Republican Tax Plan Revealed

[Themius]

Yes... that's how insurance works. You need healthy people in the pools, to pay for the sick people.

I meant that their line assumes that lack of people having insurance won't affect the cost of others.

[Brubear]

They're not even trying to hide their intentions.

http://www.ibtimes.com/political-cap...orker-was-part

Sen. John Cornyn of Texas, the majority whip, on Sunday said a tax provision, which could personally enrich key Republican lawmakers, was added to the final tax bill as part of an effort to “cobble together the votes we needed to get this bill passed.” Cornyn was pressed about the provision on ABC’s "This Week," after an International Business Times investigation showed that Sen. Bob Corker of Tennessee suddenly switched his vote to “yes” after GOP leaders added the provision, which could boost Corker’s real estate income. A top Democratic senator, Chris Van Hollen of Maryland, responded to Cornyn’s explanation by saying the language put into the bill also “would be a windfall to Donald Trump.”

As IBT first reported, the provision potentially enriching Corker, Trump and a handful of other top Republican lawmakers, was not part of the House- or Senate-passed bill, but was added by GOP lawmakers to the final bill, which was publicly released on Friday afternoon. Corker, who is not seeking re-election and is considered a crucial swing vote due to his criticism of President Trump, suddenly said he would support the final bill. He initially voted against the original bill in the Senate, which did not have the provision. Corker subsequently asserted to IBT that he did not know about the provision being added to the final bill, and he also declared he has not even read the tax bill he announced he is voting for.

The provision at issue would provide a special tax deduction on income made from so-called “pass through” entities, like real estate LLCs. The specific language would provide the lucrative tax deduction for such entities, even when they employ few or no employees -- a structure that tax experts say is designed to give a tax break to real estate moguls.

ABC’s George Stephanopoulos pressed Cornyn about the provision after three senior Democratic senators responded to IBT’s report by saying the revelations meant the tax bill must be halted. At first, Cornyn said the criticism of the provision was unfair, declaring: “Picking out one piece in a 1,000-page bill and saying, 'well, this is going to benefit somebody' — I just think that takes the whole bill out of context.”

But then Stephanopoulos pressed Cornyn, noting that “this provision wasn't included in either the House or the Senate bill and apparently was added at the last minute. Why was that done? Why was it necessary to include that provision?”

Cornyn responded: “Well, we were working very hard. It was a very intense process. As I said, the Democrats refused to participate. And what we've tried to do is cobble together the votes we needed to get this bill passed.”

Asked specifically if it was added for Corker, Cornyn said: “Well, the particular provision you're talking about, honestly, is just one piece of a 1,000-page bill which is going to grow the American economy.”

Van Hollen disagreed, telling Stephanopoulos that the language was added in secret, and at the behest of special interests.

“What we do know is they’re behind closed doors,” Van Hollen said. “There are a whole army of lobbyists who were surrounding them, and the longer they’re in there, the more you see these special interest provisions, George, which as you indicate would be a windfall to Donald Trump based on everything we know.”

[Breccia]

Well, Corker has put himself into a tight spot.

As everyone in this thread knows, Corker -- long outspoken foe of the tax cut for the rich because it raised the deficit and debt -- suddenly changed to a "yes" vote, that just so happened after the tax cut for the rich was amended with something in neither the House nor Senate version. Namely, real estate owners get a hefty deduction with no strings attached.

Corker found himself faced with a tough call:

a) Admit he changed to a "yes" vote for an amendment which clearly and directly causes him to personally benefit that seems added for no other purpose than his vote (by virtue of appearing in neither the House nor Senate versions)

or

b) Return to a "no" vote that aligns with his stated principles and ethics, possibly sinking the tax cut for the rich.

Those of you familiar with the GOP so far will not be surprised at all to know Corker went with

c) Act dumb, admitting he didn't read the bill.

Sen. Bob Corker (R-Tenn.) sent a letter on Sunday to Sen. Orrin Hatch (R-Utah) asking how a provision that would potentially benefit real estate moguls, including Corker, made it into the final version of the Republican tax-reform bill.

“Because this issue has raised concerns, I would ask that you provide an explanation of the evolution of this provision and how it made it into the final conference report,” Corker wrote.

