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.
It’s the stupid extra Constitutional “revenue neutral” rules of the Senate that screwed this all up.
And don’t forget, Republicans are now on record that it’s all the Federal Government’s money, and letting you keep any of it out of the tax man’s hands is a “subsidy”. Now they’re on the same page as the Democrats.
Not BS if he is part of a cooperative. Land o Lakes is a coop for example. Look to see butter prices sky rocket.
It might depending on how he is structured.
http://www.motherjones.com/politics/2017/12/most-american-farmers-will-be-hurt-by-the-gop-tax-bill/#
Farms involved in cooperatives may lose. Both the Senate and House tax bills would eliminate the so-called Section 199 deduction, which allows farm cooperatives to deduct a portion of their expenses, The Wall Street Journal reports. The National Council of Farmer Cooperatives bitterly opposes this rollback—the group claims the deductions saves farmers involved in co-ops $2 billion annually in tax liabilities. In November, the NCFC rallied more than 180 farm groups, most of them co-ops, to oppose the rollback of Section 199 deduction, a plea that both chambers promptly ignored.
Farm co-ops aren’t to be tangled with lightly. Around 80 percent of the US milk supply comes from farms involved in co-ops, representing more than $30 billion in business. According to the Journal piece, the deduction is worth about $100 annually per cow. “Supporters of the plan to repeal the deduction say that larger business tax cuts will more than make up for the loss of Section 199,” Land O’ Lakes, one of the largest dairy co-ops of all, recently stated in a press release. “But Land O’Lakes members know that’s not true for farmer cooperatives and their members.”
Such pressure may have worked, at least partially. Agri-Pulse’s Phil Brasher reports that Sen. John Thune (R-S.D.,) managed to insert a provision into the Senate bill would allow co-ops to get the same tax break as the pass-through farm entities mentioned above, though it wouldn’t fully offset the loss of Section 199.
..........well, we’ve all got to stop, take a DEEP breath and than God for Donald Trump, his family, the Electoral College and Hillary’s ineptness and criminality!!
This TAX BILL will have a Huuuuuuuuggggggeeeeee positive effect on our economy. We will blow past 4% growth now! I predict 5% by this time next year and we should be sitting pretty by November next year.
Is he still breathing? As long as he draws breath, he will make it his mission to harm this country and to exact revenge against this president.
Nothing but death itself would have stopped McCain from voting last night, if his one vote could have killed the bill.
Total WINNING
1.5 done out of 3 major comprehensive goals?
1) Corporate tax cuts
2) Halfway to Obamacare repeal with repeal of the mandate?
Now just need that wall built. And ending chain immigration.
That SOB I am sure would drag his cancerous ass to the finish line if the cause was Donald Trump’s impeachment.
Oh good so does that mean we are pretty much done with fixing Obamacare?
Now to fix it better for all Americans Trump can allow purchasing over state lines?
I could see 6% within the next year or two, and then settling back comfortably to 3%.
It is interesting. We will be seeing a massive economic story but much will be overshadowed by political scandal. I think Harding went through something like that.
I can see right now you do not understand the cattle market or raising cattle and what the effing Government has already done to us. When I buy feed to feed to a calf that I will raise to keep I have to depreciate that feed over the life of the calf.
So when you know what the heck you are talking about with the current situation the damn government has ranchers in I suggest keep quiet.
I guess it sucks to be you, then.
Next time vote for Hillary - she’ll help you sorry ass.
Like I said, keep your mouth shut unless you know what you are talking about. Again you open your pie hole, drivel runs out due to old age and being off your meds. So best to just STFU
“...When I buy feed to feed to a calf that I will raise to keep I have to depreciate that feed over the life of the calf....”
So it IS deductible.
We raised cattle in Montana for generations - bitch to someone else!
Yeah I have been to Montana and think I saw a couple cows.
Mostly sheep with men standing behind them. Was that you?
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