$1.5 Trillion GOP Tax Cut Thread

[GeorgiaModerate]

Nobody is really surprised by this, are they?

[GeorgiaModerate]

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https://twitter.com/christinawilkie/status/935637329062055936

Kennedy certainly has a way with words:

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[GeorgiaModerate]

I'm not going to straight up panic yet. If "the Trigger" is in the senate bill, I expect it to be removed in conference which might freak out Corker and the upcoming Byrd Bath probably endangers Murkowski's vote.  Regardless of what happens, we've got atleast another week of this crap.

There will be much moaning and gnashing of teeth by various Republicans along the way, but eventually this will pass in some form.

[GeorgiaModerate]

McCain's a yes: https://twitter.com/frankthorp/status/936261922764349443

[GeorgiaModerate]

The tax plan raises the deficit by 1 Trillion bucks according to the JCT.

https://twitter.com/ryanstruyk/status/936334245240492032

I can guarantee you, and book mark this, that the defecit next fiscal year will alone be 1 Trillion

A trillion here, a trillion there, pretty soon it adds up to real money.

[GeorgiaModerate]

DYNAMIC SCORE RELEASED: Even assuming large amounts of economic growth, bill still raises deficit by $1,006,700,000,000.  https://www.jct.gov/publications.html?func=download&id=5045&chk=5045&no_html=1

That can easily be made up in cuts in wasteful defense spending.

It would be more realistic to hope for the Tooth Fairy to make up the shortfall.

[GeorgiaModerate]

Just how many motions to return to committee are going to be brought up?

48?

[GeorgiaModerate]

I was joking earlier about them still writing the bill with typos and mistakes in it and look:

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It's like every time we make a parody post reality makes it actually happen within minutes. Lol

Yeah, I was actually thinking earlier that this is almost like a parody video titled "How Not to Pass a Law".

[GeorgiaModerate]

So how are they going to live with the $1 trillion deficit increase?

By using it to justify cutting social spending later.  Isn't that obviously the plan?

[GeorgiaModerate]

Susan Collins has a verbal promise from McConnell with a transcript to pass Alexander-Murray. So theres that...

As the old saying goes, a verbal promise isn't worth the paper it's printed on.

[GeorgiaModerate]

Corker is a No vote.

I wonder if he now regrets voting for it in committee.  He could have stopped it there.

[GeorgiaModerate]

The GOP is such a disgusting embarrassment.

Ever stop and think that maybe not everyone agrees with you?

Around here, nobody agrees with everybody.

[GeorgiaModerate]

This is two pages taken from the bill. Democrats are complaining that the margin edit on the second page is illegible.

https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/r1cuem4Zyg6U/v0

Look at the bottom of page 2, some words are literally cut off the page. Is this seriously how the Republicans govern?

It's like a bunch of 8-year-old kids trying to form a club and make some rules.

[GeorgiaModerate]

A bill with F_CKING illegible hand written edits in the margins was passed! F_CK REPUBLICANS AND THEIR VOTERS.

You can just tell it was a Republican too: bad handwriting and tons of basic spelling mistakes

Which themselves will bring up Constitutional questions.

I'm waiting for someone to discover a typo that changes intent, something like a reduction in taxes on boats being written as "boots".

[GeorgiaModerate]

As I mentioned before, the biggest worry about going to conference should be Susan Collins amendments. If they get stripped out, they could lose her vote. Her+Corker and a senator Jones could kill this. Not likely, but I think a real possibility.

The AL election won't be certified until early January.  At the breakneck pace the GOP is pushing to get this done, it likely won't matter if Jones win.

[GeorgiaModerate]

A number of my left-wing friends have said, "as much as it sucks that it's a corporate give away, I desperately need to keep some more money." Most of my friends makes between $35k and $55k (myself included). What's the best argument to use to encourage my friends not to support this tax plan?

That the deficits caused by this tax plan would only give the GOP the ammo to then cut all sorts entitlement programs which in turn will cut the net material standard living of your friends on the long run.  Of course this argument would make me want to support this plan but the same argument can b used to convince someone center-left to oppose this plan.

Please tell us about all the jobs you're going to create with your tax cut.

If you want to live in a polluted, crony capitalist garbage heap, why don't you go back to China?

Studies of past tax cuts, and informal surveys of present-day CEOs, indicate that corporate tax cuts generally do not lead to more jobs.  They primarily go to increased dividends and share buybacks.

[GeorgiaModerate]

In a pro-Trump area, many voters are skeptical of GOP tax plan (Washington Post article)

[GeorgiaModerate]

To counterpoint IndyTexas, here is a bloomberg economist arguing that the academic literature on corporate taxes reveals they do have negative effect on investment.

https://www.bloomberg.com/view/articles/2017-11-17/yes-a-corporate-tax-cut-would-increase-investment

Recent dartmouth study.

http://faculty.tuck.dartmouth.edu/images/uploads/faculty/jonathan-lewellen/Investment_and_cashflow.pdf

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https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2895161

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If encouraging investment is really the goal, perhaps they should keep the R&D credit that the Senate bill apprarently removes: https://www.wsj.com/articles/passage-of-senate-tax-bill-puts-r-d-tax-credit-in-doubt-1512328243

[GeorgiaModerate]

In their rush to pass this scam, the Senate GOP didn't realize they defacto repealed literally every corporate deduction: http://nymag.com/daily/intelligencer/2017/12/senate-gop-accidentally-killed-all-corporate-tax-deductions.html

What a bunch of retards

They don't have the (R) after their names for nothing.

OK, you win the thread.

[GeorgiaModerate]

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[GeorgiaModerate]

Looks like Ryan stuck a knife in Susan Collins back LOL.
http://thehill.com/policy/healthcare/363306-ryans-office-warning-he-wasnt-part-of-deal-on-obamacare-source

Surely Collins can't be naive enough to think they'd honor this deal. 

[GeorgiaModerate]

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[GeorgiaModerate]

This bill is horrible and the only way Democrats can sabotage this is to start a government shutdown. If this bill passes it will cause the stock market to hit 30000 next year and the GOP base of old rich white voters will swamp the polls next year and reward their party for their massive nest eggs causing democrats to lose a bunch of trump-state senate seats and fail to flip the house.

*plonk*

[GeorgiaModerate]

Washington has no income tax, right?

Right.