$1.5 Trillion GOP Tax Cut Thread

[Sestak]

Collins did say she wasn't a yes on the final bill. Collins + Corker + = Failed bill.

= House passing the Senate bill

I'd argue that the freedom caucus could derail that notion.

Actually, it's the gaffe on corporate AMT that Wulfric mentioned a few days ago. That's what makes that mistake so significant: The House WILL NOT pass the Senate bill.

You may be right, but since the House was willing to pass skinny repeal, I think they'd be more afraid of doing nothing than of passing the Senate bill which accidentally repeals the R&D credit. I don't think there are any bright red lines there.

That's definitely a possibility. However, I'm not sure they'll be willing to pass a bill, that, for instance, raises Murray Energy's taxes by several billions of dollars.

[Sestak]

The Trump convention also includes insults. Edited a few.

You know what, screw it, if we're doing that, we don't even need to specify states.

"Creepy Al"
"Amy"
"Angus"
"Swampy Ben"
"Cuck Ben"
"Crazy Bernie"
"Bob"
"Lightweight Bob"
"Cartel Bob"
"Healthcare Bill"
"Astro Boy Bill"
"Brian"
"Crooked Catherine"
"Baldy Chris"
"Baby Chris"
"German Chris"
"Chuck Weed"
"Cuck Chuck"
"Claire"
"Corporate Cory"
"Good Cory"
"Dan"
"David"
"Rural Deb"
"Urban Debbie"
"Dean"
"Dianne"
"Dick, the other Chuck"
"Ed"
"Gary"
"Heidi the Good Woman"
"Crooked Jack"
"Awkward James"
"Jeanne"
"Flakey Jeff"
"Crazy Jeff"
"Jerry"
"Gay-Killer Jim"
"Cowboy Jim"
"Fat Joe"
"Thin Joe"
"Four-eyes Johnny"
"Ratface John"
"John Booze"
"John, the other Mitch"
"Mario John"
"Frog John"
"Traitor John"
"Skinny John"
"Fat Jon"
"Joni"
"Kamala"
"Crooked Kirsten"
"Lamar"
"RINO Lindsey"
"Lisa"
"Pocahontas Liz"
"Big Luther"
"Little Marco"
"Maggie"
"Mark"
"Martin"
"Mazie"
"Bad Michael"
"Mike Crap"
"Senile Mike"
"Forehead Mike"
"StateFarm Mike"
"Mitch"
"Orrin"
"Bald Pat"
"The other Bald Pat"
"Pat who won because of me"
"Psycho Patty"
"Rand"
"Richard"
"Richard who's pretending to investigate me"
"Hick Richard"
"Gay Rob"
"Roger"
"Money Ron"
"Won who talkth with a lithp"
"Roy"
"Sheldon not in the White House"
"Coal Shelley"
"Sherrod"
"Steve"
"Susan"
"Gay Tammy"
"China Tammy"
"Lyin' Ted"
"Thad"
"Tom who spelled his name wrong"
"Corrupt Kaine"
"Black Tim"
"Todd"
"Tom who needs a dentist"
"Tom the Deporter"
"Pinkface Tom"

[Antonio the Sixth]

The Trump convention also includes insults. Edited a few.

You know what, screw it, if we're doing that, we don't even need to specify states.

