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Senate passes Tax Reform bill 51-49

Senate passes Tax Reform bill 51-49

Republican cheers, Democrat tears – now on to conference with the House.

At 1:50 a.m. Eastern Saturday morning, December 2, 2017, the U.S. Senate passed a Tax Reform bill after hours of attempts by Democrats to scuttle the bill.

Every Republican except for Bob Corker voted in favor, and all Democrats voted against.

The Obamacare Mandate, which survived Supreme Court challenge thanks to Chief Justice John Roberts, was effectively repealed as part of the bill. The repeal takes place by virtue of the penalty being removed. If that provision stays in after conference with the House, the Tax Reform would be a double victory for Trump and Republicans.

Two amendments of note passed. An amendment proposed by Ted Cruz to extend college 529 accounts to private and homeschool pre-college educations passed, with VP Mike Pence casting the tie breaking vote.

A Democrat amendment to remove the tax on college endowments above a certain limit, with fourur Republicans voting with Democrats on that amendment.

But by and large, it was party line voting. And the reactions were predictable.

Republicans were thrilled.

https://twitter.com/realDonaldTrump/status/936864840240398337

https://twitter.com/realDonaldTrump/status/936941673124425728

To put it mildly, liberals are not happy and vow to continue fighting.

Not sure what this is about, but worth investigating (readers? anyone?)

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Comments

The fact that there is no 20% max tax rate for the middle class shows where the republicans priorities are. THESE PEOPLE ARE A BUNCH OF CORPORATE STOOGES.

    If you’re speaking about the GOPe being a bunch corporate stooges, you are correct.

    But the rest of the Republicans? (Rand Paul, Ted Cruz, etc.), you’ll need a new script from your handlers.

I wish Bartlett was right, but I don’t think a lack of money has ever stopped the Democrats from spending on their agenda since LBJ.

There seems to be two sides to this bill- the corporate side and the individual side. The corp side is getting little attention while the lobbyists are swarming all over the individual side. The individual side has many millions of people who pay no Federal income tax. It is hard to give someone like that an income tax break. They can, however, be given credits and allowances. It is really an eye opener about just how willing members of Congress are or aren’t eager to allow citizens to keep more of their own money.

We shall see.

Never underestimate the ability of the GOP to snatch defeat from the jaws of victory.

    At this point, it’d be more accurate to reference the GOP penchant for failure as the GOPe’s scheme to personally profit and duck responsibility.

    The “Trump GOP” is a-coming. No failures there.

It’s not a great bill, but its a step in the right direction. After so many years of steps in the wrong direction, that alone is worth cheering for.

Not so surprising that Corker voted with Schumer against it – kind of surprising that the rest of the GOP let their ex-friend Corker hang out there all by himself. Looks like Corky has lost all of his juice.

    4th armored div in reply to Tom Servo. | December 2, 2017 at 10:47 am

    corker was trumped and is looking to hurt the admin in any way he can – talk about thin skinned.

      People need to notice the two never Trumpers Flake and Corker suddenly had the same complaint about deficit. COincidence? No. They are playing the game of faking conservatism while really trying to sabatoge the bill and Trump.

        Two rats, on their way out.

        These people are not born into royalty. We directly employ them. We directly fire them.

        Let’s keep up the GOPe extermination measures until our House is GOPe vermin-free. Only then we can work on the democrats.

    Rick the Curmudgeon in reply to Tom Servo. | December 2, 2017 at 11:46 am

    Remember, Corker has decided not to run for re-election; this gives him carte-blanche to attempt to out-asshole McCain on the way out the door.

      To be really accurate, mccain’s problem is not merely being an ‘a-hole.’ He is a Stockholm Syndrome sufferer, which gives him some excuse, but he figured out early on that he could be petted on the head by the democrat media – and absolutely excused by the GOPe – if be continually betrayed his voters.

      A mere “a-hole?” Nah. He’s a rat.

    Matt_SE in reply to Tom Servo. | December 2, 2017 at 12:30 pm

    It’s looking more and more like the Senate is filled with a bunch of bitchy high school cheerleaders.

DINORightMarie | December 2, 2017 at 9:58 am

On that last tweet by Omar Vaid – this is what I have found:
https://www.msn.com/en-us/sports/nhl/abortion-foes-cheer-provision-in-new-gop-tax-bill/vp-AAunOpd

this: https://www.cruz.senate.gov/?p=press_release&id=3518

and this:
https://www.cruz.senate.gov/files/documents/Bills/1852.pdf

It appears the Loony Left is interpreting it this way: a savings plan can be established for an unborn child which is somehow an attempt to lay groundwork to reverse Roe v. Wade…..but I don’t see that specifically stated anywhere in the amendment language (see the full amendment text at the link, above).

