Poll of the Day > Congress passes $1.5 trillion tax cut bill and passes it along to Trump.

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WastelandCowboy
12/20/17 1:46:16 PM
#1:


https://www.npr.org/2017/12/20/572157392/gop-poised-for-tax-victory-after-a-brief-delay

Updated at 12:58 p.m. ET

Congressional Republicans delivered on their first major legislative accomplishment of the Trump era on Wednesday, when the House voted 224-201 to pass a $1.5 trillion tax package. The bill cuts individual rates for eight years and slashes the top corporate tax rate to 21 percent permanently.

The bill now goes to Trump for his signature, though it's not clear when he will sign it.

Republican lawmakers hoped to put the bill over the goal line a day earlier, after the House claimed victory on a 227-203 vote Tuesday afternoon, but hit a procedural hurdle. The Senate passed the bill with some slight tweaks in the early hours of Wednesday morning on a party-line vote, 51-48.

"This is a historic night," Senate Finance Committee Chairman Orrin Hatch, R-Utah, said after the vote.

The bill has been in the works for months. Republican leaders put a marker down at the beginning of the year to pass a tax bill by the end of the summer, though that had depended on passing a repeal and replacement of the Affordable Care Act in the spring, an effort that dragged out but ultimately did not materialize. The tax bill accomplishes part of that goal by eliminating the penalty for individuals who don't get health insurance.

Republicans say that public opinion of the bill, which has been very low, will turn around as people start to feel the effect of tax cuts.

"When people see their withholding improving, when they see the jobs occurring, when they see bigger paychecks, a fairer tax system, a simpler tax code, that's what's going to produce the results," House Speaker Paul Ryan said Tuesday. "Results are going to make this popular."

People across income levels will see a tax cut of some sort under the bill, though most of the benefits go to top earners. By February, federal income tax withholding is expected to be adjusted in paychecks, but for most people, the changes may not be apparent until April 2019 when 2018 taxes will be due for annual filers.

The GOP has long sought a big overhaul of the tax code to simplify it by eliminating complex tax breaks and lowering rates, but in the end, the tax bill did not do much to actually simplify the code.

Individual tax rates are cut for eight years, though a future Congress could choose to extend them instead of allowing an effective tax increase to take place at the end of 2025. "We have no intention of allowing that to happen," Ryan, R-Wis., said to CBS This Morning on Wednesday.

The projection that the bill would add $1.5 trillion to the deficit over 10 years grows to $2 trillion if those individual tax cuts are made permanent, according to the nonpartisan Tax Policy Center.

House Minority Leader Nancy Pelosi, D-Calif., referred in a floor speech to "the ludicrous Republican insistence their claim that these giveaways to the wealthiest will pay for themselves." GOP leaders have insisted that reducing taxes on the corporate side of the ledger will result in higher wages and more money being brought back to the U.S. from overseas business operations, but many economists doubt that the bill will spur significant economic growth or avoid adding to the national debt.

Republican leaders have spoken of reducing entitlement spending as a priority for next year. "We need to keep focused on the spending side of the ledger, as well, " Ryan told ABC's Good Morning America, when he mentioned revisiting health care spending and welfare reform, which President Trump has also focused on.

Democrats have been unable to break GOP unity to stop the tax bill as they were able to over health care, though they have said they look forward to how it will play in the 2018 midterm elections as they argue it's a boon for the wealthy.
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WastelandCowboy
12/20/17 1:46:27 PM
#2:


Senate Minority Leader Chuck Schumer predicted that Republicans will "rue the day" they voted for the tax bill.

That day was delayed because of Senate rules, which prevent the bill from including any measures considered "extraneous" to budget matters. After the House passed what was believed to be the final version of the bill on Tuesday, Democratic senators challenged provisions relating to education and a technical issue over the naming of the bill. The Senate parliamentarian ruled that they did not fit inside the budget rules that the bill is being passed under, which allow it to be approved by a simple 51-vote majority, bypassing any risk of a Democratic filibuster.
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LanHikari10
12/20/17 1:46:39 PM
#3:


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Kyuubi4269
12/20/17 1:47:55 PM
#4:


LanHikari10 posted...
Can someone give me the tl;dr of what this tax bill actually does?

It lowers virtually everybody's tax.
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RIP_Supa posted...
I've seen some stuff
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mastermix3000
12/20/17 1:48:30 PM
#5:


So basically Trump's role in office was fulfilled?

All I know if, this is going to suck for tax accountants who were trying to vacation at this time of year
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Jen0125
12/20/17 1:50:25 PM
#6:


Kyuubi4269 posted...
LanHikari10 posted...
Can someone give me the tl;dr of what this tax bill actually does?

It lowers virtually everybody's tax.


according to projections only temporarily then most peoples' taxes will go up. except corporations.
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Troll_Police_
12/20/17 2:06:04 PM
#7:


mastermix3000 posted...
So basically Trump's role in office was fulfilled?