"Creepy Al"
"Amy"
"Angus"
"Swampy Ben"
"Cuck Ben"
"Crazy Bernie"
"Bob"
"Lightweight Bob"
"Cartel Bob"
"Healthcare Bill"
"Astro Boy Bill"
"Brian"
"Crooked Catherine"
"Baldy Chris"
"Baby Chris"
"German Chris"
"Chuck Weed"
"Cuck Chuck"
"Claire"
"Corporate Cory"
"Good Cory"
"Dan"
"David"
"Rural Deb"
"Urban Debbie"
"Dean"
"Dianne"
"Dick, the other Chuck"
"Ed"
"Gary"
"Heidi the Good Woman"
"Crooked Jack"
"Awkward James"
"Jeanne"
"Flakey Jeff"
"Crazy Jeff"
"Jerry"
"Gay-Killer Jim"
"Cowboy Jim"
"Fat Joe"
"Thin Joe"
"Four-eyes Johnny"
"Ratface John"
"John Booze"
"John, the other Mitch"
"Mario John"
"Frog John"
"Traitor John"
"Skinny John"
"Fat Jon"
"Joni"
"Kamala"
"Crooked Kirsten"
"Lamar"
"RINO Lindsey"
"Lisa"
"Pocahontas Liz"
"Big Luther"
"Little Marco"
"Maggie"
"Mark"
"Martin"
"Mazie"
"Bad Michael"
"Mike Crap"
"Senile Mike"
"Forehead Mike"
"StateFarm Mike"
"Mitch"
"Orrin"
"Bald Pat"
"The other Bald Pat"
"Pat who won because of me"
"Psycho Patty"
"Rand"
"Richard"
"Richard who's pretending to investigate me"
"Hick Richard"
"Gay Rob"
"Roger"
"Money Ron"
"Won who talkth with a lithp"
"Roy"
"Sheldon not in the White House"
"Coal Shelley"
"Sherrod"
"Steve"
"Susan"
"Gay Tammy"
"China Tammy"
"Lyin' Ted"
"Thad"
"Tom who spelled his name wrong"
"Corrupt Kaine"
"Black Tim"
"Todd"
"Tom who needs a dentist"
"Tom the Deporter"
"Pinkface Tom"

...this is amazing.

[junior chįmp]

Trump about to cause a recession fam

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[krazen1211]

https://www.nytimes.com/2017/12/04/business/economy/tax-bill-new-york.html

"Even if most rich New Yorkers stay put, local politicians could find it harder to raise taxes to pay for services. Mr. de Blasio, for example, has called for a tax on millionaires to help fix the city’s subway system. Mr. Murphy, the New Jersey governor-elect, wants a similar tax for public schools.

Without the state and local tax deduction, those plans could face more opposition. Already, top Democratic lawmakers in New Jersey have hinted they might back away from supporting Mr. Murphy’s millionaire tax if the deduction is repealed."

This plan to get rid of SALT deductions is having the affect I was hoping for.

New Jersey spends something approaching $20k per kid in order to enrich the parasitic overpaid teachers unions. Now they are going to get it.

[Brittain33]

'Holy crap': Experts find tax plan riddled with glitches

https://www.politico.com/story/2017/12/06/tax-plan-glitches-mistakes-republicans-208049

Completely predictable. Anyone who works in technology could have predicted this.

[Brittain33]

The AMT goof may be nearly $300bn.

https://slate.com/business/2017/12/senate-republicans-may-have-made-a-usd260-billion-mistake-in-their-tax-bill.html

[jaichind]

Current GOP discussions on SALT deductions are a compromise where instead of a cap of 10K  on real estate taxes it would be a 10K cap on all SALT deductions and the taxpayer can pick between state and local income taxes OR real estate taxes.  Does not seem to me that this will make much of a difference for married taxpayers.  I guess it would for single taxpayers in some cases.

[Brittain33]

Current GOP discussions on SALT deductions are a compromise where instead of a cap of 10K  on real estate taxes it would be a 10K cap on all SALT deductions and the taxpayer can pick between state and local income taxes OR real estate taxes.  Does not seem to me that this will make much of a difference for married taxpayers.  I guess it would for single taxpayers in some cases.

My partner and I pay less than $5000 in “personal" property taxes, partly because half our property taxes are a business expense, but more than $10,000 in state income tax.

[jaichind]

Current GOP discussions on SALT deductions are a compromise where instead of a cap of 10K  on real estate taxes it would be a 10K cap on all SALT deductions and the taxpayer can pick between state and local income taxes OR real estate taxes.  Does not seem to me that this will make much of a difference for married taxpayers.  I guess it would for single taxpayers in some cases.

My partner and I pay less than $5000 in “personal" property taxes, partly because half our property taxes are a business expense, but more than $10,000 in state income tax.

So under this "compromise" GOP idea you and your partner can now deduct 10K instead of 5K.  Of course under current law the deduction would be 5K plus (10K+).  Assuming you are filing jointly and do not have other large deductions (like charity or mortgage) this does not matter that much because 10K vs 5K is still way less than 24K in standard deduction.