So, fake news, apparently. Again.

I believe what they’re REALLY mad about is that this amendment allows saving for private and homeschooled students….that cuts into their monopoly on education indoctrination of our youth – and they expect no one to read the actual amendment, to catch them in this BIG LIE.

    snopercod in reply to DINORightMarie. | December 2, 2017 at 10:35 am

    I read somewhere that this amendment was intended as a “gift” to Hillsdale College (if not taxing them is a gift). Oh, here it is: Democrats say GOP tax perk aimed at helping one influential conservative college

    A last-minute inclusion in the legislation, authored by Sen. Patrick J. Toomey (R-Pa.), that exempts any college that does not accept federal funding from a 1.4 percent tax on investment income from university endowments.

    There are a dozen or so colleges that do not accept federal funding, but Democrats believe that Hillsdale would be the only one that actually qualifies for this new tax benefit under the language proposed.

On Cruz amendment, see Senate markup from November 15 with personhood language: http://archive.is/POFmg#selection-10515.0-10541.40

It is not part of Cruz’s amendment though as above language was previously included in the bill. With that said, not clear if personhood language from November markup remains in last night’s bill.

What happened to concern about the deficit?

    Tom Servo in reply to Zachriel. | December 2, 2017 at 10:38 am

    What happened to caring about anything Zachriel writes? Oh wait, false alarm, no one ever has.

      Not an answer. Anyone else?

        Zachriel, you asked: “What happened to concern about the deficit?” Does this mean that you think that Republicans do not care about the deficit? Where would you get that idea? None of them have said this; indeed, they argue that this tax bill will help the economy by creating more jobs, more taxpayers, and will ultimately generate more revenue, not less. This is the same principle that JFK and Reagan applied to great economic effect. In fact, many in the GOP (among them Ted Cruz) wanted deeper tax cuts that would have a larger impact on economic growth (the only real way to increase revenue: you can’t get as much taxpayer money by over-taxing people without jobs as you can with reasonable taxation on people who are gainfully employed.)

        Further, the GOP has made clear that it would rather reduce spending to address the deficit than raise taxes. Nothing has changed in this area, either. Lower taxes, less government, fewer regulations, all those things the GOP has espoused for decades still hold true.

        Your question is, in other words, a non-starter. You’ll quote people who disagree with JFK and Reagan on taxation and revenue and jump starting the economy, and we’ll disagree. The discussion would go nowhere because there’s nowhere for it to go since we hold opposing views and neither side will change their minds. Why bother? You can still earn your extra credit for your class project by moaning about some pedantic little quibble with word choice or some historical fact you found on wikipedia.

          Fuzzy Slippers: Does this mean that you think that Republicans do not care about the deficit? Where would you get that idea?

          Republicans are working on a bill which would raise deficits by about $150 billion per year, $1 trillion over ten years.

          Fuzzy Slippers: None of them have said this; indeed, they argue that this tax bill will help the economy by creating more jobs, more taxpayers, and will ultimately generate more revenue, not less.

          A contention rejected by virtually every economist, as well as the Congress’s own Joint Committee on Taxation chaired by a Republican.

          Fuzzy Slippers: Further, the GOP has made clear that it would rather reduce spending to address the deficit than raise taxes.

          They haven’t proposed any plan to offset the tax cuts, so you are left with increasing the deficits. Meanwhile, the President has said he won’t touch major entitlements.

          Fuzzy Slippers: Reagan applied to great economic effect

          Cutting marginal rates was reasonable at the time, but they certainly didn’t pay for themselves, and Reagan raised taxes later in his term.

          Fuzzy Slippers: The discussion would go nowhere because there’s nowhere for it to go since we hold opposing views and neither side will change their minds.

          If, as you claim, Republicans truly believe that the tax cuts will pay for themselves, contrary to virtually all economic evidence, it answers the question. That brings up the question of what happened to Republican concern about reality?

          You make one salient point, Zachriels: “Meanwhile, the President has said he won’t touch major entitlements.” This is a huge problem for me, one that I railed against during the primaries. It’s foolhardy to think that we can ever do anything serious about the budget deficits and national debt without addressing major entitlement reform, but this is also a problem for Democrats suddenly seeing the light and playing at being deficit hawks. They won’t touch them, either, except to expand them as they did in the Medicaid expansion aka ObamaCare. I’m not a GOP apologist, and I was against the Bush-era entitlement expansion and am against the Ivana child care entitlement. What we can do, however, is to lessen the tax burden on job creators and the American people; this bill moves in that direction.

