Posted on 12/19/2017 10:45:01 PM PST by Kaslin
It's (nearly) over. By a 51-48, strictly along party lines, the US Senate has passed a GOP-backed tax reform package that will cut taxes for more than 80 percent of all Americans (raising taxes on a tiny, disproportionately wealthy fraction), benefit small businesses, and make America's extraordinarily high corporate tax rate -- both statutory and effective -- far more internationally competitive. All Democrats, including every alleged "moderate." voted 'no,' while every Republican voted 'yes.' The only Senator not voting was John McCain, who is fighting cancer at home in Arizona. This is a very significant victory for the White House and Congressional Republicans, as it also achieves long-sought conservative policy goals such as repealing Obamacare's coercive individual mandate tax, and opening up oil drilling in parts of Alaska's ANWR region. At last, a signature legislative achievement from the unified GOP government:
BREAKING: The Senate has passed the GOP tax reform bill, 51-48.
Nonpartisan analysts have determined that the proposal will cut taxes for 80+% of Americans, drastically improve our globally-uncompetitive corporate tax rate, grow GDP & create jobs. Every Democrat voted no.— Guy Benson (@guypbenson) December 20, 2017
The Wall Street Journal's editorial board calls the tax reform package a "trifecta" of policy wins. In light of the left-wing misinformation machine's nonstop efforts to frighten and mislead Americans about the bill, read this excerpt carefully:
The Tax Cuts and Jobs Act, which the House passed Tuesday, represents the biggest advancement for growth and opportunity in recent memory. It provides real relief to middle-income families and realizes policy goals conservatives have sought for decades. Taxpayers will get significant relief soon. A family of four earning the median income of $73,000 can expect a $2,059 tax cut. The Internal Revenue Service has announced that it will adjust its withholding tables as soon as February. With less money withheld, paychecks will be bigger in a matter of weeks. The bill significantly increases the standard deduction, nearly doubling the amount you can earn completely tax-free. It also makes taxes simpler, so that nearly 9 in 10 Americans will be able to file their taxes on a form the size of a postcard.
...Middle-income families will benefit from the doubling of the child tax credit to $2,000 a child. The expansion of 529 college-savings plans to elementary and secondary education means more Americans will be able to invest in their children’s futures. The bottom line is that this bill will help you earn more and keep more of what you earn. But that is not all. The Tax Cuts and Jobs Act achieves a historic trifecta of conservative policy goals. In addition to tax reform, the bill eliminates the ObamaCare individual mandate penalty, the linchpin of the health-care law, which forces people either to buy insurance or pay a tax. And for the first time, we will open up the Arctic National Wildlife Refuge for energy exploration and development, so we can harness these natural resources. After years of stagnation and division, we are firmly and finally choosing the path of growth.
As we wrote earlier, a liberal organization that is often hostile to GOP policy goals had no choice but to confirm that the bill will slash taxes for the lopsided, overwhelming majority of all Americans, starting immediately, and running at least into 2026 (after which the middle class tax cuts will very likely be renewed). The upper chamber vote comes on the heels of the House of Representatives' approval of an identical measure earlier this afternoon. Well, almost identical: Because of a technical procedural snag, House Republicans will have to vote again Wednesday morning, after which the bill will be signed into law by President Trump:
Republican lawmakers had been barreling toward their goal of passing the first major tax overhaul in decades before the end of the year. But in their haste, they appeared to have violated a Senate procedural measure known as the Byrd rule. A Senate aide confirmed to CNBC that three provisions in the bill adopted by the House on Tuesday do not comply with Byrd rule requirements. The rule governs what types of provisions the Senate may consider under the procedural budget window known as reconciliation...the final legislation [will bounce] back to the House for a procedural vote Wednesday morning.
Conservatives from across the spectrum should celebrate this accomplishment. The bill is not perfect, and there are some fair criticisms of it, but the Left's truly insane rhetorical overreach has descended to the point of parody. They refuse to grapple with the bona fide facts. I'll leave you with my deservedly uncharitable description of the anti-tax reform brigade's deceitful and obtuse demagoguery:
The Dem/media case against the tax reform bill: An orgy of baseless fear-mongering, flagrant dishonesty, cherry-picking, feigned ignorance, lies of omission, and risible hypocrisy. Astounding dishonesty and disingenuousness.— Guy Benson (@guypbenson) December 19, 2017
For a much more balanced and accurate assessment, read these three factual and data-driven posts.
——John McCain, who is fighting cancer——
Is dying from brain cancer....
You will be welcomed! I live right in the path where the eclipse was and it was an experience of a lifetime. There were people from out-of-state everywhere. My little town of Athens swelled from 14,000 to double or more for that day.
?? Not sure your CPA is correct?
Here’s the much maligned snopes on something misunderstood in the tax bill. It explains it very well.
https://www.snopes.com/tax-bill-small-business-deductions/
80% of Americans are getting a fairly large tax cut.
....this pent up American economy is going to explode into high 3 and into 4% GDP growth...
AND I’m being conservative !!!
80% of Americans don’t pay federal income tax. Only about half of us.
We stayed at Pigeon Forge. Got lost in the local environs. We met some great folks and you have a gorgeous state!
Legitimate expenses for a business are not affected by this bill as far as I can tell. Th SALT provision covers individual deductions. Business deductions for a small sole proprietor business are taken separately on a different form.
Nazi Pelosi trotted out an ALS patient to yodel how Trump and the GOP were taking away his insurance and life, yesterday.
Windflier wrote:
“”The repeal of the Individual Mandate”
The last time Congress ‘repealed’ the individual mandate, they merely reduced the penalty for not having medical insurance to $0. A dirty, spineless trick.
I’ll have to look up the relevant section of the bill to see if they really repealed it this time.”
Let us know; for some, the time between taking soc sec early at 62, and Medicare eligibility at 65 is a long stretch to go without healthcare coverage.
In addition to my other post, I don’t want to see that 0-care penalty come back to life; I want it gone forever.
Thank-you! I can remember when Pigeon Forge was just a small town and not such a tourist trap. I hope you got out of town some and saw the real TN environment. Pigeon Forge is close enough to me to be a day trip. You will love living in E.TN if this is where you come.
It was a quick trip, but we saw a lot. Traffic forced us on to a lot of less beaten paths and that turned out to be a blessing. We had a great time. Really liked what we saw.
Wow - that’s something democrats would normally do
Is Schmucky cryin again? ...
The House still needs to approve the Senate Bill, correct?
Good luck trying to get that through the skulls of some on this board. Suddenly, raising taxes on the middle class is “good”, exploding the deficit is “no problem”, and vast areas of the United States are “hell holes.”
Do you live in one of the high tax states?
“Actually, the corporate rate was raised to 21% from the originally proposed 20%.”
Actually, the original Trump rate was 15%, then it went to 20%, and now 21%.
Still a win! This bill is not perfect, but it’s a perfect start!
Trump is taking the Reagan approach. Take what you can get today and try for more tomorrow. I believe corporate rates will be 15% by time he leaves office. This will not be the last tax cut rodeo, that I can tell you.
The choir can’t hear you for their own singing. I live in FL, and own two small LLCs, and I’m worried as hell. Our margins are already razor-thin, and I don’t see how we will be able to continue if our tax burden is increased.
I voted for Trump because he wasn’t the GOP, and wasn’t owned by K Street. Now, it’s obvious that K Street and the Rockefeller Republicans are firmly in charge. At least the uncertainty is gone—all that’s left is paying the CPA to run the numbers and praying there will be something left for us evil capitalists.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.