All I know if, this is going to suck for tax accountants who were trying to vacation at this time of year


ah hey im a tax attorney

forget about everybody else. forget about jesus christ. forget about all those religions.

badaba badabaaaa ba
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mastermix3000
12/20/17 2:09:29 PM
#8:


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Kyuubi4269
12/20/17 2:20:41 PM
#9:


Jen0125 posted...
according to projections only temporarily then most peoples' taxes will go up. except corporations.

Basically assuming Trump will jack up rates because he's corporatist. I wouldn't rely on projections like that.
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RIP_Supa posted...
I've seen some stuff
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RCtheWSBC
12/20/17 2:30:45 PM
#10:


Kyuubi4269 posted...
Basically assuming Trump will jack up rates because he's corporatist.

No, it's how the bill was written by Congress...the corporate tax rate reductions were made permanent while the individual tax rate reductions will phase out after some years.
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RoboXgp89
12/20/17 2:35:02 PM
#11:


corporations are the last thing that needs tax cuts
we pay taxes, property taxes and then another 10percent when we buy stuff
that's basically more then the corporations are being taxed
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YahooPoster
12/20/17 2:45:33 PM
#12:


Kyuubi4269 posted...
Jen0125 posted...
according to projections only temporarily then most peoples' taxes will go up. except corporations.

Basically assuming Trump will jack up rates because he's corporatist. I wouldn't rely on projections like that.

Someone didn't read the bill. And that someone is Kyuubi4269.
Anyways, Dems will be in control by the time the negative effects start to happen. Then the GOP will blame them. Both parties didn't like this bill. A wave of blue will come from it. Democrats just need to keep reminding the people that the GOP did this.
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mastermix3000
12/20/17 2:54:11 PM
#13:


RoboXgp89 posted...
corporations are the last thing that needs tax cuts


Meh,

In theory it SHOULD make sense and everyone better off (Hey, my new job pays less taxes so they hired more people) ---> That is a perfect world

What is most likely going to happen: Nothing to the average Joe, and Corporations get more money in their pockets. People in support of this (If you aren't making enough to get the GOOD breaks I don't see why you'd support this unless you plan on getting a huge payout to place you in the effective 1%) try and say that "rich people will spend more and it'll benefit America as a whole"

This needs to be stressed though, as it is game changing for the country:

RCtheWSBC posted...
the corporate tax rate reductions were made permanent while the individual tax rate reductions will phase out after some years.


Those years being, after 2025 we (individuals) don't see these reductions anymore. Fun stuff right?

YahooPoster posted...
Anyways, Dems will be in control by the time the negative effects start to happen. Then the GOP will blame them. Both parties didn't like this bill. A wave of blue will come from it. Democrats just need to keep reminding the people that the GOP did this.


QFT. I don't take sides in this bipartisanship but this will totally happen. Just waiting for our inevitable Republican recession
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SmokeMassTree
12/20/17 3:10:16 PM
#14:



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SushiSquid
12/20/17 3:23:17 PM
#15:


Mostly I'm just glad it's not as bad as it could have been. Republican owners (sorry, I mean donors) have been stressing that they needed to pass this or they would cut off funding. It's a piece of shit bill, but it's not as awful as some of the other stuff they've tried doing.

Blowing a hole in the deficit for a tax cut for the rich sucks. Stripping the individual health insurance mandates sucks. Opening the Alaska wildlife refuge to mining and drilling sucks. But overall it could have been much worse. Just remember that this is the first meaningful thing they've done.
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Peterass
12/20/17 3:35:10 PM
#16:


Big fan of the lower corporate tax rate.
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SushiSquid
12/20/17 5:50:19 PM
#17:


Peterass posted...
Big fan of the lower corporate tax rate.

Everyone is. That's the one part they got right.
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Zeus
12/20/17 7:01:22 PM
#18:


Humorously if the economy does improve after this, the same guys who knocked the plan will continue to knock the plan while writing off any improvements as coincidence.
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Jen0125
12/20/17 7:41:53 PM
#19:


Zeus posted...
Humorously if the economy does improve after this, the same guys who knocked the plan will continue to knock the plan while writing off any improvements as coincidence.


i mean the projections show short term benefits and then after that taxes increase for pretty much every regular citizen.
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knivesX2004
12/20/17 7:50:54 PM
#20:


Trickledown economics doens't work.
It has never worked.
It will never work.
Literally every economist who knows anything agrees with this.

Enjoy getting wrecked on taxes in a few years and then pretending like it's a democrat's fault.
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Zeus
12/20/17 7:57:38 PM
#21:


knivesX2004 posted...
Enjoy getting wrecked on taxes in a few years and then pretending like it's a democrat's fault.


What about the last 8 years of getting wrecked on taxes?
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eating4fun
12/20/17 8:58:35 PM
#22:


https://en.wikipedia.org/wiki/Starve_the_beast
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knivesX2004
12/20/17 9:25:48 PM
#23:


Zeus posted...
What about the last 8 years of getting wrecked on taxes?

