Posted on 12/17/2017 1:44:22 PM PST by Kaslin
After making completely false claims about the GOP tax reform bill on ABC’s Good Morning America earlier on Sunday, Clinton lackey George Stephanopoulos spent most of This Week leading the discussion tearing it down.
After spending a couple minutes smearing the bill in his opening monologue, Stephanopoulos interviewed Texas Republican Senator John Cornyn where one of his first questions involved allegations GOP leaders bought off Tennessee Senator Bob Corker with a real estate provision:
There's a lot more scrutiny of the bill, which was just released on Friday in these final hours. Including an article in the International Business Times, that came out yesterday showing that a last-minute tax break, which was not included in the House or Senate provision, could bring millions of dollars to President Trump, and other Republicans, who get a lot of money from the real estate income through LLCs.Instead of asking Cornyn to explain why the provision was there and what it was for, Stephanopoulos read a statement from Maryland Democratic Senator Chris Van Hollen who called the GOP “” “Will you remove that provision,” the ABC host demanded to know. That’s not to mention how he thinks a bill released five days before a vote was somehow released “in these final hours.”
“Meanwhile, the Democrats are also warning this is going to trigger a mandatory cut in many government programs, including a $25 billion cut in Medicare,” Stephanopoulos said to Cornyn a short time later. He then highlighted Minority Leader Nancy Pelosi (CA-D) saying Dems would play games with the program. “She's essentially saying, you won't get any Democratic votes to waive those cut. So, $25 billion in Medicare cuts are coming. Can you prevent the cuts on your own?"
ABC Goes All-In on Trying to Sink GOP’s ‘Nightmare’ Tax Reform
Stephanopoulos then spoke with two economists: Former Chair of Bush’s Council of Economic Advisers, Glenn Hubbard who supported the bill, and Paul Krugman from The New York Times who opposed the bill and whose economic predictions were about as accurate as an astrology chart.
Krugman actually argued against the bill because it was “un-leveling the playing field” to the benefit of small businesses. “What this is doing is, it tremendously privileging people who own businesses of a certain kind. Who are really basically just workers but happen to have the right kind of business that earns enough money,” he smeared.
“It’s a crazy thing,” Krugman added, before getting one more punch before the commercial break. “I think this will be a wave of outrageous tax avoidance. And that there will be mass demands for people do something because this is a nightmare bill.”
In the last 15 minutes of the program, ABC’s make-believe Republican Matthew Dowd was mouthing off about how the GOP was passing a bill that was only for the wealth and asserted that “to me when the Republicans do this, they have abdicated any responsibility on fiscal conservativism. They can’t run on that anymore.”
Former Bush Political Affairs Director Sara Fagen noted most economic analysis of the bill “fails to give any credit for growth in the economy and higher tax revenues off a broader base and people making more money.” But Dowd did not want the facts known, so he talked over her, shouting: “There is no evidence at that that will happen! In history. None.” As Fagen began to counter him, he falsely declared that “there was no growth after the Reagan 1986 tax bill. There was no growth.”
This wasn’t the first time Dowd has tried to rewrite history. On the same program a few weeks prior, he claimed Republicans “empowered” Bill Clinton’s sexually predatory behavior by confirming Justice Clarence Thomas.
With all of the Republicans in the Senate and nearly all in the House supporting the reconciled tax reform proposal, passage and a presidential signature were all but assured. So it’s no wonder ABC was in crisis mode ahead of the pivotal vote on Tuesday that would have get a major win on the board.
Relevant portions of the transcript below:
ABC This Week December 17, 2017 9:05:29 AM Eastern
(…)
GEORGE STEPHANOPOULOS: So you [Senator John Cornyn] think you have the votes right now. There's a lot more scrutiny of the bill, which was just released on Friday in these final hours. Including an article in the International Business Times, that came out yesterday showing that a last-minute tax break, which was not included in the House or Senate provision, could bring millions of dollars to President Trump, and other Republicans, who get a lot of money from the real estate income through LLCs. Our next guest, Senator Chris Van Hollen, has responded to that saying: “Slipping in a last-minute provision that could give more of a windfall to people like President Trump and some Republicans in Congress is unconscionable. It’s not too late for my colleagues to do the right thing.” Will you remove that provision?
(…)
STEPHANOPOULOS: Meanwhile, the Democrats are also warning this is going to trigger a mandatory cut in many government programs, including a $25 billion cut in Medicare. Leader Pelosi has written a letter to the Senate and House leaders of the Republican party, saying: “Given the lack of bipartisanship to date in your effort to provide massive tax cuts to the wealthy at the expense of the middle-class while adding $1.5 trillion to the deficit. It will be your responsibility to deal with the consequences.” She's essentially saying, you won't get any Democratic votes to waive those cut. So, $25 billion in Medicare cuts are coming. Can you prevent the cuts on your own?
