You Have To Read The Rules
The House passed the Corporate, Real Estate, and Filthy Rich Tax Give-away bill, but the Senate had to amend it to meet the requirements of the Byrd rule about trying to sneak in extraneous language in single issue bills. If the two sections weren’t removed, the bill would need 60 votes in the Senate.
Of course no one knows where the two bits came from, they appeared magically in the bill… Festivus miracles no doubt.
Update: How bad is this bill ? – Fox Business’ Trish Regan Rebukes Trumps’ Tax Plan: ‘Great For Corporations’ And ‘Fat Cats’. Even Fox Business thinks it’s a disaster.
7 comments
How bad is this bill? For me, in the top 15% of wage earners, I get a 4% cut in my top marginal tax rate. Meanwhile a median American making $57K/year gets a 1% cut in his top marginal tax rate.
WTF? Why do us (relatively) wealthy folk need a 4% tax cut but regular Americans only get a measly 1%? That’s whack!
Of course if I owned a house I’d be screwed, because it removes the tax deductibility of mortgage interest on most of the houses here in the Sillycone Valley…
Not to worry. The earners on the bottom end of the tax bill will never be able to afford a house anyway, so no need of a mortgage break. I can’t imagine making a house payment now after working 60 years in public service.
It’s REALLY bad for PR!
How the GOP tax bill will wreck what’s left of Puerto Rico’s economy
There’s also talk that it will impact Guam (that will annoy the Navy and USAF), Virgin Islands, & others. Then there are the Native American lands which are typically “unorganized territories”, In fact PR is still officially “unincorporated” even though a District Court judge ruled in 2008 that a sequence of Congressional actions have had the cumulative effect of changing PR status from “unincorporated” to “incorporated”. The official recognition of the “incorporated” status is still winding it’s way through the insanely slow US legal system after a decade!
Fun for all!
If you live in California, New York, New Jersey, etc you get screwed. If you have extensive debts you get screwed, The last tax change is the reason that Puerto Rico is in such bad fiscal shape, and now they are being attacked again through the tax system, as are other US territories. “No taxation without representation” doesn’t seem to resonate with “conservatives”.
Corporations, Trump Inc., real estate investors, the 1% make out while the majority of people who actually earned their money by working get screwed as usual. The reason for this deficit buster is to give the Republicans an excuse to go after Medicare and Social Security because they don’t want to pay back all of the money they have been spending from the trust fund.
The Republicans have sealed the loss of the House, and the Senate is looking shaky, The real question is when is Trump leaving.
Apparently, Dotard won’t sign the bill until January. So that the Medicare cuts won’t come into effect until 2019 & the moronic RWNJ Dotard lovers won’t notice how badly they’ve been screwed until after the 2018 elections.
To answer the question, and I quote Pitchfork Pat, “The peasants are coming with pitchforks” and they will do so when:
Putin calls in his IOUs
Mueller happens
The ladies (like the ones in Alabama) decide they’ve had enough.
when the emergency rooms fill up with dying children
Oh, and when they screw with Medicare someone should remind them that the fastest growing demographic population are 90+ year olds
It’s about those rules – If Trump doesn’t sign it and return to Congress within ten days because Congress has adjourned, he has vetoed it. Article I Section 7 of the US Constitution. It is known as a pocket veto. He may accidentally veto his only legislative win.
Despite the fact that all of my so-called Social Security raises are eaten up by increases in my Medicare Part B premiums, if they screw with Medicare and/or Social Security Congress will be bludgeoned with adjustable canes and mowed down with electric wheelchairs.