Author Topic: Senate OKs tax bill as Trump, GOP near big legislative win  (Read 546 times)

Online Solar

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Senate OKs tax bill as Trump, GOP near big legislative win
« on: December 02, 2017, 10:02:18 AM »
Check the following comment at the end for a bit of perspective on the Lefts deficit, no, not the Dims, but McCON-nels debt.

Democrats derided the bill as a GOP gift to its wealthy and business backers at the expense of lower-earning people. They contrasted the bill's permanent reduction in corporate income tax rates from 35 percent to 20 percent to smaller individual tax breaks that would end in 2026.

But after bargaining that stretched into Friday, GOP leaders nailed down the support they needed in a chamber they control 52-48. Facing unyielding Democratic opposition, Republicans could lose no more than two GOP senators and prevail with a tie-breaking vote from Vice President Mike Pence, but ended up not needing it.

Leaders' changes included helping millions of companies whose owners pay individual, not corporate, taxes on their profits by allowing deductions of 23 percent, up from 17.4 percent. That helped win over Wisconsin's Johnson and Steve Daines of Montana.

People would be allowed to deduct up to $10,000 in property taxes, a demand of Sen. Susan Collins of Maine. That matched a House provision that chamber's leaders included to keep some GOP votes from high-tax states like New York, New Jersey and California.

The changes added nearly $300 billion to the tax bill's costs. To pay for that, leaders reduced the number of high-earners who must pay the alternative minimum tax, rather than completely erasing it. They also increased a one-time tax on profits U.S.-based corporations are holding overseas and would require firms to keep paying the business version of the alternative minimum tax.

Sen. Jeff Flake, R-Ariz. — who like Corker had been a holdout and has sharply attacked Trump's capabilities as president — voted for the bill. He said he'd received commitments from party leaders and the administration "to work with me" to restore protections, dismantled by Trump, for young immigrants who arrived in the U.S. illegally as children. That seemed short of a pledge to actually revive the safeguards.

The Senate bill would drop the highest personal income tax rate from 39.6 percent to 38.5 percent. The estate tax levied on a few thousand of the nation's largest inheritances would be narrowed to affect even fewer.

https://www.onenewsnow.com/ap/politics/senate-oks-tax-bill-as-trump-gop-near-big-legislative-win


Congress Has Spent $10.9 Trillion Under McConnell; $91,142 Per Household

ince Mitch McConnell became the Senate majority leader in January 2015, the Congress has overseen $10,904,736,000,000 in federal spending, according to the Monthly Treasury Statements.

That equals approximately $91,142 in federal spending per each household in the country.

At the same time, the government collected $9,326,164,000,000 in taxes—or $77,948 per household.

The cumulative deficit the federal government has run during McConnell’s time as majority leader equals $1,578,572,000,000.




https://www.cnsnews.com/news/article/terence-p-jeffrey/congress-has-spent-109-trillion-under-mcconnell
#WWG1WGA

Offline supsalemgr

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Re: Senate OKs tax bill as Trump, GOP near big legislative win
« Reply #1 on: December 02, 2017, 10:53:57 AM »
This was very important. Is it what I would like totally? No. However, there are some good features I hope are saved during conference. Personally, I would like to see the House GOP just take the senate bill. That would do it. One thing that is not being reported is one of the biggest features of negating Obamacare mandates. Folks, that is the end of Obamacare.
"If you can't run with the big dawgs, stay on the porch!"

Online Solar

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Re: Senate OKs tax bill as Trump, GOP near big legislative win
« Reply #2 on: December 02, 2017, 01:19:40 PM »
This was very important. Is it what I would like totally? No. However, there are some good features I hope are saved during conference. Personally, I would like to see the House GOP just take the senate bill. That would do it. One thing that is not being reported is one of the biggest features of negating Obamacare mandates. Folks, that is the end of Obamacare.
Bingo! It's dead and buried. Finally! Now, onto the Wall! :thumbsup:
#WWG1WGA

Offline ldub23

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Re: Senate OKs tax bill as Trump, GOP near big legislative win
« Reply #3 on: December 03, 2017, 03:40:36 AM »
Lets hope the mandate repeal survives a conference and final vote.

Offline Hoofer

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Re: Senate OKs tax bill as Trump, GOP near big legislative win
« Reply #4 on: December 03, 2017, 05:31:34 AM »
This was very important. Is it what I would like totally? No. However, there are some good features I hope are saved during conference. Personally, I would like to see the House GOP just take the senate bill. That would do it. One thing that is not being reported is one of the biggest features of negating Obamacare mandates. Folks, that is the end of Obamacare.
That might be the ONLY thing worthwhile in this bill.   The deficit problem isn't going to be fixed by taxation, up or down - they have to reduce the size and scope of government.
All animals are created equal; Some just take longer to cook.   Survival is keeping an eye on those around you...

 

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