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.
Certain times of the year that area is bumper to bumper but I’m glad you got off the main roads. :-) E. TN is a beautiful state. I have only been to W.TN once but I wasn’t impressed. We were traveling and had to go through Memphis so we didn’t see much except for Memphis. Middle TN is also beautiful. I like my mountains.
All of the non- itemizing lemmings and Goyim on this thread who are celebrating the chump change tax cut that the Goldman Sachs mieskeits Mnuchin and Cohn gave them in exchange for STEALING their tax deductions should remember that the “tax cuts” expire in 2026.
Jesus Christ some people are so gullible.
Now blue state politicians can no longer hide behind the federal tax code when they raise state income taxes. A real killer for the blue states. They need to do something, more exodus coming.
Now blue state politicians can no longer hide behind the federal tax code when they raise state income taxes. A real killer for the blue states. They need to do something, more exodus coming.
A 20% import tariff would generate $500B in revenue and make domestic industry more competitive and bring back millions of manufacturing jobs.
We need to keep the nationalist economic agenda going....
Wall wall wall!
Oh well find something else to do if you’re business is running on fumes..aka “razor thin” margins. I smell bullsh*t whining here in this post. I was like you keeping a BS business going, lying to my family and friends, until I decided to offer a service which made real money and didn’t have to worry about the whims of politicians.
I am sure Pres. Trump wanted all marginal rates reduced. But the swamp Senate wouldn’t allow it. Don’t blame Trump. He got what he could.
McCain is pathetic. The guy is dying fast and he uses his remaining time to once again give the Republican party and the American middle class the middle finger.
The only people who will mourn his passing will be other liars and traitors-his kindred spirits.
OH yeah, I will believe Snopes before my CPA that I have been with for decades. No thanks
Are you saying you pay tax based on your gross income, not your net income?
What I am saying is that major deductions that I used to be able to take are GONE!!!!! AND I am a very small ranch operation, little over 60 head. The Government has been trying to break little farmers and ranchers for years. Here it is.
Who will choose to be in that disaster of a federal program?
Everybody that gets free coverage. A lot of people.
“I don’t think you understand. It is not the local tax that I was worried about it is my federal deductions. Like for equipment, fuel, seed, feed, etc. BYE BYE”
I call BS!
You buy feed.
You spent ‘x’ amount of money on it, so you have a net income of ‘y’ - ‘x’ = ‘z’
Your argument is: I no longer can reduce my income by deducting ‘feed’ and the like.
In essence, your new equation is: Income ‘y’ (let’s call it $300,000) = Net ‘z’ even though you spent $225,000 on expenses ‘x’. Your CPA says you pay tax on $300,000 rather than $75,000.
As I stated: pure BS.
Yup. But you can take comfort knowing that more of your money will now be going to Takers who now qualify for EITC ca$h giveaways under this bill. And corporations like Google and Facebook make out like bandits. They were really hurting, you know.
For the millions of small business owners the 20% pass-through deduction will be a blessing.
I own a small business and am not rich by any means, we make a modest income. The 20% deduction help us to re-invest into the business as we will buy more capital equipment and hire additional people. Thank you Mr. Trump. MAGA.
Wow. Just wow. Welcome to the new GOPe Crazy Clown Cult. You are mocking and belittling a Conservative businessman who is going to be bleeding because of higher Federal taxes? Sick. Shame on you.
At any time, Trump could have picked up the phone and told Mnuchin and Cohn to change course.
True. McCain couldn’t stand being “not needed” and not being able to grab the limelight of attention by being able to stop the bill.
He would have - if he could have.
Get back to us on that, it doesn’t ring true.
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