Is that the coal CEO who…
Yeah that’s the one. Hey Rob, you get what you deserve. Bastard.
They’ll just throw in a special exemption for coal miners; they already put one in for car dealers, I believe. Because that’s how you simplify the tax code.
I’m still a bit confused over what triggers a simple majority requirement vs the 60 vote requirement. I thought it had something to do with revenue estimates. If they keep making exemptions they lower the revenue. Doesn’t that make it harder to avoid the 60 vote requirement?
I was kind of wondering that too. Is it because the Senate bill already passed, and rejiggering gets grandfathers in? But that can’t be right or everything would go through reconciliation to game the system. I guess they must be putting in offsetting cuts to spending or allowing some tax increase to stay under the line.
I think whatever comes out of conference will still have to meet the requirements because it will need to be voted on.
A reconciliation bill cannot cause a deficit ten years after it’s passed.
This bill obviously causes a deficit for the first nine years. Then, all those middle class tax cuts expire so that it’s neutral for the tenth year. Does the corporate tax cut likewise expire? No of course not, don’t be silly.
Unless all the cuts expire, how can they claim that the 10th year will not cause a deficit?
I know it’s all just Republican dickery, but when you talk math the numbers are supposed to add up.
Because there are offsetting cuts in spending and various increases in taxes on the middle class that start right away. Plus some magic “this will turbocharge our economy” pixie dust.
Got it. So the only revenue decline will be due to the middle class cuts. Darn middle class people who are too lazy to be millionaires!
Sorry I really like booze, women, and movies.
So do I! So that’s why I’m not a millionaire.
I blame videogames.
Revenue increase will be due to elimination of SALT deductions, loss of personal exemptions, among other things. For example, the lowered cap on mortgage deductions will bring in about $300 billion over 10 years. Double taxing income by removing state and local tax deductions will net $1.2 trillion (over 10 years, and a third of that will be upon CA and NY residents) Senate bill keeps the mortgage cap to its existing limit, but then repeals ACA individual mandate, which again saves $300 billion or so, and on the basis of people falling out of insurance coverage, and the government not paying for the subsidies. Loss of personal exemptions is again a big revenue source. Taxing tuition fee subsidies, and taking out most of the previously possible deductions, all increase the federal revenue, but I guess we all win because we can file tax returns on a postcard now.
Without the expanded child credits (both in size, and applicability based on income level), this would be a huge tax increase for a large majority of individuals and families. Even with child credits, some of us will pay more taxes now, especially in CA and NY.
Preach.
CNN seems to have picked up on this story now which includes this quote:
National Security Council spokesman Michael Anton told CNN that “the White House does not and would not support such a proposal” and that, “I can find no evidence that this ever came to the attention of anyone at the NSC or (White House) at all.”
But otherwise just cites the Intercept’s article.
![e477fdd9c3f3915f6dfd79ff67e252c6[1]](https://forum.quartertothree.com/uploads/default/original/3X/f/7/f7fbf366a8e375bc8ed5136d5d7ae92332bdc453.jpg)
Someone needs to Photoshop that one gymnast’s “not impressed” expression onto Wednesday’s face.
Which is exactly a cynical part of their calculations. It will be much easier (darn near mandatory) to find some way to extend middle-class tax cuts in 10 years than if they expired the cuts for corporations / the wealthy. They know full well that this actually just blows up the deficit even after 10 years, but they don’t care.
But they can’t, because that will cost money, which will push it over the $1.5T limit required by reconciliation.
All of this is largely due the fact that the GOP refuses to actually even TRY to compromise with the Democrats. There are tons of tax reform plans that they could easily get 60 votes on. They could almost certainly even include things like cutting the corporate tax rate, which is itself not a bad idea. They could get broad tax cuts for most Americans.
What they won’t get support for, is shit like removing the AMT, or the estate tax. But those are the things that their donors really want… also, the GOP is grossly incompetent when it comes to governance.
The current folks in Congress have, literally, never had to actually govern. They have no experience putting together legislative coalitions. They literally do not know how to do it. McConnel based his entire existence upon riling up his base by demonizing the democrats, to get folks in power. Now he’s got power… but he doesn’t know how to govern. Same goes with the house.
This is why the GOP controls the entirety of government, and stiill can’t do ANYTHING. They are straight up imbeciles.
They could and should, but I’m real tired of their bullshit about the corporate tax rate being the worst in the world without ever discussing what the effective tax rate is. How many companies actually pay that rate? They act like companies are going under left and right due to tax obligations, and not sitting on immense piles of cash.