          As an aside, silly questions undermine your attempts to sound like you know what you’re talking about (i.e. “That brings up the question of what happened to Republican concern about reality?” Ask your teacher why this is an ineffective question that undermines your credibility.).

          Fuzzy Slippers: This is a huge problem for me, one that I railed against during the primaries.

          Don’t worry about it. Trump didn’t mean it.

          Fuzzy Slippers: They won’t touch them, either, except to expand them as they did in the Medicaid expansion aka ObamaCare.

          ObamaCare was close to revenue neutral. Unlike the current tax cut plan, ObamaCare included tax increases to pay for increases in expenditures.

          Fuzzy Slippers: What we can do, however, is to lessen the tax burden on job creators and the American people; this bill moves in that direction.

          Well, the bill won’t actually do that. It’s just moves the liability into the future with interest.

          Fuzzy Slippers: As an aside, silly questions undermine your attempts to sound like you know what you’re talking about (i.e. “That brings up the question of what happened to Republican concern about reality?”

          That’s the implication of your argument. Actually, more than likely, more Republicans know that the tax cuts won’t pay for themselves, but say so for cynical reasons. But you suggested otherwise, that they believe up is down and down is up.

        “Not an answer. Anyone else?…”

        How’s this? —

        Trump (meaning both he and the voters who put him in office) are hated by the most corrupt scum the United States has ever infesting its government since its founding. The reason they hate him/us (well, not you) is because Trump/us have become the new Untouchables, with Trump as our Elliot Ness.

        The fact Trump/we have been able to get through ANY bill past the democrat/GOPe rat-fest in our Congress is amazing.

        The Donald has been in office one year. He has performed miracles. At least three more to go, and likely seven.

        Wait until we dump mcconnell and ryan. You’ll then witness the complete cleanup of the eight-year obama/jarrett sewer-spill, and some of the greatest advances in United States history.

        How’s that for an answer?

Soooooooo much sausage-making.

Looking under the hood here will take days.

Donald J. Trump: Biggest Tax Bill and Tax Cuts in history just passed in the Senate.

Not in terms of adjusted dollars, and certainly not as a percentage of GDP.

It’s so funny that now the entire democrat party has gone on record for supporting higher taxes on everyone. Do they actually think that’s a winning strategy?

    4th armored div in reply to snopercod. | December 2, 2017 at 10:53 am

    for loony libs yup.

      The base of the democrat party is such an utter cult, that even its most intelligent zombies will happily ape the most inane thoughts to anyone they can get to listen: mostly one another.

      One big ignoramus echo chamber…

    amatuerwrangler in reply to snopercod. | December 2, 2017 at 12:57 pm

    Hold on there. Let me take you back to 2012 and Romney’s famous (or infamous) comment about 47% of voters do not pay taxes. He wasn’t wrong. His point was that campaigning on reducing taxes (primarily income taxes) as a predominant issue means campaigning on something that almost half of the voters don’t care about since they don’t pay taxes.

    You can crow all day about the Dems being against lowering taxes, but their base has no horse in that race. A large number of Romney’s 47% reliably vote Dem, and only when a bill to charge some level of tax on every swinging Richard in the country will the Dem voters start to take notice. Right now they don’t care.

    Yes, the Dems have some high-rollers, but their issue is power and influence, and what they pay in taxes is just the cost of that power and influence. And they have tax lawyers, so are well equipped to keep their tax bill as small as possible.

    That’s why most of the whining will be aimed at “the debt”.

For the people whining they did get a big enough win understand that repealing the mandate will kill Obamacare. It will become unmanageable and even Democrats will not be able to defend it going into 2018. That alone, changing the game on Obamacare repeal, would make this tax reform bill worth it.

Secondly, we have to get out of the mind set that things can never be added on to.

If the bill is successful you will teach a new generation that was not around in 1983 that tax cuts are good for the economy and their paycheck.

buckeyeminuteman | December 2, 2017 at 11:48 am

Unless the GOP ever get around to talking about spending control, this whole tax reform is simply shuffling the deck chairs around on the Titanic.

Big-picture through: The Donald has broken the log-jam of the GOPe.

Bad news for the left and the GOPe: inertia is a bitch.

DrainTheSwampNow | December 2, 2017 at 6:38 pm

I’m not complaining, but this “tax cut” will cost me $1500 a year in my last few years of work before I retire, and about $900 a year once I retire.

For married couples that had greater than 16K in itemized deductions, you are likely going to face a tax increase if you are not a business owner that gains in some other way by changes in pass through income.

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