Poll of the Day > Senate Republicans pass massive tax overhaul.

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WastelandCowboy
12/02/17 10:52:00 AM
#1:


https://www.npr.org/2017/12/01/567758536/mcconnell-says-gop-has-enough-votes-to-pass-tax-bill-friday

Updated at 1:49 a.m. ET

The Senate narrowly approved a $1.4 trillion tax overhaul early Saturday morning following a day of procedural delays and frustration.

The legislation, which would cut the top corporate tax rate to 20 percent and lower taxes for most individuals, narrowly passed in a vote of 51-49. Tennessee Republican Bob Corker was the only Republican to vote against the legislation, joining all 48 Democrats in opposing the sweeping overhaul of the nation's tax laws.

Passage of the tax bill is a significant victory for Republicans who have struggled to fulfill many key legislative promises.

The success followed a dramatic day as lawmakers anxiously awaited a final version of the bill. Senate Majority Leader Mitch McConnell told reporters early in the day Friday that he believed that there were enough votes to pass the tax bill, but it took Republicans until late in the evening to make sure the bill conformed to strict Senate budget rules.

McConnell's sudden certainty marked a dramatic shift after a number of Republicans on Thursday threatened to oppose the bill over fears that the steep tax cuts could add trillions to the deficit over time.

McConnell worked around the clock to satisfy their demands, and a number of high-profile holdouts on the legislation said they expected a new version of the bill would satisfy a wide range of GOP demands.

Arizona Sen. Jeff Flake, once one of the firm holdouts because of concerns over the deficit, tweeted he would support the bill after getting assurances from the White House and Senate GOP leaders that they would work on legislation related to the Deferred Action for Childhood Arrivals, which President Trump ordered to be rescinded earlier this year.

Maine Republican Susan Collins also announced that she would vote yes after extracting several concessions. The new bill will include her request to allow taxpayers to write off up to $10,000 in property taxes paid to state and local governments.

Collins also says McConnell pledged to support legislation to fund subsidies to insurance companies to help defray costs for low-income consumers. The Trump administration stopped paying those cost-sharing reductions this year.

Leaders also expanded deductions for some small businesses that file their taxes on the individual side of the tax code to appease Wisconsin Sen. Ron Johnson and Montana Sen. Steve Daines, both former small business owners.

Johnson said those changes, in addition to a promise that he will have a say in the process of combining the House and Senate tax bills, won his support.

"What I expect is I will have a seat at the table," Johnson said. "I'm not anticipating offering any amendments."

To help pay for the pass-through cut, senators plan to increase the proposed tax rate on corporate profits that are earned overseas and brought back into the U.S. The new level in the Senate bill will match the level in the House bill passed before Thanksgiving.

Democrats spent hours objecting to the opaque process Friday as they waited for Republicans to finalize the bill. As the night dragged on, very few lawmakers had seen the legislative text, aside from sections that were being leaked or otherwise shared.

Early in the evening, Hawaii Democrat Brian Schatz posted on Twitter to ask, "Does anyone know a Republican lobbyist so I can get my hands on a copy of this bill?"
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WastelandCowboy
12/02/17 10:52:05 AM
#2:


Other Democrats complained that the hastily complied bill included amendments that were hand written into the margin of earlier versions of the tax overhaul.

The bill is projected to add $1.4 trillion to the deficit over 10 years. The Joint Committee on Taxation reported on Thursday that the economic stimulus from the bill would only make up $400 billion of that.

That figure raised concerns with some Republicans, including Flake and Corker, who wanted the legislation to include a trigger mechanism that would force tax increases or spending cuts if the overhaul failed to grow the economy.

That idea was rejected Thursday after the Senate parliamentarian told lawmakers that doing so would likely violate complex Senate budget rules. A number of other GOP lawmakers say they believe the JCT figure underestimates the positive impact of the tax bill.

"This bill will end up reducing the deficit, because there will be economic growth," Ohio Sen. Rob Portman contended. "I feel very good about the fiscal situation."

Senators must now go into conference with House members next week to work out differences in the two bills. If they can come to an agreement, both chambers would have to pass the version worked out in conference before it could go to Trump to be signed into law.
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Lokarin
12/02/17 10:53:34 AM
#3:


I deleted my topic since it's teh same dealie
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WastelandCowboy
12/02/17 10:57:54 AM
#4:


Lokarin posted...
I deleted my topic since it's teh same dealie

I saw. Yeah, didn't see yours until after I posted and I was like "oh, crap".
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#5
Post #5 was unavailable or deleted.
WastelandCowboy
12/02/17 11:01:01 AM
#6:


Zangulus posted...
WastelandCowboy posted...
Lokarin posted...
I deleted my topic since it's teh same dealie

I saw. Yeah, didn't see yours until after I posted and I was like "oh, crap".


I can just see both of you deleting it, then realizing you both deleted your topics, then remaking them, then deleting them again.

Kind of like two guys going down a hallway and try to pass each other but keep moving the same way so youre in the way of each other.