(…)
9:33:16 AM Eastern
PAUL KRUGMAN: By the way, this is un-leveling the playing field. Right now, anybody that wants to turn themselves into a C-corporation and pay normal corporate taxes can do that. What this is doing is, it tremendously privileging people who own businesses of a certain kind. Who are really basically just workers but happen to have the right kind of business that earns enough money. It's a crazy thing. It's creating a nightmare of loopholes. Possible exploitable things -- possible ways for certain people – there’s even a specific provision says that architects and engineers get a special tax break that other service providers don't get. So, this is insane tax policy.
(…)
KRUGMAN: I think this will be a wave of outrageous tax avoidance. And that there will be mass demands for people do something because this is a nightmare bill.
(…)
9:46:09 AM Eastern
MATTHEW DOWD: Besides the substantive serious problems, I think, with this, it doesn't simplify—it’s only going to primarily benefit the wealthy and all of that … To me, when the Republicans do this, they have abdicated any responsibility on fiscal conservativism. They can’t run on that anymore. After they pass a bill that raises the debt by $1.5 trillion and doesn't help the middle-class they no longer can run as the fiscal conservatives.
SARA FAGEN: In all this conversation though of the deficit, it fails to give any credit for growth in the economy and higher tax revenues off a broader base and people making more money. And so, I think that's just –
DOWD: There is no evidence at that that will happen! In history. None.
FAGEN: That’s not true.
DOWD: Yeah, it is.
FAGEN: There is evidence of it.
DOWD: There was no growth after the Reagan 1986 tax bill. There was no growth.
FAGEN: More people went to work and more people had higher wages.
(…)
Can’t think of a better endorsement for the bill.
If this bill doesn’t pass, McConnell and nobody else is going to be seen as the biggest wing-nut this side of Pluto.
He fiddled around all year, put this off to the last minute, and now has a real problem on his hands.
This should be the 7th bill he was sending over. He has nobody to blame but himself. Ryan falls right into that same pit. At least Ryan will probably deliver.
Whether this passes or not, the other side could be in power when the bill sunsets in four or five years. At that time they will be able to say, even with a Republican controlled Senate, it only passed by one vote.
And you know what, they’ll be right.
This is a disgrace, served up warmed over by Mitch McConnell.
If these tax cuts are soooooo bad like they say, why not let it pass & see how bad it is!
The voters will know & vote them out! LOL
ABC’s nightmare is Trump’s success.
It’s touching, really. Brings a tear to hear these looters on the left expressing such concern for deficits. They never appear anywhere they might be confronted with a record of them dismissing Obama’s double-digit trillions of red ink.
Well, given that Paul Krugman is in on the discussion, this ABC bit is not worth reading about at all.
Will ABC be able to manufacture workers with smaller paychecks in March?
.
“Since it raises taxes for millions of people, and gives credits to illegals, you’d think the media would be praising it. Instead, like me, they’re not supportive. Imagine that”
exactly.
it’s interesting to me that i haven’t heard one congress critter oppose this bill on the grounds of its evisceration of the middle class. where are the folks that we elected to represent us? oh, that’s right, we are only given lip service at re-election time.
In this tax bill the elimination of most of the itemized deductions should be a deal killer to all those of our duly elected to represent us who vote them into office, and should not represent a thank you gift to those corporations who donate the fattest envelopes to their re-election campaigns.
so just as the cost of obamacare was being shouldered by all the healthy young people who had to sign up or pay a fine, this tax bill is being paid for by the average middle class taxpayer for the benefit of big permanent tax cuts for corporations and the wealthy. Touting this as a tax cut to all the middle class deplorables who elected Trump is the same as obama promising that you would save $2500 on your insurance premiums and could keep your doctor.
the standard deduction is being not quite doubled [for individuals, it would go from $6,300 to $12,000, and for married joint filers, it raises that deduction from $12,600 to $24,000], but then they are eliminating the individual personal deductions [of $4,050 per person] for yourself, your spouse and your dependents; thereby, reducing the doubled standard deductions real net worth to $7,950 for singles [a real net increase of $1,350 from existing std deduction] and to $15,900 for joint filers [a real net increase of $3,300 from the current std deduction].
