$1.5 Trillion GOP Tax Cut Thread

[GeorgiaModerate]

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[President Johnson]

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So much for the economically sane and fiscally responsibly party.

What's needed is a tax cut for middle-class and small business in combination with tax increase for the wealthy including closing tax loopholes and tax avoidance. Anything else is Reaganomics and Trickle-down nonsense that has never worked out.

[mvd10]

Yeah, a pure tax cut would be a bad idea. The US needs tax reform, and preferably revenue neutral tax reform (without extremely rosy growth predictions). We're probably still heading towards a corporate rate cut and a standard deduction increase without any offsets. Tax reform is dead the moment Roy Moore (or his Democratic opponent) becomes senator, so they're desperate for anything they can call a victory.

[PragmaticPopulist]

Pretty much sounds like Bush tax cuts 2.0. I just can't get over how conservatives were screaming at Obama over driving up debt, and now that they're in power, they don't care.

[Don Vito Corleone]

Yeah, a pure tax cut would be a bad idea. The US needs tax reform, and preferably revenue neutral tax reform (without extremely rosy growth predictions). We're probably still heading towards a corporate rate cut and a standard deduction increase without any offsets. Tax reform is death the moment Roy Moore (or his Democratic opponent) becomes senator, so they're desperate for anything they can call a victory.

Wait, what?

[Hindsight was 2020]

Yeah, a pure tax cut would be a bad idea. The US needs tax reform, and preferably revenue neutral tax reform (without extremely rosy growth predictions). We're probably still heading towards a corporate rate cut and a standard deduction increase without any offsets. Tax reform is death the moment Roy Moore (or his Democratic opponent) becomes senator, so they're desperate for anything they can call a victory.

Wait, what?

Moore is a rigid ideologue and he will have most likely irresponsible/unresponable ideas that moderate reps won't back so it will be Ocare all over again

[Kingpoleon]

Yeah, a pure tax cut would be a bad idea. The US needs tax reform, and preferably revenue neutral tax reform (without extremely rosy growth predictions). We're probably still heading towards a corporate rate cut and a standard deduction increase without any offsets. Tax reform is death the moment Roy Moore (or his Democratic opponent) becomes senator, so they're desperate for anything they can call a victory.

So, do you think cutting taxes on the bottom two by 7.5% and on those in the third lowest making less than $60,000 by 5%, as well as cutting the bottom three corporate tax rates by, say, 7-8% would be enough? Of course, ideally we'd see a small federal sales tax to make up for it.

[GeorgiaModerate]

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[mvd10]

Yeah, a pure tax cut would be a bad idea. The US needs tax reform, and preferably revenue neutral tax reform (without extremely rosy growth predictions). We're probably still heading towards a corporate rate cut and a standard deduction increase without any offsets. Tax reform is death the moment Roy Moore (or his Democratic opponent) becomes senator, so they're desperate for anything they can call a victory.

Wait, what?

Like Hindsight said: Moore is an extreme ideologue (and his hatred for McConnell also doesn't help). I can't see him playing nice with the GOP leadership on tax reform, he'll probably vote against any proposal that doesn't completely repeal the income tax lol.

Yeah, a pure tax cut would be a bad idea. The US needs tax reform, and preferably revenue neutral tax reform (without extremely rosy growth predictions). We're probably still heading towards a corporate rate cut and a standard deduction increase without any offsets. Tax reform is death the moment Roy Moore (or his Democratic opponent) becomes senator, so they're desperate for anything they can call a victory.

So, do you think cutting taxes on the bottom two by 7.5% and on those in the third lowest making less than $60,000 by 5%, as well as cutting the bottom three corporate tax rates by, say, 7-8% would be enough? Of course, ideally we'd see a small federal sales tax to make up for it.

Cutting taxes on small businesses and lower- and middle-income households while paying for it by a sales tax/VAT seems like a good approach yeah (I believe it's also what the IMF recommended), but I'd also cut the top corporate tax rate as 35% is ridiculously high. But it's obviously not going to happen. Trump apparently is a VAT fan but the Freedom Caucus never would vote for a sales tax unless it also included complete repeal of the income tax and the 16th amendment.

[OSR stands with Israel]

1.5 Trillion over 10 years is not that much(150 billion a year) , if you do these things


1. Cut Military Spending from a projected 652 billion(in 2018) to 550 billion (and spend half that money on infrastructure, and keep the rest to pay for the tax cut)  :

https://www.usgovernmentspending.com/defense_spending

2. Impose a 25% wealth tax on offshore tax havens in year one, and in the subsequent years tax off shore havens at a higher rate than the regular rate.

