$1.5 Trillion GOP Tax Cut Thread

[mvd10]

The Economist backs repealing the SALT deduction, and as a Very Serious Person™ who bases his opinion exclusively on what The Economist says I now officially endorse repealing the SALT deduction .

[mvd10]

Lowering tax rates while broadening the tax base (taxing more income) nearly always is a good thing though. But I agree that some of the measures cause a lot of harm for a relatively small amount of revenue (repealing the adoption tax credit and the tax measures regarding students).

[mvd10]

The CBO has confirmed what we already knew -the Senate GOP plan (to say nothing of the House version) will definitely screw the poor while giving relief to the rich and the corporations:

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WashPo

Will people actually get less money because their subsidies will be cut or is this the effect of people receiving less subsidies after they decide to cancel their health insurance because the mandate will be eliminated? Neither is good, but it does make a difference.

Anyway, the mandate definitely shouldn't be repealed. American healthcare is so horribly inefficient that it's almost funny. Repeal of the individual mandate is enough to make the senate plan much worse than the house plan (it doesn't even belong in a tax bill anyway, but we can thank the Supreme Court for that).

[mvd10]

The no's are rather surprising people. Daines and Johnson aren't the usual suspects (though Johnson might be understandable if you look at how the RNC abandoned him in 2016).

[mvd10]

I love how the Republican logic on this devilish bill is "we need to pass this horribly unpopular bill now or we'll get destroyed in the midterms!"

They are either delusional or have resigned themselves to their fate in 2018 (AKA getting blown the **** out.)

At first glance, you would expect politicians to realize that passing an unpopular bill that is extremely easy for their political opponents to attack them on would lead to ruin in the midterms. However, I think we're looking at this wrong. Republicans know this bill isn't popular, and at least some of them probably know this bill won't lead to magic growth like they keep saying over and over again. Rather, what they all know is that this is a bill their donors want. This bill will pay back those conservative donors for all the money they have donated to Republican campaigns and thensome, and in order to keep getting donations, Congressional Republicans know they need to pass this.

So they know it's unpopular and likely to hurt them, but they think raking in enough campaign donations can stave off losing control of either chamber. It's very silly if you ask me. They should ask Democrats if money saved them in a bad political environment.

Haha as if donors were actually not going to fund Republicans regardless. They should also take note of how Democrats raised tons of money in 2010 and look how that went.

Most of them probably believe what they're saying. There is a reason they got into politics in the first place. And this bill does have some redeeming qualities (20% corporate tax rate + territorial taxation).

[mvd10]

I'm sure everyone's favorite RINO is jizzing up a storm right now. After all, tax cuts for the wealthy is basically the only reason s/he's a Republican.

It's better than being a Republican because you just hate the blacks

[mvd10]

It's good to note that Johnson owns (owned?) a pass-through business that would benefit from a further cut to the pass-through rate. He also has stakes in several other pass-through businesses. Conflict of interest? He did get what he wanted in the end.

[mvd10]

I'm sure everyone's favorite RINO is jizzing up a storm right now. After all, tax cuts for the wealthy is basically the only reason s/he's a Republican.

It's better than being a Republican because you just hate the blacks

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The corporate tax cut will attract companies, spur investment and create thousands of jobs for minorities. Trump loves minorities and minorities will love Trump after they get their big fat TRUMP paycheck next year . Democrats oppose corporate tax cuts because they help minorities. SAD!

[mvd10]

I'm sure everyone's favorite RINO is jizzing up a storm right now. After all, tax cuts for the wealthy is basically the only reason s/he's a Republican.

It's better than being a Republican because you just hate the blacks

You must be logged in to read this quote.

The corporate tax cut will attract companies, spur investment and create thousands of jobs for minorities. Trump loves minorities and minorities will love Trump after they get their big fat TRUMP paycheck next year . Democrats oppose corporate tax cuts because they help minorities. SAD!

Why do you have a blue avatar again? Clearly you don't drink the kool-aid on trickle-down and white-grievance, so I'm genuinely puzzled.

To be honest I'd support slashing the corporate tax rate, reforming medicare and increasing the Social Security retirement. I just don't buy most of the other Republican policies, especially the ones that would harm the extreme poor for a spending cut equal to 0.05% of GDP or so. And I usually keep my quality posts for the International Elections forum (Merica gets the sh**t posts) and in Europe I'm clearly a right-winger.

Anyway, I'm not sure whether the deficit trigger is a good idea. It basically would be a gigantic tax increase during a recession, and it would create a lot of uncertainty for businesses. If they want to reduce the cost to the deficit they should just make it a $1.0-1.2 trillion tax cut by further cutting loopholes.

If Johnson folds so easily I don't expect Daines to be a no for long (and Lankford probably will end up voting yes as well). I'd worry more about Corker and Collins.

[mvd10]

In their rush to pass this scam, the Senate GOP didn't realize they defacto repealed literally every corporate deduction: http://nymag.com/daily/intelligencer/2017/12/senate-gop-accidentally-killed-all-corporate-tax-deductions.html

FF's. Closing loopholes is a good thing .

[mvd10]

In their rush to pass this scam, the Senate GOP didn't realize they defacto repealed literally every corporate deduction: http://nymag.com/daily/intelligencer/2017/12/senate-gop-accidentally-killed-all-corporate-tax-deductions.html

FF's. Closing loopholes is a good thing .

But not for their donors.

They're standing up to their donors. True champions of the people/fiscal responsibility!

[mvd10]

In their rush to pass this scam, the Senate GOP didn't realize they defacto repealed literally every corporate deduction: http://nymag.com/daily/intelligencer/2017/12/senate-gop-accidentally-killed-all-corporate-tax-deductions.html

FF's. Closing loopholes is a good thing .

But not for their donors.

They're standing up to their donors. True champions of the people/fiscal responsibility!

Except, of course, that this was unintentional and is going to get removed/"fixed".

Yeah, I know. Would this even require a new senate vote? They can just sort this out in conference right (of course the senate has to vote for that anyway)?

[mvd10]

I don't think it's healthy for Roskam to be so heavily involved in this tax reform plan. I thought he was too entrenched to lose (he won 60-40 even though Clinton won), but this tax plan probably is unpopular in his district and it might cost him his reelection.