Yes, and when the bloated stock market crashes, Katy bar the door.
Posted on 10/26/2017 10:10:20 AM PDT by SkyPilot
House Republicans on Thursday narrowly adopted the Senate’s version of the 2018 budget resolution, overcoming a key hurdle for the party’s tax-reform plan.
The budget will allow Republicans to pass a tax overhaul that adds up to $1.5 trillion to the deficit through a process known as reconciliation, which only requires 51 votes to pass in the Senate.
Twenty Republicans voted against the budget in the 216-212 vote, more than the 18 who voted against the original House version earlier this month.
Most of the 20 defectors were centrists hailing from populous states that could stand to lose from eliminating the state and local tax deduction.
Those lawmakers included Reps. Dan Donovan (N.Y.), John Faso (N.Y.), Brian Fitzpatrick (Pa.), John Katko (N.Y.), Pete King (N.Y.), Leonard Lance (N.J.), Frank LoBiondo (N.J.), Tom MacArthur (N.J.), Chris Smith (N.J.), Elise Stefanik (N.Y.), Claudia Tenney (N.Y.) and Lee Zeldin (N.Y.).
"We must provide middle-class tax relief and lower the burdens on job-creating small businesses. I could not, however, vote in support of a budget resolution that singled out for elimination the ability of New York families to deduct state and local taxes," Faso said in a statement.
Some Republicans, like Katko, were seen on the House floor hovering near the House GOP whip team and waited until the last moment to cast their votes. Two more votes in opposition would have doomed final passage.
A handful of conservatives also voted against the budget: Reps. Justin Amash (Mich.), Ken Buck (Colo.), John Duncan (Tenn.), Matt Gaetz (Fla.), Lynn Jenkins (Kan.), Walter Jones (N.C.), Thomas Massie (Ky.) and Mark Sanford (S.C.).
(Excerpt) Read more at thehill.com ...
I think you’ll see several critters in both houses fight like hell to save those. One thing about it though, for most people the new standard deduction is so high that many more people won’t even have to itemize so it becomes moot. For a married family tat itemization has to be over $24,000. That’s way more than my mortgage, taxes and everything rolled into one.
Like I just said above, it finally occurred to me what is actually happening here. President Trump wants to pass the “largest tax cut in history,” because of course he does.
I think now that the goal is to make that cut the corporate tax cut.
The problem is, you have to make it revenue neutral to pass via reconciliation in the Senate.
So, their mucking around in the income tax code to increase revenue in order to pay for the corporate tax cut.
Honestly, if this is the end game, I’m going full on social justice warrior and saying just raise the income tax on people earning over $500K to something crazy like 50 percent. I don’t really want to be the one standing in this game of musical chairs.
Besides, this is a populist president and there is nothing more populist than sticking it to “the rich.” Trump’s true base would absolutely go for this.
Great cartoon.
No but what I had read was they were also increasing the standard deduction. You didn’t mention that.
You must live in a blue state with high property and state taxes. Too bad. :-)
Guys, you’re going nuts.
The reconciliation instructions are that the taxes NOT be revenue neutral; that they have a 1.5 trillion dollar DEFICIT over ten years.
Just the opposite of what you two just said.
“It’s pretty clear now that it’s the corporate rate that everyone cares about, and the trick is how to make that cut revenue neutral so it can be passed via reconciliation.”
Yep, that’s essentially it. If it takes a tax hike on the middle class to get that, they’ll do it without blinking.
However, they are sacrificing 30-40 Republicans in Blue States to do it.
But those guys will never have another $ worry in their lives. They’ll take one for the team.
So you take pleasure that millions of middle-class Americans will be financially soaked and burdened by these tax increases. Fine. That’s your prerogative.
But it says more about you than it does about me.
I am not “going nuts.” You can read the wire stories about this. Everything I said is factual. I’m not sure what angle you’re coming from. There is time that in the final - final version could have things may change a bit, but I’m not hopeful. Why would I be?
Probably true, and you raise an interesting point. The New Jersey governors race is very soon. Since the House passed the Senate version and it eliminates this deduction, the Democrats are going to ram that issue down the throat of the Republican candidate. Some people may think, no big deal. It’s just New Jersey right? Wrong. If the Democrat candidate gets in, New Jersey will become a sanctuary state just like California. Trust me on this. Now we will have a gateway in the east for criminals, illegals, and Muslim terrorists.
And all because the stupid party, the Republicans, just had to have their way on this.
I expect many more republican candidates in the house to lose their seats if this deduction Is not preserved in some fashion.
Anyone with their wits about them could see my point exactly.
Hey, if I was in suspense over a big tax increase I could be frantic too. But I’d try to be calm and factual.
Looks like you’ll be hit, but it may not be a big one.
The reconciliation instructions are that the taxes NOT be revenue neutral; that they have a 1.5 trillion dollar DEFICIT over ten years.
So.
That means nothing about the fact the framework of this $4 Trillion dollar budget, which was passed in BOTH houses of Congress, will (unless it is changed) raises the taxes of millions of middle class Americans.
The fact that the reconciliation instructions say that taxes are not to be revenue neutral does not change the above fact.
People choose where they live. If it is a concern you could move to Texas where there is no state income tax at all.
It’s not personal. It’s business.
Here’s a simple tip: where do you think the money in your 401K is invested? Ans, big corporations.
guess is if you currently pay taxes on your income you will get an increase, if you are not currently paying taxes on your income you will get a cut.””
If deductions are eliminated, the tax base will broaden and this means, people who haven’t paid federal income tax, ever, will now be paying for the benefits same as the rest of us. The able bodied parasites are going to skate.
I wish it would happen, but it won’t. The 17th amendment is here to stay. The big problem rests with the high tax states that avoid paying their fair share of federal taxes. It’s a rigged system for states like NY, NJ, MA, etc.
Yep, the system is rigged to favor of the high tax states. The blue states do not pay their share of federal income taxes and haven’t for years, and everyone of the blue states is run by demrats, surprise, surprise.
Yes, and when the bloated stock market crashes, Katy bar the door.
Your trying to sell fear and most it coming from your citations of AP wire stories, the old media marketers of fear. Get a grip, you will survive.
43,000,000 Americans claim this deduction. Even the GOP and Trump know it will hurt millions of middle class families by raising their overall tax bill if fully repealed. Hence, the real discussions, debate of the facts, negotiations, and news stories on this very subject happens as Intupe this. You accuse me fear mongering. That charge would only have a basis if I was spreading falsehoods, which I am not. Instead, it sounds like you want to intimidate and silence voices you don’t agree with.
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