3. End Pork Barrell Spending

This is without taking into account economic growth over the next 10 years , so if you do these 3 things you likely will have a budget surplus by the end of the decade.




Also without the massive increases in military spending under the Bush years, we would have had a surplus in 2007 , if it wasnt for the massive increases in military spending in the Bush years.

https://www.statista.com/statistics/272473/us-military-spending-from-2000-to-2012/


The deficit was smaller than the increases in military spending(from 2000-2007) in 2007
 

[Young Conservative]

They better cut spending to correspond to these tax cuts. I hope Rand Paul and Mike Lee ensure that they do.

[PragmaticPopulist]

Rs are probably trying to hurry up before Roy Moore (presumably) gets to the senate. He's not a guaranteed vote for this. At least not as reliable as Luther Strange would be.

[Attorney General, LGC Speaker, and Former PPT Dwarven Dragon]

The Motion to Proceed to this budget resolution has passed the Senate 50-47:

NAYs ---47
Baldwin (D-WI)
Bennet (D-CO)
Blumenthal (D-CT)
Booker (D-NJ)
Brown (D-OH)
Cantwell (D-WA)
Cardin (D-MD)
Carper (D-DE)
Casey (D-PA)
Coons (D-DE)
Cortez Masto (D-NV)
Donnelly (D-IN)
Duckworth (D-IL)
Durbin (D-IL)
Feinstein (D-CA)
Franken (D-MN)
Gillibrand (D-NY)
Harris (D-CA)
Hassan (D-NH)
Heinrich (D-NM)
Heitkamp (D-ND)
Hirono (D-HI)
Kaine (D-VA)
King (I-ME)
Klobuchar (D-MN)
Leahy (D-VT)
Manchin (D-WV)
Markey (D-MA)
McCaskill (D-MO)
Merkley (D-OR)
Murphy (D-CT)
Murray (D-WA)
Nelson (D-FL)
Peters (D-MI)
Reed (D-RI)
Sanders (I-VT)
Schatz (D-HI)
Schumer (D-NY)
Shaheen (D-NH)
Stabenow (D-MI)
Tester (D-MT)
Udall (D-NM)
Van Hollen (D-MD)
Warner (D-VA)
Warren (D-MA)
Whitehouse (D-RI)
Wyden (D-OR)

Not Voting - 3
Cochran (R-MS)
Menendez (D-NJ)
Shelby (R-AL)


It still must get through an open amendment process, followed by a final vote later this week. It then must be passed by the house. Budget resolutions are not subject to the 60 vote rule.

It's important to note that this process merely enables reconciliation to be used for tax reform. The actual tax reform bill will be voted on after this process is complete.

[#gravelgang #lessiglad]

Rand Paul signals he'll vote no if the budget eliminates sequester caps on defense spending.

https://twitter.com/RandPaul/status/920307764609667077

[Green Line]

Remove tax cuts, insert more DoD funding.  Compromise, everyone happy then.

[GeorgiaModerate]

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I'm not a political strategist, but it strikes me that maybe the GOP should try for something that's actually popular.

[OSR stands with Israel]

Remove tax cuts, insert more DoD funding.  Compromise, everyone happy then.

Of course not , as I support doing the opposite.

[Shadows]

Once these Republicans realize that Medicare, Medicaid, Welfare will be cut big, some of them will die or be bankrupt due to not having an affordable insurance, this 70% approval will come crushing down.

The Republican electorate is the most low information & dumb voter-base that there is. They will only come around when their wallets are badly hit.

[Santander]

The Republican electorate is the most low information & dumb voter-base that there is. They will only come around when their wallets are badly hit.

Interesting that you're not a Republican, then.

[Ban my account ffs!]

Once these Republicans realize that Medicare, Medicaid, Welfare will be cut big, some of them will die or be bankrupt due to not having an affordable insurance, this 70% approval will come crushing down.

The Republican electorate is the most low information & dumb voter-base that there is. They will only come around when their wallets are badly hit.

No.  They will blame the democrats for "cutting THEIR ENTITLEMENTS" and double down.  They're a gangrenous, festering wound that needs to be excised from the body politic of this nation.

[Attorney General, LGC Speaker, and Former PPT Dwarven Dragon]

Mr. Hatch proposes an amendment, #1144 (To establish a deficit-neutral reserve fund relating to Medicare and Medicaid). The amendment is adopted by a vote of 89-9.


