be more upset by the democrats robbing him of his nomination.

Kalkin
12-02-2017, 12:31 PM
Why would I object to your reasonable statement?

I believe the Republican Congress is just a little less Marxist than the Democrats. This start is tepid, weak, and, a bit pathetic. Imagine Republicans raising taxes and calling it a tax cut.

The important part is the repeal of the individual mandate. Obamacare is finished.

nic34
12-02-2017, 12:37 PM
Sander's rhetoric is over the top. He's basically lying. Tax cuts do not rob the treasury. Tax cuts are not a giveaway. Spending is the problem, but he thinks it's a right.

Sanders: This Tax Bill Will Be Remembered As One Of The Greatest Robberies In American History (https://www.realclearpolitics.com/video/2017/12/01/sanders_this_tax_bill_will_be_remembered_as_one_of _the_great_robberies_in_history.html)

When can I expect my $300 tax refund from trumpy? Oh, wait...

Chris
12-02-2017, 12:41 PM
When can I expect my $300 tax refund from trumpy? Oh, wait...

What, you want to steal from the treasury?!?!?

resister
12-02-2017, 02:11 PM
He should be more upset by the democrats robbing him of his nomination.
He is a good little puppet, pull the string and says what they tell him to.21331

Kalkin
12-02-2017, 02:19 PM
When can I expect my $300 tax refund from trumpy? Oh, wait...
Don't hold your breath, tax refunds go to tax payers.

Ravens Fan
12-02-2017, 06:37 PM
Duplicate threads merged.

Peter1469
12-03-2017, 01:25 AM
When can I expect my $300 tax refund from trumpy? Oh, wait...
Is that a sentence, or an emotion?

Chris
12-03-2017, 11:28 AM
Here's Robert Reich on the tax reform:

https://i.snag.gy/RKvP3J.jpg

@ http://www.newsweek.com/robert-reich-massive-tax-cut-rich-wont-spur-growth-729433


Do you all liberals really buy these lies? If so, please explain how a tax cut is wealth redistribution.