[GeorgiaModerate]

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[junior chįmp]

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This is the guy who literally coined the term "Obama's war on coal"

[Sestak]

Current GOP discussions on SALT deductions are a compromise where instead of a cap of 10K  on real estate taxes it would be a 10K cap on all SALT deductions and the taxpayer can pick between state and local income taxes OR real estate taxes.  Does not seem to me that this will make much of a difference for married taxpayers.  I guess it would for single taxpayers in some cases.

YESYESYESYESYESYESYES.

GOOD.

[Tintrlvr]

Current GOP discussions on SALT deductions are a compromise where instead of a cap of 10K  on real estate taxes it would be a 10K cap on all SALT deductions and the taxpayer can pick between state and local income taxes OR real estate taxes.  Does not seem to me that this will make much of a difference for married taxpayers.  I guess it would for single taxpayers in some cases.

This is more of a giveaway to the rich than restoring SALT entirely since it only affects people who wouldn't otherwise take the standard deduction if SALT were entirely abolished - people with big mortgages or large charitable donations (or both).

[Sestak]

When's the Senate voting on going to conference?

Also, is it possible that a couple of Republicans can join with the Democrats to force someone like Collins into the conference committee?

[jaichind]

Current GOP discussions on SALT deductions are a compromise where instead of a cap of 10K  on real estate taxes it would be a 10K cap on all SALT deductions and the taxpayer can pick between state and local income taxes OR real estate taxes.  Does not seem to me that this will make much of a difference for married taxpayers.  I guess it would for single taxpayers in some cases.

This is more of a giveaway to the rich than restoring SALT entirely since it only affects people who wouldn't otherwise take the standard deduction if SALT were entirely abolished - people with big mortgages or large charitable donations (or both).

Sure.  But the people that usually itemize are higher income taxpayers (in high tax states) anyway.  So the tax plan came in to hurt them and when there is a compromise, sure, it then "unhurts" them a bit.

[BudgieForce]

The removal of Salt deductions would screw over alot of upper middle class families in high tax states. Im glad some progress is being made to lessen the blow.

[jaichind]

The removal of Salt deductions would screw over alot of upper middle class families in high tax states. Im glad some progress is being made to lessen the blow.

But if that were your concern then I assume you would have opposed the Obamacare tax increase on income over 200K/250K. Because it is the same set of people. 

[Attorney General & PPT Dwarven Dragon]

The Senate has just voted to go to conference, 51-47.

[BudgieForce]

The removal of Salt deductions would screw over alot of upper middle class families in high tax states. Im glad some progress is being made to lessen the blow.

But if that were your concern then I assume you would have opposed the Obamacare tax increase on income over 200K/250K. Because it is the same set of people. 

The Obamacare taxes helped poor people afford insurance. The purpose of removing SALT is to offset tax cuts for the wealthy. Its not comparable.

[Sestak]

The Senate has just voted to go to conference, 51-47.

Who are the members?

Can Dems + Collins + Corker + someone else force them to put Collins on the conference?

[Sestak]

Also,

1. What's in the Angus motion?

2. How are they voting on it?

[Tintrlvr]

Current GOP discussions on SALT deductions are a compromise where instead of a cap of 10K  on real estate taxes it would be a 10K cap on all SALT deductions and the taxpayer can pick between state and local income taxes OR real estate taxes.  Does not seem to me that this will make much of a difference for married taxpayers.  I guess it would for single taxpayers in some cases.

This is more of a giveaway to the rich than restoring SALT entirely since it only affects people who wouldn't otherwise take the standard deduction if SALT were entirely abolished - people with big mortgages or large charitable donations (or both).

Sure.  But the people that usually itemize are higher income taxpayers (in high tax states) anyway.  So the tax plan came in to hurt them and when there is a compromise, sure, it then "unhurts" them a bit.

Well, yes and no. People in NYC, for example, right now always itemize down to about 75k in income just on the basis of SALT. This does nothing for the people in the lower end of that group but is helpful for people around 300k or so (it also favors older people over younger ones since it's really all about whether you have a mortgage or not, but that's more of a feature of the mortgage deduction that has knock-on consequences here).

[BudgieForce]

Hello Speaker Nancy Pelosi....

https://twitter.com/sahilkapur/status/938511418722258944

[Sestak]

Angus' motion to instruct on keeping the bill deficit-neutral fails, 48-50.