NAYs ---9
Booker (D-NJ)
Gillibrand (D-NY)
Harris (D-CA)
Hirono (D-HI)
Lee (R-UT)
Markey (D-MA)
Merkley (D-OR)
Sanders (I-VT)
Warren (D-MA)

Not Voting - 2
Blunt (R-MO)
Menendez (D-NJ)

[Attorney General, LGC Speaker, and Former PPT Dwarven Dragon]

Mr. Sanders proposes an amendment, #1119 (To reverse Medicaid cuts and reduce certain tax cuts). The amendment FAILS by a vote of 47-51.

NAYs ---51
Alexander (R-TN)
Barrasso (R-WY)
Boozman (R-AR)
Burr (R-NC)
Capito (R-WV)
Cassidy (R-LA)
Cochran (R-MS)
Collins (R-ME)
Corker (R-TN)
Cornyn (R-TX)
Cotton (R-AR)
Crapo (R-ID)
Cruz (R-TX)
Daines (R-MT)
Enzi (R-WY)
Ernst (R-IA)
Fischer (R-NE)
Flake (R-AZ)
Gardner (R-CO)
Graham (R-SC)
Grassley (R-IA)
Hatch (R-UT)
Heller (R-NV)
Hoeven (R-ND)
Inhofe (R-OK)
Isakson (R-GA)
Johnson (R-WI)
Kennedy (R-LA)
Lankford (R-OK)
Lee (R-UT)
McCain (R-AZ)
McConnell (R-KY)
Moran (R-KS)
Murkowski (R-AK)
Paul (R-KY)
Perdue (R-GA)
Portman (R-OH)
Risch (R-ID)
Roberts (R-KS)
Rounds (R-SD)
Rubio (R-FL)
Sasse (R-NE)
Scott (R-SC)
Shelby (R-AL)
Strange (R-AL)
Sullivan (R-AK)
Thune (R-SD)
Tillis (R-NC)
Toomey (R-PA)
Wicker (R-MS)
Young (R-IN)

Not Voting - 2
Blunt (R-MO)
Menendez (D-NJ)

[mvd10]

Mr. Sanders proposes an amendment, #1119 (To reverse Medicaid cuts and reduce certain tax cuts). The amendment FAILS by a vote of 47-51.

Party line vote or did 1 Republican vote with the Democrats (Collins?)?

[Santander]

Mr. Sanders proposes an amendment, #1119 (To reverse Medicaid cuts and reduce certain tax cuts). The amendment FAILS by a vote of 47-51.

Party line vote or did 1 Republican vote with the Democrats (Collins?)?

Would be a party line vote with a few not voting.

[Attorney General, LGC Speaker, and Former PPT Dwarven Dragon]

Mr. Nelson proposes an amendment, #1150 (to reverse cuts to Medicare and close certain tax loopholes). The amendment FAILS by a vote of 47-51.

NAYs ---51
Alexander (R-TN)
Barrasso (R-WY)
Boozman (R-AR)
Burr (R-NC)
Capito (R-WV)
Cassidy (R-LA)
Cochran (R-MS)
Collins (R-ME)
Corker (R-TN)
Cornyn (R-TX)
Cotton (R-AR)
Crapo (R-ID)
Cruz (R-TX)
Daines (R-MT)
Enzi (R-WY)
Ernst (R-IA)
Fischer (R-NE)
Flake (R-AZ)
Gardner (R-CO)
Graham (R-SC)
Grassley (R-IA)
Hatch (R-UT)
Heller (R-NV)
Hoeven (R-ND)
Inhofe (R-OK)
Isakson (R-GA)
Johnson (R-WI)
Kennedy (R-LA)
Lankford (R-OK)
Lee (R-UT)
McCain (R-AZ)
McConnell (R-KY)
Moran (R-KS)
Murkowski (R-AK)
Paul (R-KY)
Perdue (R-GA)
Portman (R-OH)
Risch (R-ID)
Roberts (R-KS)
Rounds (R-SD)
Rubio (R-FL)
Sasse (R-NE)
Scott (R-SC)
Shelby (R-AL)
Strange (R-AL)
Sullivan (R-AK)
Thune (R-SD)
Tillis (R-NC)
Toomey (R-PA)
Wicker (R-MS)
Young (R-IN)

Not Voting - 2
Blunt (R-MO)
Menendez (D-NJ)