Republican Tax Plan Revealed

[Mittens]

Its official, the EU really doesn't want us to crack down on tax evasion, probably because a lot of nations there depend on their tax haven status.

[Zan15]

WELL IT LOOKS LIKE THEY FINALLY LISTENED TO US!!!!


http://www.charlotteobserver.com/new...189323764.html


The Latest: GOP agrees to lower top tax rate for individuals


Congressional aides say Republican negotiators have agreed to lower the top tax rate for individuals from 39.6 percent to 37 percent as the final parameters of a sweeping tax package are starting to take shape.



/SARCASM OFF



lol lol

it just gets better all the time........

[Breccia]

it just gets better all the time........

Expansion pack.

GOP eyes raising corporate rate to 21 percent, lowering top individual tax rate

Republican negotiators have reached a tentative agreement to raise the corporate rate in their joint House-Senate tax bill from 20 to 21 percent as they seek revenue to pay for a variety of significant changes that could be sold as tax relief for individuals.

The higher corporate rate could pay for a reduction in the top individual rate, which Republicans are talking about lowering to 37 percent — beneath the current top rate of 39.6 percent and lower than the rates set by bills passed by the House and Senate this fall.

It could also pay for keeping more deductions for taxpayers, particularly in high-tax states that would be severely impacted by proposals to eliminate the state and local tax deduction or a cap on the property tax deduction.

Even President Trump has reportedly heard complaints from friends in New York about cuts in deductions that were approved in the initial House and Senate bills.

“The House has a lot of asks to pay for,” said a Republican source briefed on the talks, referring to House lawmakers from high-tax states, such as New York and California, who worry the bill could hit their constituents.

Two GOP sources told The Hill that negotiators have tentatively agreed to the corporate rate of 21 percent — still a 14-point reduction from the current 35 percent rate.

Conservatives have fought to keep the 20 percent rate, and the hike is likely to encounter some resistance. One conferee noted that there has been no formal vote for conferees to sign off on any provisions in a final bill.

“We have not had a vote on any of these policies," said Sen. Tim Scott (R-S.C.).

Remember -- yes I keep saying this, sue me -- everyone in the GOP can demand whatever they want and they must be taken seriously. This is not just a "must pass" this is a "will pass" and 51 people now have hostages.

The problems with 51 people taking hostages, however, are more and more obvious.
a) Some of the demands counteract each other. Ironing out the compromise takes time.
b) There's no money to add more stuff. Every demand for more money, must be paid for somewhere. As the title suggests.
c) And they have under two weeks.

Hold tight. It's going to be a bumpy ride.

- - - Updated - - -

Aaaaaaand Collins and Rubio oppose lowering the top individual rate.

[Shadowferal]

I knew it....this bill won't go anywhere.

[Breccia]

I knew it....this bill won't go anywhere.

$25 to the winner's charity says it passes. I'm calling you out.

[Shadowferal]

$25 to the winner's charity says it passes. I'm calling you out.

ooo...tempting....

[Kaleredar]

$25 to the winner's charity says it passes. I'm calling you out.

Let's see... it gives tax cuts to the rich, thoughtlessly adds to the deficit and does nothing for the poor or middle class.

Sounds like everything the GOP wants in a tax plan, seeing as they would have stopped reading the previous sentence after "gives tax cuts to the rich"

[Felya]

Yeah it will pass... the only mystery is if GOP flips on Trump once he signs it.

[Zan15]

Expansion pack.


Aaaaaaand Collins and Rubio oppose lowering the top individual rate.

aaaaaaaaand what will it take for them to sell out like last time?

[Breccia]

aaaaaaaaand what will it take for them to sell out like last time?

Well like I said before -- opinion of course -- they can ask for pretty much ANYTHING. Collins in particular seems to be pushing that envelope. The difference between last time, however, is last time failed, the GOP needs a win like oxygen, so now they can ask for more.

Colllins has mostly asked about property taxes, SALT, and one or two other things that actually benefit the middle class. In theory, that'd be ridiculously easy. In practice, the GOP House and Senate are all asking for things, some mutually exclusive, and it's not simple at all, and Collins is just the loudest voice in the room.

I know a lot of people are saying she, and others, will eventually cave. I'm not convinced. Collins, in particular, has stood up to the GOP and Trump before. The tax cut for the rich is a hostage, but there are 51 knives at its throat. Anyone could kill it. Collins? I think she actually would.

But, we'll see. Not a ton of time left.

[Gray_Matter]

Collins and Rubio oppose lowering the top individual rate.

How is this comment from Rubio:

Rubio noted that the Senate this month rejected a proposal sponsored by himself and Sen. Mike Lee (R-Utah) to set the corporate tax rate at 20.94 percent and use the revenues to extend the child tax credit to low-income families by making it refundable against payroll taxes.

“20.94% Corp. rate to pay for tax cut for working family making $40k was anti-growth but 21% to cut tax for couples making $1million is fine?” Rubio tweeted on Tuesday evening.

[Antiganon]

How is this comment from Rubio:

Holy shit, Rubio said something I agree with.

