$1.5 Trillion GOP Tax Cut Thread

[jaichind]

Jeff Merkley is only Democrat to get amendment in GOP tax reform bill

As Senate Republicans geared up to pass sweeping changing to the tax code early Saturday, senators offered a number of amendments aimed at making the bill better. Oregon's Jeff Merkley is the only Democrat to get one included in the final bill.

"Senate just passed my amendment to strike the terrible DeVos Tax Earmark – a handout for a wealthy, DeVos-funded private school that refuses to comply with federal non-discrimination laws," Merkley tweeted after the vote. "Like all these special interest giveaways, it never should have been in this #TaxScamBill."

http://www.oregonlive.com/politics/index.ssf/2017/12/jeff_merkley_is_only_democrat.html

I think he saved the GOP from an embarrassment.  The original plan was for a  1.4% investment income tax on college and university endowments exceeding $300K per student.  Then a provision was added in that exempted colleges that did not take federal money.  It turned out that the only college that would have benefited was Hillsdale College,  a private campus aligned with the wealthy family of Trump’s Education Secretary Betsy DeVos who are longtime GOP donors.

After the Dems called this out the GOP Senate decided to change the threshold to $500K instead which get  Hillsdale College out of paying this tax, for now unless its endowment were to rise in the future, and still hit what the GOP really want to hit, which are elite private universities like Harvard Yale Princeton and Stanford.  Thanks to Jeff Merkley  the GOP avoided a major embarrassment and still got their target, mostly. 

[Sestak]

Jeff Merkley is only Democrat to get amendment in GOP tax reform bill

As Senate Republicans geared up to pass sweeping changing to the tax code early Saturday, senators offered a number of amendments aimed at making the bill better. Oregon's Jeff Merkley is the only Democrat to get one included in the final bill.

"Senate just passed my amendment to strike the terrible DeVos Tax Earmark – a handout for a wealthy, DeVos-funded private school that refuses to comply with federal non-discrimination laws," Merkley tweeted after the vote. "Like all these special interest giveaways, it never should have been in this #TaxScamBill."

http://www.oregonlive.com/politics/index.ssf/2017/12/jeff_merkley_is_only_democrat.html

I think he saved the GOP from an embarrassment.  The original plan was for a  1.4% investment income tax on college and university endowments exceeding $300K per student.  Then a provision was added in that exempted colleges that did not take federal money.  It turned out that the only college that would have benefited was Hillsdale College,  a private campus aligned with the wealthy family of Trump’s Education Secretary Betsy DeVos who are longtime GOP donors.

After the Dems called this out the GOP Senate decided to change the threshold to $500K instead which get  Hillsdale College out of paying this tax, for now unless its endowment were to rise in the future, and still hit what the GOP really want to hit, which are elite private universities like Harvard Yale Princeton and Stanford.  Thanks to Jeff Merkley  the GOP avoided a major embarrassment and still got their target, mostly. 

They really should be thanking Collins, Murkowski, Fischer, and Kennedy then.

[darklordoftech]

I noticed that Pence cast a tie-breaking vote for Cruz's amendment. What does Cruz's amendment do?

[Matty]

I noticed that Pence cast a tie-breaking vote for Cruz's amendment. What does Cruz's amendment do?

It extends 529 savings accounts, which parents use to save money for college, to k-12 expenses as well.

[Person Man]

I noticed that Pence cast a tie-breaking vote for Cruz's amendment. What does Cruz's amendment do?

It extends 529 savings accounts, which parents use to save money for college, to k-12 expenses as well.

I thought that was Byrded out.

[Sestak]

I noticed that Pence cast a tie-breaking vote for Cruz's amendment. What does Cruz's amendment do?

It extends 529 savings accounts, which parents use to save money for college, to k-12 expenses as well.

I thought that was Byrded out.

The 529s for fetuses was Byrded out. Not the K-12.

[Indy Texas]

I noticed that Pence cast a tie-breaking vote for Cruz's amendment. What does Cruz's amendment do?