The International Business Times reported Saturday that a provision added during the reconciliation process allows owners of income-producing real estate to take advantage of a 20-percent deduction for "pass-through" entities. The Senate version of the tax bill included rules that allowed the deduction to be claimed only by businesses that pay their employees significant wages.

The provision would potentially benefit Corker and President Trump, among other real estate moguls.

Corker said Sunday he did not have a role in writing the legislation, and asked Hatch, the chairman of the Senate Finance Committee, to explain how the provision made it into the final bill. He suggested it was in the House’s version of the tax bill

It wasn't.

and remained in the final version after a conference committee sought to reconcile the House and Senate tax bills.

Corker announced late last week he would support the final Republican tax-reform legislation, saying he believes the country is better off with it than without it.

He voted against the Senate version of the tax bill, citing concerns that it would add to the national debt.

[Daelak]

This line somehow assumes that lack of people having insurance affects the cost of others.

How else do hospitals and insurance companies cover medical bankruptcy and other delinquent bills? Fairies and unicorn farts?

[Themius]

How else do hospitals and insurance companies cover medical bankruptcy and other delinquent bills? Fairies and unicorn farts?

I meant that their line assumes that lack of people having insurance won't affect the cost of others.

There

/10 char

[Milchshake]

Well, Corker has put himself into a tight spot.

As everyone in this thread knows, Corker -- long outspoken foe of the tax cut for the rich because it raised the deficit and debt -- suddenly changed to a "yes" vote, that just so happened after the tax cut for the rich was amended with something in neither the House nor Senate version. Namely, real estate owners get a hefty deduction with no strings attached.

#CorkerKickBack is now trending on twitter.
https://twitter.com/hashtag/CorkerKickBack

The next revolution will be on twitter?

Cartoonish villainy doesn't even begin to describe the more-neoliberal party.

[Masark]

Cartoonish villainy doesn't even begin to describe the more-neoliberal party.

The Republican party now appears to be comprised of 50% Captain Planet villains and 50% Captain America villains.

[Lenonis]

I have pretty low expectations of the GOP these days, but between the Moore support and the naked graft in this tax bill even I'm really shocked by how utterly transparent that GOP is about their corruption. I mean...it's really surprising how far the party of so-called morals has fallen.

No wonder people willing to label themselves as a Republican is shrinking ever smaller.

[Milchshake]

The Republican party now appears to be comprised of 50% Captain Planet villains and 50% Captain America villains.

And a big dose of Cyril Sneer from the Raccoons.


And #CorkerKickBack just came up with this gem.



David Sirota, Josh Keefe, and Alex Kotch, writing at International Business Times, reported that a provision inserted into the Republican tax bill will provide large benefits to former holdout Senator Bob Corker, as well as President Trump. The provision would allow income from real estate investment trusts to be taxed at a 20 percent rate, as opposed to the 37 percent tax rate paid by high income individuals.

According to Corker's disclosure forms, he makes between $1.2 million and $7.0 million annually in this sort of income. (We don't know how much Donald Trump earns in this type of income since he broke his campaign promise about releasing his tax returns after his audit was completed.) If we plug in the top end $7 million figure, Corker could be saving as much as $1,190,000 from this late addition to the tax bill.

[Glnger]

800 bucks can buy you a pistol and some ammo. Isn't this what gun enthusiasts are always telling everyone they are arming themselves against? A tyrannical, corrupt government... or is that only for when a democrat tries to modernize our healthcare system?

[Poopymonster]

The Republican party now appears to be comprised of 50% Captain Planet villains and 50% Captain America villains.

...Leading them is an orange colored business mogul with nazi leanings? Yup, Caps Planet/America superfoe. Crossover, make it happen!

[LaserSharkDFB]

...Leading them is an orange colored business mogul with nazi leanings? Yup, Caps Planet/America superfoe. Crossover, make it happen!

Yeah, there's overlap between the two groups. Some, I believe, are good people.

[Antiganon]

There

/10 char

I made no such claim.

I am talking about what asset is insured (your health) and what it is insured against (accidents and injuries not covered by someone else's liability insurance, illnesses). I'm contrasting the same points with the information about car insurance (that mandatory auto insurance covers OTHER people's persons and property, against damage caused by YOU).

If you have read literally any of my other posts, you should know I am in favor of the individual mandate, for exactly the reason you stated.