Ahhhh. An impasse. We meet again.
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Lokarin
12/02/17 11:08:49 AM
#7:


The main things I hear on the reddit is that the bill contains a ton of hand written notes scribbled in at the last minute... that's the senate for you
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RoboXgp89
12/02/17 11:35:55 AM
#8:


recession 2.0 here we come
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#9
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Lokarin
12/02/17 11:54:32 AM
#10:


Also they stapled in an anti-abortion bill >.>
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miki_sauvester
12/02/17 11:55:52 AM
#11:


Nice, pass-throughs got a big deduction. That's all I really cared about.
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WarGreymon77
12/02/17 12:03:39 PM
#12:


So they can do this, but they're too fucking lazy to repeal Obamacare even with a Republican majority and Republican President.
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Lokarin
12/02/17 12:05:02 PM
#13:


WarGreymon77 posted...
So they can do this, but they're too fucking lazy to repeal Obamacare even with a Republican majority and Republican President.


Democrats voted no on it because they weren't permitted to read it and that requires a defaulting vote.
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bulbinking
12/02/17 12:16:27 PM
#14:


https://imgur.com/a/RcQXY

Maybe this will help some of you guys out.

I'm sure literally 90% of people here are getting a tax cut.

Which I guess means you all must be rich evil capitalists ;)

I know my wife and I are getting lowered taxes from this!
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RoboXgp89
12/02/17 12:38:23 PM
#15:


that's not how it works
you're going to be forced to pay taxes with non deductibles for things like education and such
that will make PhD students and such go under

it's a net loss
the only people not losing anything make over 440k

you're litterally getting a 10k increase in taxes if you make a dollar more then 112k

taxes should be done on a sliding scale not a hard coded point system

taxing anyone more then 30% is kind of dumb tho i agree with that at least..
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bulbinking
12/02/17 12:41:57 PM
#16:


RoboXgp89 posted...
that will make PhD students and such go under


Considering how many professors of basket weaving are ballooning our student loan debts, is that such a bad thing?

If you managed to get your masters, and still arent making enough that these changes would hurt you, it means your degree isnt worth the paper its printed on, or at least the owner has no clue how to turn it into gainful employment or useful innovation.
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RoboXgp89
12/02/17 12:43:17 PM
#17:


bulbinking posted...
RoboXgp89 posted...
that will make PhD students and such go under


Considering how many professors of basket weaving are ballooning our student loan debts, is that such a bad thing?


I'm in IT so I see the stuff computer scientist do and trust me I don't think most people could handle the work if they wanted it you litterally come home from work and go back to studying it's like college for the rest of your life
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bulbinking
12/02/17 12:45:45 PM
#18:


RoboXgp89 posted...
I don't think most people could handle the work if they wanted it


Then it means the work isnt for them.

My wifes cousin does IT and even worked at the white house in the past.

He loves working on and with computers and doesn't consider any of it "work" in the waay most people use the word.
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Lokarin
12/02/17 12:49:25 PM
#19:


Wouldn't it be cool if you could claim debt as anti-income so you can get in a lower bracket...
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RoboXgp89
12/02/17 12:56:28 PM
#20:


bulbinking posted...
RoboXgp89 posted...
I don't think most people could handle the work if they wanted it


Then it means the work isnt for them.

My wifes cousin does IT and even worked at the white house in the past.

He loves working on and with computers and doesn't consider any of it "work" in the waay most people use the word.


I read the books and stuff and it's nothing like reading a literary story
you're reading hundreds of pages, writing down random shit and then you have hundreds of slides which only 10 will be on the test
people get 60's in these courses
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bulbinking
12/02/17 2:20:51 PM
#21:


RoboXgp89 posted...
bulbinking posted...
RoboXgp89 posted...
I don't think most people could handle the work if they wanted it


Then it means the work isnt for them.

My wifes cousin does IT and even worked at the white house in the past.

He loves working on and with computers and doesn't consider any of it "work" in the waay most people use the word.


I read the books and stuff and it's nothing like reading a literary story
you're reading hundreds of pages, writing down random shit and then you have hundreds of slides which only 10 will be on the test
people get 60's in these courses


Then its a fault with the curriculum.

There is a lot of that going around lately.
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WarGreymon77
12/02/17 2:24:57 PM
#22:


I really wish that they'd worked the repeal of the Obamacare individual mandate into this bill. It needs to happen, preferably within the next 3 years.
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bulbinking
12/02/17 2:28:44 PM
#23:


WarGreymon77 posted...
I really wish that they'd worked the repeal of the Obamacare individual mandate into this bill. It needs to happen, preferably within the next 3 years.


The individual mandate was vaporbill to make people think they were trying to make things balanced.

Its a good idea which will take money away for corporations (healtchcare system is corporations) which is why it will never happen.

We need to have the healthy pay for the weak after all...
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RoboXgp89
12/02/17 2:39:45 PM
#24:


that's crazy what if you get hit by a car or something that's not your fault
do you want people to go into debt the rest of their lives because they visited a doctor? how will they go back to work if they're sick and homeless all the time
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WarGreymon77
12/02/17 2:44:15 PM
#25:


Creating a law which forces people to buy insurance is just insanity. I'd rather have the "universal free healthcare" stuff.
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Lightning Bolt
12/02/17 2:47:10 PM
#26:


WarGreymon77 posted...
Creating a law which forces people to buy insurance is just insanity.