It extends 529 savings accounts, which parents use to save money for college, to k-12 expenses as well.

Ridiculous. The sort of people who can afford to pay for private school are exactly the sort of people who do not need a tax cut.

(Full disclosure: Attended private schools K-12.)

[Sestak]

So apparently NOW Trump is okay with a 22% corporate rate.
Even though WH was lobbying hard against Rubio's 20.94%.

What a joke.

[SoLongAtlas]

So apparently NOW Trump is okay with a 22% corporate rate.
Even though WH was lobbying hard against Rubio's 20.94%.

What a joke.

Trump is good with whatever. He is desperate for a win and a distraction from the Mueller investigation.

[Attorney General, Senator-Elect, & Former PPT Dwarven Dragon]

So apparently NOW Trump is okay with a 22% corporate rate.
Even though WH was lobbying hard against Rubio's 20.94%.

What a joke.

Rubio was a top challenger to Trump in the 2016 primary, and his endorsement of Trump wasn't all that enthusiastic. Simple as that.

[OSR stands with Israel]

http://taxplancalculator.com



The tax plan will benefit my family

[Matty]

Uh oh, collins refuses to say she will support final bill. Says she has to wait and see.

wow, is she changing her mind?

[Obama-Biden Democrat]

Is Corker actually a solid 100% no in the future, or did McConnell only allow him to vote no since it was going to pass anyway?

[KingSweden]

I noticed that Pence cast a tie-breaking vote for Cruz's amendment. What does Cruz's amendment do?

It extends 529 savings accounts, which parents use to save money for college, to k-12 expenses as well.

I thought that was Byrded out.

The 529s for fetuses was Byrded out. Not the K-12.

The unborn part was ridiculous. Even if not Byrded out how the f—- do you create a financial account for someone who doesn’t have a name, birth certificate or SSN? Absurdity.

[Dr. Arch]

http://taxplancalculator.com



The tax plan will benefit my family

Wow, how simple. Nothing about grad student taxes and how these marginal benefits drop off in a short amount of time.

[OSR stands with Israel]

http://taxplancalculator.com



The tax plan will benefit my family

Wow, how simple. Nothing about grad student taxes and how these marginal benefits drop off in a short amount of time.

The Bush tax cuts also were supposed to expire and guess what they got made permanent. Since the republicans don't have 60 votes they have to make some part of the tax plan temporary,and there is no way a non Bernie style dem will allow those cuts to expire.

[Badger]

To make things simple I am now just rooting for House to pass this bill as it and call it  a day.  A great policy victory. GOP will get hammered in 2018 but it is worth it from my point of view.  The short term stimulus would mean that Trump will head into 2020 with a solid record of economic growth and could even win re-election which would delay another 4 years from Dems trying to reverse some of this.

In what ways are huge deficit spending and further decreasing revenue thereby incurring more deficit spending a victory? This bill is sure to do that and to make the math work you need to do cuts. Republicans won't cut or streamline discretionary but will only cut non-discretionary items like SS, Medicare, and Medicaid. Those programs could remain solvent with simple fixes, not decimation.

Also, Jaichind, you DO realize the OVERWHELMING consensus of economists (outside the White House of course) are of the resolute opinion this will do little to nothing to foster greater private sector growth? Corporations are ALREADY running with record level profits, and the economy's big weakness is lack of wage growth and money being put in the middle class's hands, for which this tax bill does little to nothing.

A recent survey of 40 top economists, including conservatives, were polled as to whether this tax cut is likely to notably spur economic growth. 39 out of 40 said "no"!

But hey, you're getting your beak wet, so FTW. Amarite? It's the Jaichind way.