Seems like a good plan. They need to tax the lower brackets a little more and give less deductions for kids/dependents.

So your suggestion to fix taxes is to increase taxes on the people already least able to afford the increase? While cutting rates for those with vast aounts of surplus income? And cutting corporate rates, despite the corporations themselves telling you they won't use the proceeds to make capital investments (like expanding domestically, hiring more workers, or increasing wages)?

Seems like a great plan, please tell me more about how I won't be homeless after my AGI goes up by about $5k annually (not including SALT removal), while my marginal rate also goes up, and I don't get any commensurate wage increase, while also having my insurance premiums go through the roof due to "healthy" 20 somethings deciding they don't care about insurance because the ER HAS to treat them and the individual mandate repeal means there is no tax penalty.

[Breccia]

House and Senate have reached an agreement onto the tax cut for the rich's final form.

They have no more time to make any other versions. This is the one that passes.

[Edge-]

Noting that there is a chance the agreement will not pass. If two Senate Republicans say no, then it's dead and returns to the committee for revision.

It's hard to say whether Republicans voted yes because they supported it or yes because they just simply wanted to move forward.

3, they need 49 as Jones won't be seated until next year and if it's at 50 Pence casts the tiebreaking vote.

[Kujako]

House and Senate have reached an agreement onto the tax cut for the rich's final form.

They have no more time to make any other versions. This is the one that passes.

Yup, and Trump is throwing a Christmas pageant right now telling everyone what's in it, even though he doesn't know... would be funny, if not so sad.

[Breccia]

Noting that there is a chance the agreement will not pass.

It's technically possible. Also, it's technically possible my car burst into flame in sub-freezing weather with the ignition off in a nearly empty parking lot in one of the lowest crime rate counties in the country. But you don't see me rushing to the window to check.

Simply put, while you can make the argument that Trump, by virtue of an 11-month stall, has a victory in terms of a SCOTUS placement. The House and Senate GOP have nothing. At this point, they're even facing questions about letting a child rapist into the party while the government shuts down just before NK launches nukes at them. They need something, anything, to make it look like they aren't a complete dismal failure, and they have, what, eight days? Ten?

Rubio, Collins, Murkowski, we've seen names pop up from time to time as they hold a knife to the tax cut for the rich's throat, demanding goods and services in exchange for their yes vote. Here's the thing: they're all going to get them. I hate to use terms like "literally zero percent chance" because that's false, but there is a figuratively zero percent chance the GOP does anything other than pass this objective tax cut for the rich, directly inflating the deficit and debt by every mulit-page accounting that's been done by anyone, screwing their own voters, to give the American people something they've repeatedly insisted they don't want or like, choosing to aim the remaining loaded barrel at their remaining unshot foot so they can keep their donor money flowing.

They have no choice. They need this more than oxygen. But don't forget: taking too much oxygen too quickly means you get the bends, one of the most painful ailments you can get.

- - - Updated - - -

The most recent poll from Harvard finds 64% of Americans oppose the tax cut for the rich.

Only 21% think their taxes will get lower, and 59% oppose reducing the corporate rate.

Still gonna pass.

[Molis]

Yup, and Trump is throwing a Christmas pageant right now telling everyone what's in it, even though he doesn't know... would be funny, if not so sad.

We say Merry Christmas pageant now

[Kujako]

We say Merry Christmas pageant now

I prefer Kwanza dance offs.

[Milchshake]

I prefer Kwanza dance offs.

Well yesterday was a Festivus Miracle!

[Shkar]

It's technically possible. Also, it's technically possible my car burst into flame in sub-freezing weather with the ignition off in a nearly empty parking lot in one of the lowest crime rate counties in the country. But you don't see me rushing to the window to check.

Simply put, while you can make the argument that Trump, by virtue of an 11-month stall, has a victory in terms of a SCOTUS placement. The House and Senate GOP have nothing. At this point, they're even facing questions about letting a child rapist into the party while the government shuts down just before NK launches nukes at them. They need something, anything, to make it look like they aren't a complete dismal failure, and they have, what, eight days? Ten?

Rubio, Collins, Murkowski, we've seen names pop up from time to time as they hold a knife to the tax cut for the rich's throat, demanding goods and services in exchange for their yes vote. Here's the thing: they're all going to get them. I hate to use terms like "literally zero percent chance" because that's false, but there is a figuratively zero percent chance the GOP does anything other than pass this objective tax cut for the rich, directly inflating the deficit and debt by every mulit-page accounting that's been done by anyone, screwing their own voters, to give the American people something they've repeatedly insisted they don't want or like, choosing to aim the remaining loaded barrel at their remaining unshot foot so they can keep their donor money flowing.

They have no choice. They need this more than oxygen. But don't forget: taking too much oxygen too quickly means you get the bends, one of the most painful ailments you can get.

- - - Updated - - -

The most recent poll from Harvard finds 64% of Americans oppose the tax cut for the rich.

Only 21% think their taxes will get lower, and 59% oppose reducing the corporate rate.

Still gonna pass.

Love the post, but that's not how the bends works.