Why? It's not really that different from taxes in general.
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RoboXgp89
12/02/17 2:47:47 PM
#27:


WarGreymon77 posted...
Creating a law which forces people to buy insurance is just insanity. I'd rather have the "universal free healthcare" stuff.


it's not insane those people get help if they really need it anyway they just don't have to fork over 800 dollars a month
how is that insane it's emergency care
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WarGreymon77
12/02/17 2:49:10 PM
#28:


RoboXgp89 posted...
WarGreymon77 posted...
Creating a law which forces people to buy insurance is just insanity. I'd rather have the "universal free healthcare" stuff.


it's not insane those people get help if they really need it anyway they just don't have to fork over 800 dollars a month
how is that insane it's emergency care

Because not everyone can afford to buy insurance.
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Rasmoh
12/02/17 2:51:37 PM
#29:


RoboXgp89 posted...
do you want people to go into debt the rest of their lives because they visited a doctor?


What about the people who go into debt because the government forced an 800 dollar per month bill on them out of the blue? Is that somehow better?

WarGreymon77 posted...
free


I don't think you know what that word means.
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Mead
12/02/17 2:53:24 PM
#30:


WarGreymon77 posted...
Because not everyone can afford to buy insurance.


If that is the case then they should qualify for Medicaid

Anyone that cant afford insurance certainly cant afford a medical bill if something happens
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RoboXgp89
12/02/17 2:57:27 PM
#31:


my friend was 18 and got charged 60k to be put on a painkiller when he had a concussion
wtf do you mean medacaid? that's for kids and elderly people lol
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Cacciato
12/02/17 3:12:55 PM
#33:


RoboXgp89 posted...
you're litterally getting a 10k increase in taxes if you make a dollar more then 112k

What?
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YahooPoster
12/02/17 3:21:34 PM
#34:


The GOP has just written their own obituary.
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bulbinking
12/02/17 3:23:57 PM
#35:


Mead posted...
WarGreymon77 posted...
Because not everyone can afford to buy insurance.


If that is the case then they should qualify for Medicaid

Anyone that cant afford insurance certainly cant afford a medical bill if something happens


Oh wow, you must live a privleged life.

Some people make literally 10 dollars too much to qualify for medicaid and such.

10 bucks isnt enough to pay for a hospital, and some states have artificially low poverty lines which don't account cost of medical care when drawing up those lines.
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Aquamew
12/02/17 4:06:50 PM
#36:


time to actually go kill myself, I guess
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RoboXgp89
12/02/17 4:10:57 PM
#37:


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Doctor Foxx
12/02/17 4:12:54 PM
#38:


This isn't good for most people.

Even $100k+ folks will miss the loss of deductions of:

1. Student loans
2. Homeowner interest
3. Moving expenses
4. Charitable donations
5. State/local tax

Basically, it looks like they want to keep people:

1. Uneducated
2. Renting for the rest of their life
3. Stuck in their shithole town
4. Be less giving
5. Be more poor
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Lokarin
12/02/17 4:13:29 PM
#39:


RoboXgp89 posted...
my friend was 18 and got charged 60k to be put on a painkiller when he had a concussion


Sounds like a Monopoly, you have medical competition don't you?
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SmokeMassTree
12/02/17 4:24:35 PM
#40:


Praise trump
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Cacciato
12/02/17 5:44:57 PM
#41:


RoboXgp89 posted...
https://blog.taxact.com/how-tax-brackets-work/

I see you deleted your other post, so its a little surprising that you posted this.
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ClarkDuke
12/02/17 5:48:21 PM
#42:


SmokeMassTree posted...
Praise trump

Aren't you on public assistance?
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GanonsSpirit
12/02/17 5:53:23 PM
#43:


bulbinking posted...
https://imgur.com/a/RcQXY

Maybe this will help some of you guys out.

I'm sure literally 90% of people here are getting a tax cut.

Which I guess means you all must be rich evil capitalists ;)

I know my wife and I are getting lowered taxes from this!

All that shows me is that I'm losing all my deductions so the ultra wealthy can have their taxes slashed.
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SmokeMassTree
12/02/17 5:56:24 PM
#44:


ClarkDuke posted...
SmokeMassTree posted...
Praise trump

Aren't you on public assistance?


My taxes this year single handily put Ico through another year of school, ok!
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ClarkDuke
12/02/17 6:08:08 PM
#45:


SmokeMassTree posted...
ClarkDuke posted...
SmokeMassTree posted...
Praise trump

Aren't you on public assistance?


My taxes this year single handily put Ico through another year of school, ok!

Well now you sound silly, ok?
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RoboXgp89
12/02/17 6:22:29 PM
#46:


Cacciato posted...
RoboXgp89 posted...
https://blog.taxact.com/how-tax-brackets-work/

I see you deleted your other post, so its a little surprising that you posted this.


i dont know how taxes work i've never made more then 19k a year lol
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Veedrock-
12/02/17 6:24:57 PM
#47:


1 trillion over 10 years doesn't sound bad. Not sure what my perception is based on though.
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