Hmmm.  Sorry it seems I did not do a good job communicating what I meant.  I totally agree that the long term impact of this tax plan is mixed and the jury will be out for a while on that. What I meant about the short term stimulus in the Senate plan are the a)  immediate implementation of temporary full expensing and b)  one-time low tax rate on overseas profits will lead to a surge of investments and expatriation of foreign based profits will lead to the surge of business spending in 2018 and in turn jazz up the economy in 2019 and just in time for Trump's re-election in 2020.

Perhaps I didn't do a good job communicating what I meant.  While I am sure you are happy as to how this affects your extremely wealthy families bottom line, let me repeat.

An. Overwhelming. Consensus. Among. Economists. Is. This. Bill. Will. Do. Little. To. Spur. Economic. Growth!!

[Matty]

To make things simple I am now just rooting for House to pass this bill as it and call it  a day.  A great policy victory. GOP will get hammered in 2018 but it is worth it from my point of view.  The short term stimulus would mean that Trump will head into 2020 with a solid record of economic growth and could even win re-election which would delay another 4 years from Dems trying to reverse some of this.

In what ways are huge deficit spending and further decreasing revenue thereby incurring more deficit spending a victory? This bill is sure to do that and to make the math work you need to do cuts. Republicans won't cut or streamline discretionary but will only cut non-discretionary items like SS, Medicare, and Medicaid. Those programs could remain solvent with simple fixes, not decimation.

Also, Jaichind, you DO realize the OVERWHELMING consensus of economists (outside the White House of course) are of the resolute opinion this will do little to nothing to foster greater private sector growth? Corporations are ALREADY running with record level profits, and the economy's big weakness is lack of wage growth and money being put in the middle class's hands, for which this tax bill does little to nothing.

A recent survey of 40 top economists, including conservatives, were polled as to whether this tax cut is likely to notably spur economic growth. 39 out of 40 said "no"!

But hey, you're getting your beak wet, so FTW. Amarite? It's the Jaichind way.

Hmmm.  Sorry it seems I did not do a good job communicating what I meant.  I totally agree that the long term impact of this tax plan is mixed and the jury will be out for a while on that. What I meant about the short term stimulus in the Senate plan are the a)  immediate implementation of temporary full expensing and b)  one-time low tax rate on overseas profits will lead to a surge of investments and expatriation of foreign based profits will lead to the surge of business spending in 2018 and in turn jazz up the economy in 2019 and just in time for Trump's re-election in 2020.

Perhaps I didn't do a good job communicating what I meant.  While I am sure you are happy as to how this affects your extremely wealthy families bottom line, let me repeat.

An. Overwhelming. Consensus. Among. Economists. Is. This. Bill. Will. Do. Little. To. Spur. Economic. Growth!!

Analysis from the CBO and the JCT (as well as private, less reliable companies like goldman sachs), find that it will indeed spur some growth, just not enough to cover the deficits it creates.

The academic literature is clear that corporate taxes in excess have negative consequences. Economists generally dislike the corporate tax, anyway.

But, I think the issue goes deeper: I out of principle believe families should keep more of their money, and this bill provides at least some relief. Most middle class families will see around 1500-2500 in savings.

[Badger]

To make things simple I am now just rooting for House to pass this bill as it and call it  a day.  A great policy victory. GOP will get hammered in 2018 but it is worth it from my point of view.  The short term stimulus would mean that Trump will head into 2020 with a solid record of economic growth and could even win re-election which would delay another 4 years from Dems trying to reverse some of this.

In what ways are huge deficit spending and further decreasing revenue thereby incurring more deficit spending a victory? This bill is sure to do that and to make the math work you need to do cuts. Republicans won't cut or streamline discretionary but will only cut non-discretionary items like SS, Medicare, and Medicaid. Those programs could remain solvent with simple fixes, not decimation.

Also, Jaichind, you DO realize the OVERWHELMING consensus of economists (outside the White House of course) are of the resolute opinion this will do little to nothing to foster greater private sector growth? Corporations are ALREADY running with record level profits, and the economy's big weakness is lack of wage growth and money being put in the middle class's hands, for which this tax bill does little to nothing.

