Posted on 12/01/2017 7:56:29 AM PST by GonzoII
Senate Republicans were confident that they had the votes needed Friday to pass their tax plan as last-minute changes brought more GOP lawmakers on board.
Sens. Steve Daines, R-Mont., and Ron Johnson, R-Wis., earlier Friday said they would back the bill after securing further tax relief for pass-through businesses. Then, Sen. James Lankford, R-Okla., committed to supporting the plan, leaving Republican leaders confident that they had the support.
On Friday morning, Senate Majority Whip John Cornyn, R-Texas, called holdout Sens. Bob Corker, R-Tenn., and Jeff Flake, R-Ariz., the last two senators who need to get on board. The GOP can pass the legislation even if both senators oppose it over budget deficit concerns.
(Excerpt) Read more at cnbc.com ...
Yes, and people like the Clintons will also be paying less on the income they secure from their speeches, book fees, consulting fees etc.
Hard to hear Franken & Menendez casting votes on the floor of the senate. Both bastards need to be thrown out of the senate
OMG, that idiot Sanders is on the floor. They are going to let a bunch of dems say exactly what they said on the previous motion to commit the bill back to committee. It will be voted down 52-48 again.. Then probably another motion by a dem to commit the bill to committee...Another bunch of dems get up and repeat the same nonsense (breaks for rich & businesses, nothing for middle class)
People should be watching this, to see how pathetic the process is.
You nailed it. We got into this hole by increments. We are not about to correct it all at once.
This is a good first step, and the weapon to wield against the GOPe in the forthcoming primaries.
All of you grumbling, principled conservatives are currently working and planning to elect better candidates this next year, aren’t you?
If not, why not?
Going away will be the property deduction I think - which will offset any increase in personal exemption resulting in more money for the IRS and less for me. Thanks DJT for the big beautiful tax increase! Will be sure not to vote for you again; at least the Dems are honest and we know they will screw us.
Thanks Beatthedrum.
I am in SD... I would love to help unseat Thune... problem is he has so much money and influence he runs unopposed...
This tax bill could be better but I think it will turn out to be a net positive.
I thought the property deduction was still ‘in’ up to taxes on the first $500,000 value of your home. Over that and you can’t deduct property tax. Your home is valued over $500,000?
One of those bills took it away entirely ... a lot of people’s homes are in that range or more.
I donated to his campaign in the four digit range, admittedly on the very low end. If he signs this disaster, that will not happen again. Of course after my tax increase, I might not be able to afford it.
Well there is that. Let’s hope we are all wrong and this is not just a sop to large business and screw the little guy thing .. not a creature from the black lagoon ...
The corporate tax rate cut is going to crank up capital investment and get our economy growing much faster. The 35% corporate tax rate we have now is incredibly stupid and sets up an economic choke point right inside corporations where investment decisions are made. Our current high corporate tax rate drives business activity overseas and cuts investment here in America. The corporate tax cut should easily pay for itself through stronger economic growth, more jobs, and more tax revenue from a bigger economy and more people working.
It’s more uncertain whether a tax cut for individuals will pay for itself but it will increase economic growth, and eliminating the deduction for state income taxes will get rid of a big subsidy for excessive state spending on bureaucracies, lawyers, and consultants in states like CA and NY. That’s all good and it will make our economy more productive and efficient by eliminating subsidies for useless government activity. This tax reform bill will be a big win for the American people, Trump, and the GOP.
Well, I am not an expert on taxes, but from what I have read, with deductions, the effective corporate rate is about 18%. Which, according to what I have read, is actually pretty competitive. Since corporations will maintain their deductions, people in blue states will fill the tax void. Corporations are pretty much making a killing with this bill.
And as long as we are getting rid of “subsidies” why don’t we get rid of the one that makes higher earners pay a higher income tax rate? Seems to me, the person paying 35% in California is actually subsidizing the person getting an earned income tax credit in a red state.
Guess it’s changed to ‘we can deduct up to $10,000 in property taxes... Makes it sweeter for me. I think it was Susan Collins who added that one.
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