That has fuckall to do with what assets and what types of loss are covered by the policy in the first place.

[cubby]

Well, Corker has put himself into a tight spot.

As everyone in this thread knows, Corker -- long outspoken foe of the tax cut for the rich because it raised the deficit and debt -- suddenly changed to a "yes" vote, that just so happened after the tax cut for the rich was amended with something in neither the House nor Senate version. Namely, real estate owners get a hefty deduction with no strings attached.

Corker found himself faced with a tough call:

a) Admit he changed to a "yes" vote for an amendment which clearly and directly causes him to personally benefit that seems added for no other purpose than his vote (by virtue of appearing in neither the House nor Senate versions)

or

b) Return to a "no" vote that aligns with his stated principles and ethics, possibly sinking the tax cut for the rich.

Those of you familiar with the GOP so far will not be surprised at all to know Corker went with

c) Act dumb, admitting he didn't read the bill.



It wasn't.

Bought him off, just like the other votes. Corker is smart enough to know better, and his lame excuses clearly don't even meet the "whoops" threshold. This tax bill will pass, unless there are unseen mechanations going on where a few GOP Senators are secretly holding out and waiting for the actual vote to kill it. I'm not sure any of them would risk their seat.

What I'm curious about is why none of these GOP Senators haven't switched parties. While unusual, it's not unheard of.

Plus, I love that the GOP conveniently forgets that they waited for Brown to be sat before voting on the ACA, while they are not doing that for Jones of AL.

- - - Updated - - -

McCain will miss vote due to Hospitalization. If there was going to be a voting coup, this would be the time.

Is it at all possible that Corker is playing McConnell? All we need is two to kill the bill.

[wunksta]

Is it at all possible that Corker is playing McConnell? All we need is two to kill the bill.

Isn't he retiring? Seems like he is just grabbing some cash before he leaves. Collins and Flake would probably be the best bets, maybe Rubio if he decides the small increase he got wasn't worth it.

Honestly though, it seems like it's already done.

[Breccia]

Is it at all possible that Corker is playing McConnell?

Highly unlikely. While 2018 is the perfect time for betrayal, and while Corker was all about the morals and ethics until recently, this doesn't feel like an ambush.

Now, he might legit change his mind now that everyone sees how blatantly he accepted a bribe. I think that's more likely, but not likely.

[cubby]

Isn't he retiring? Seems like he is just grabbing some cash before he leaves. Collins and Flake would probably be the best bets, maybe Rubio if he decides the small increase he got wasn't worth it.

Honestly though, it seems like it's already done.

Agreed. But we just need two now. I'm assuming that at the end of the day, McConnell just said, vote for this or your campaign funds are cut off. I mean, it's literally why the GOP is passing this in the first place. It couldn't be more obvious.

- - - Updated - - -

Highly unlikely. While 2018 is the perfect time for betrayal, and while Corker was all about the morals and ethics until recently, this doesn't feel like an ambush.

Now, he might legit change his mind now that everyone sees how blatantly he accepted a bribe. I think that's more likely, but not likely.

Agreed - my wishful thinking sometimes gets the better of my logical reasoning. But still . . . just two "turncoats" needed. And it would be insane - the two that did it would be massively popular.

Ooooooo . . . . ok, tin hat for a moment. Now that they know just two are needed to kill it, how about Corker and Collins/Flake vote no, then change parties?

[Kujako]

Agreed - my wishful thinking sometimes gets the better of my logical reasoning. But still . . . just two "turncoats" needed. And it would be insane - the two that did it would be massively popular.

Popularity doesn't mater when you get "primaried" and aren't on the ballots. The equation for them is vote yes and perhaps lose your seat, or vote no and definitely lose it.

[cubby]

Popularity doesn't mater when you get "primaried" and aren't on the ballots. The equation for them is vote yes and perhaps lose your seat, or vote no and definitely lose it.

But Coker and Flake are retiring. They can almost literally do whatever they want. And they are retiring partially because they are fed up with the modern GOP.

[Kujako]

But Coker and Flake are retiring. They can almost literally do whatever they want. And they are retiring partially because they are fed up with the modern GOP.

Both have large Realestate holdings and will make millions off of the tax plan as it is now written. Everyone has their price.