What about it?
This is shittier.
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DarkRPGMaster
12/20/17 10:47:59 PM
#24:


Zeus posted...
knivesX2004 posted...
Enjoy getting wrecked on taxes in a few years and then pretending like it's a democrat's fault.


What about the last 8 years of getting wrecked on taxes?

You have to pay for debt somehow, and sadly the Republicans have fought tooth and nail to prevent an increase of the taxes on the rich (who can actually AFFORD to get taxed a lot). They have to please their rich overlords somehow I guess. <_<
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Troll_Police_
12/20/17 11:32:07 PM
#25:


member when obama doubled the national debt and the dems were just like "meh it doesnt matter"

i member
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Troll_Police_
12/20/17 11:32:45 PM
#26:


DarkRPGMaster posted...
Zeus posted...
knivesX2004 posted...
Enjoy getting wrecked on taxes in a few years and then pretending like it's a democrat's fault.


What about the last 8 years of getting wrecked on taxes?

You have to pay for debt somehow, and sadly the Republicans have fought tooth and nail to prevent an increase of the taxes on the rich (who can actually AFFORD to get taxed a lot). They have to please their rich overlords somehow I guess. <_<


or tax the fuck out of them and cry when they all leave for a friendlier environment with all the money
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Is this going to be one of those times when you pretend not to have a plan until the last moment? And then turn out to really not have one?
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ANation
12/20/17 11:42:39 PM
#27:


Almost everything that is wrong with America today is because of Ronald Reagan.
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ZBug_
12/21/17 12:16:10 AM
#28:


LanHikari10 posted...
Can someone give me the tl;dr of what this tax bill actually does?

The rich will become richer.
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DarkRPGMaster
12/21/17 1:33:30 AM
#29:


Troll_Police_ posted...
DarkRPGMaster posted...
Zeus posted...
knivesX2004 posted...
Enjoy getting wrecked on taxes in a few years and then pretending like it's a democrat's fault.


What about the last 8 years of getting wrecked on taxes?

You have to pay for debt somehow, and sadly the Republicans have fought tooth and nail to prevent an increase of the taxes on the rich (who can actually AFFORD to get taxed a lot). They have to please their rich overlords somehow I guess. <_<


or tax the fuck out of them and cry when they all leave for a friendlier environment with all the money

Most countries tax the rich worse than we do. I believe You could tax somebody who makes $100 million a year at 50% and they'd still have $50 million a year, more than most people will ever make or see in their lives. They literally can monetarily handle being taxed by large amounts, and all that money could easily go for paying for pretty much everything in the country.
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Troll_Police_
12/21/17 12:22:36 PM
#30:


DarkRPGMaster posted...
Troll_Police_ posted...
DarkRPGMaster posted...
Zeus posted...
knivesX2004 posted...
Enjoy getting wrecked on taxes in a few years and then pretending like it's a democrat's fault.


What about the last 8 years of getting wrecked on taxes?

You have to pay for debt somehow, and sadly the Republicans have fought tooth and nail to prevent an increase of the taxes on the rich (who can actually AFFORD to get taxed a lot). They have to please their rich overlords somehow I guess. <_<


or tax the fuck out of them and cry when they all leave for a friendlier environment with all the money

Most countries tax the rich worse than we do. I believe You could tax somebody who makes $100 million a year at 50% and they'd still have $50 million a year, more than most people will ever make or see in their lives. They literally can monetarily handle being taxed by large amounts, and all that money could easily go for paying for pretty much everything in the country.


all of these things that they can do, but wont do. and yeah, many countries do tax the rich more heavily, and there is a reason those countries dont have a lot of rich people, because there are plenty of others out there that DONT tax them heavily
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Nomak-54
12/21/17 12:29:59 PM
#31:


Admittedly, I haven't been following too much. I don't understand how it will bounce back and people will start pay higher taxes again, what's the reasoning behind that?
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Smarkil
12/21/17 12:46:38 PM
#32:


DarkRPGMaster posted...
Troll_Police_ posted...
DarkRPGMaster posted...
Zeus posted...
knivesX2004 posted...
Enjoy getting wrecked on taxes in a few years and then pretending like it's a democrat's fault.


What about the last 8 years of getting wrecked on taxes?

You have to pay for debt somehow, and sadly the Republicans have fought tooth and nail to prevent an increase of the taxes on the rich (who can actually AFFORD to get taxed a lot). They have to please their rich overlords somehow I guess. <_<


or tax the fuck out of them and cry when they all leave for a friendlier environment with all the money

Most countries tax the rich worse than we do. I believe You could tax somebody who makes $100 million a year at 50% and they'd still have $50 million a year, more than most people will ever make or see in their lives. They literally can monetarily handle being taxed by large amounts, and all that money could easily go for paying for pretty much everything in the country.


Uh.

No it couldn't.

You could tax everyone making more than 1 million 100% and they'd only be bringing in ~600 billion.
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