A recent survey of 40 top economists, including conservatives, were polled as to whether this tax cut is likely to notably spur economic growth. 39 out of 40 said "no"!

But hey, you're getting your beak wet, so FTW. Amarite? It's the Jaichind way.

Hmmm.  Sorry it seems I did not do a good job communicating what I meant.  I totally agree that the long term impact of this tax plan is mixed and the jury will be out for a while on that. What I meant about the short term stimulus in the Senate plan are the a)  immediate implementation of temporary full expensing and b)  one-time low tax rate on overseas profits will lead to a surge of investments and expatriation of foreign based profits will lead to the surge of business spending in 2018 and in turn jazz up the economy in 2019 and just in time for Trump's re-election in 2020.

Perhaps I didn't do a good job communicating what I meant.  While I am sure you are happy as to how this affects your extremely wealthy families bottom line, let me repeat.

An. Overwhelming. Consensus. Among. Economists. Is. This. Bill. Will. Do. Little. To. Spur. Economic. Growth!!

Analysis from the CBO and the JCT (as well as private, less reliable companies like goldman sachs), find that it will indeed spur some growth, just not enough to cover the deficits it creates.

The academic literature is clear that corporate taxes in excess have negative consequences. Economists generally dislike the corporate tax, anyway.

But, I think the issue goes deeper: I out of principle believe families should keep more of their money, and this bill provides at least some relief. Most middle class families will see around 1500-2500 in savings.

If by some, you mean nominal growth oh, that I agree. If you also say that out of principle, ideology, whatever, this tax bill has far more support than economic reality should dictate, then again I absolutely agree.

However, I believe we vastly disagree on the term middle class families.

[Attorney General, Senator-Elect, & Former PPT Dwarven Dragon]

Is Corker actually a solid 100% no in the future, or did McConnell only allow him to vote no since it was going to pass anyway?

Corker explicitly said he remains open to voting for the final bill.

My preliminary ratings for the final bill:

Solidly Opposed: All 48 Dems
Likely Opposed: N/A
Lean Opposed: Corker
Toss-Up: Collins
Lean Support: Flake
Likely Support: Murkowski, Lankford, Paul, Daines
Safe Support: Other 45 Rs

Overall: 50 Support, 49 Opposed, 1 Toss-Up

[Badger]

Is Corker actually a solid 100% no in the future, or did McConnell only allow him to vote no since it was going to pass anyway?

Corker explicitly said he remains open to voting for the final bill.

My preliminary ratings for the final bill:

Solidly Opposed: All 48 Dems
Likely Opposed: N/A
Lean Opposed: Corker
Toss-Up: Collins
Lean Support: Flake
Likely Support: Murkowski, Lankford, Paul, Daines
Safe Support: Other 45 Rs

Overall: 50 Support, 49 Opposed, 1 Toss-Up

Corker is one vote McConnell doesn't need to let slide because he's not running for reelection.

[Brittain33]

It's hard to talk about whether this bill could spur growth when currently we have close to full employment in the economy and our government is driving out undocumented immigrants and aiming to lower legal immigration, and where the cost of borrowing capital is close to zero. Our economy doesn't need growth to be spurred, and certainly not by favoring capital further.

[True Federalist (진정한 연방 주의자)]

Uh oh, collins refuses to say she will support final bill. Says she has to wait and see.

wow, is she changing her mind?

Who knows what will come out of conference?

[○∙◄☻¥tπ[╪AV┼cVê└]

Uh oh, collins refuses to say she will support final bill. Says she has to wait and see.

wow, is she changing her mind?

Who knows what will come out of conference?

A pile of sh**t.

[SoLongAtlas]

Uh oh, collins refuses to say she will support final bill. Says she has to wait and see.

wow, is she changing her mind?

Who knows what will come out of conference?

A pile of sh**t.

It will be a pile but even so, even if Collins and one more votes against the final bill out of cc, Pence will vote for it if it goes to 50/50.