The models they are showing you are for single taxpayers. Anyone that has children are taking a big hit do to the loss of exemptions. For example a family of 4 in 2016 got a $12,600 standard deduction and $16,200 exemption amount at $4,050 per person. For a total deduction of $28,800... Under the new plan they will only get a $24,000 deduction, or a net loss of $4,800. The more children they have the more deduction they lose. The majority of middle and low income workers have children. How is this a tax decrease?
so they give with one hand but take away with the other. in addition, they are eliminating the extra deduction for those over 65 or blind.
Now, if you take the standard deduction, you cannot then itemize; therefore, giving up the normal deductions for medical expenses, long term care insurance expenses, state and local taxes, property taxes [under the senate bill], mortgage interest deduction limits, student loan interest deductions, moving expenses, alimony, dependent care assistance accounts, casualty and theft losses, unreimbursed job expenses and tax preparation fees.
You are a “conservative” that hates flatter taxes and craves special deductions?
Can you believe this guy's contempt for small business owners?
The models they are showing you are for single taxpayers. Anyone that has children are taking a big hit do to the loss of exemptions. For example a family of 4 in 2016 got a $12,600 standard deduction and $16,200 exemption amount at $4,050 per person. For a total deduction of $28,800... Under the new plan they will only get a $24,000 deduction, or a net loss of $4,800. The more children they have the more deduction they lose. The majority of middle and low income workers have children. How is this a tax decrease?
According to this tax calculator, which says it's "UPDATED WITH CONFERENCE BILL RELEASED DEC 15", I would save $2,178. Besides your income, it asks whether you file jointly, how many dependent children you have, how much itemized deductions you have excluding state and local taxes, what you pay in property taxes and what state you live in. I live in VA, file jointly and have 2 dependent children.
It gives some explanation of how it arrives at the numbers. One of the things is:
The family tax credit, for 2 children and 0 other dependents, gives you $4,000.
You don't mention the family tax credit, which I believe was added by Rubio.
I also put in our numbers for a high tax state, New York, and assumed property taxes about $3,500 higher and it still says we would pay $1,640 less.
You keep spreading misinformation about the tax bill, like our liberal media. I don't know if you think you know what you're talking about or are just lying.
Exactly. If they bring Paul Krugman on, that means they are not going to try to have a serious discussion of anything.
According to the online calculator, I get a substantial cut in taxes. So ABC can pound sand.
Now we need spending reductions, particularly in rat states.
“You are a “conservative” that hates flatter taxes and craves special deductions?”
flatter is a misnomer in this case, depending on whose ox is being gored. taxes are being raised on individuals and families both now and in the future in order to offset the permanent large tax cuts for corporations and the wealthy. taxes can’t be cut in totality because the CBO tells you so. so someone has to pay more so that others can pay less. and guess who is paying more? it’s like the dems won rather than Trump, because dems have never found a tax they didn’t like.
i presume middle class taxpayers are the primary consumers in this country. i presume that businesses expand and create jobs because there is a greater demand for the products they produce. well then, if the middle class has less money to spend because their taxes are going up, why will businesses want to expand and create jobs if their customer base is dwindling.
funny how it’s alright to double the standard deduction, which actually won’t do much good for many, as those families with children are going to be losing $4050 exemption per person, but you think it’s wrong for people to want to be able to keep their current deductions.
this bill was written by goldman sachs former employees who crave their own special deductions, which may serve you well, but it’s going to hurt a lot of other “deplorable” voters who were responsible for our President’s election victory over that despicable, hilliary.
i recall our president promising the following:
“We will massively cut taxes for the middle class, the forgotten people, the forgotten men and women of this country, who built our country....Tax relief will be concentrated on the working and middle class taxpayer. They will receive the biggest benefit and it won’t even be close.” Donald Trump, Scranton PA, Oct 2016
i don’t see those big permanent tax cuts for corporations and the wealthy, and the temporary tax rate cuts for individuals, quite matching our president’s campaign promise.
i hope it doesn’t come back to haunt Trump the same way it did after George H.W. Bush’s said “read my lips: no new taxes.” we can’t afford to have the dems win in 2018, because it will enable them to impeach our president, Donald Trump, preventing him from being able to finish draining the swamp in order to Make America Great Again.
“You keep spreading misinformation about the tax bill, like our liberal media. I don’t know if you think you know what you’re talking about or are just lying.”
why would i be lying? i was an ardent supporter of our president and have signed photos from him for my strong and loyal support. maybe your situation is made better by this bill, but mine is not, so don’t suggest i’m ignorant, mathematically challenged or lying. i’m glad it works for you. but i can see how it doesn’t for others, which you apparently think is impossible.
Paul Krugman is pathetic joke. He predicted the Porkulus Bill and other Obama’s actions would rejuvenate the economy and predicted economic collapse if Trump was elected. Could not be more wrong, which is a pattern with that know nothing buffoon.
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