Skip to comments.Tax bill: Senate passes sweeping tax overhaul in early morning vote
Posted on 12/02/2017 11:22:31 AM PST by Navy Patriot
The Senate narrowly passed Republicans' tax reform legislation early Saturday morning with no Democratic support, following a marathon voting session overnight.
The bill, approved just before 2 a.m. in a 51-49 vote, next heads to conference, where House and Senate negotiators will work out the differences in their bills. Sen. Bob Corker (R-Tenn.) was the only Republican to vote no on the measure. The House bill also passed with no Democratic support last month.
The legislation was officially released shortly before the vote, giving the public little time to examine the final details. Democrats were outraged, asking for more time to review the measure. Sen. Claire McCaskill (D-Mo.) claimed she was handed the amendments to be included in the bill not by any of her colleagues, but by a lobbyist. Lobbyists, her comment implied, saw the bill before Democratic members.
(Excerpt) Read more at cbsnews.com ...
Screw you Rats, as Nancy Pelousy says: "ya gotta pass it to know what's in it".
Read the bill before passing it? Like 0bamacare?
Democrats Outraged....You had it all for 8 years and did NOTHING except dole out “bribes for minions”.
this will cause a huge of boomer left wing nuts moving to red states and making them blue .
god help us .
it will awful .
Damn it! You beat me to it!!!
How abou all legislation will be made available to the general public for three days before I sign itOVomit
No, first shove the bill up the DemoRat's rear, then beat the DemoRat until he passes, then send him to an Obamacare doctor to receive that "medical care" he promised to illegal aliens.
I think that's the best part.
And something the "Republicans" have promised repeatedly to get elected ....
Hopefully this stays in the reconciled bill for DJT's signature.
THIS BILL WILL PROVE A DISASTER FOR REPUBLICANS AS DID OBAMACARE FOR DEMOCRATS.
TRUMPS PROMISE DURING THE CAMPAIGN
”We will massively cut taxes for the middle class, the forgotten people, the forgotten men and women of this country, who built our country....Tax relief will be concentrated on the working and middle class taxpayer. They will receive the biggest benefit and it won’t even be close.” Donald Trump, Scranton PA, Oct 2016
Its interesting to me that i havent heard one congress critter oppose this bill on the grounds of its evisceration of the middle class. where are the folks that we elected to represent us? oh, thats right, we are only given lip service at re-election time.
the elimination of most of the itemized deductions should be a deal killer to all those of our duly elected to represent us who vote them into office, and not as thank you gifts to those corporations who donate the fattest envelopes to their re-election campaigns.
so just as the cost of obamacare was being shouldered by all the healthy young people who had to sign up or pay a fine, this tax bill is being paid for by the average middle class taxpayer for the benefit of big permanent tax cuts for corporations and the wealthy. Touting this as a tax cut to all the middle class deplorables who elected Trump is the same as obama promising that you would save $2500 on your insurance premiums and could keep your doctor. This isnt a tax cut, but a tax increase for the average American.
the standard deduction is being not quite doubled, but then they are eliminating the individual personal exemptions [of $4,050 each] for yourself, your spouse and your dependents. a couple with 2 children filing jointly would then lose $16,200 in deductions. so they give with one hand but take away with the other. in addition, they are eliminating the extra deduction for those over 65 or blind.
if you take the standard deduction, you cannot then itemize; therefore, giving up the normal deductions for medical expenses, long term care insurance expenses, state and local taxes, property taxes [under the senate bill], mortgage interest deduction limits, student loan interest deductions, moving expenses, alimony, dependent care assistance accounts, casualty and theft losses, unreimbursed job expenses and tax preparation fees.
further details about this wonderful tax grab:
Exclusions and exemptions.
The measure would repeal personal and dependency exemptions (which is $4,050 per individual in 2017), exclusions for employee achievement awards, employer education assistance, qualified tuition programs, dependent care assistance, qualified moving reimbursements, and adoption assistance. Contribution to Coverdell education savings accounts would be barred, but funds in existing accounts could be rolled over to 529 plans.
Certain deductions from gross income as well as itemized deductions would be eliminated. Deductions from gross income set to be axed include the alimony deduction (for divorce or separation agreements entered into after Dec. 31, 2017, student loan interest (although the Senate version would retain this deduction), interest on U.S. savings bonds redeemed for higher education, the moving expense deduction, the deduction for contributions to Archer medical savings accounts, out-of-pocket educator expenses, and expenses of performing artists and certain government officials.
Itemized deductions on the chopping block include the medical expense deduction, state and local income or sales taxes, the casualty and theft loss deduction (except for casualty losses in federally-declared disaster areas), and miscellaneous itemized deductions for tax return preparation and unreimbursed employee business expenses.
The bill would repeal the credit for the elderly and permanently disabled, the credit for mortgage certificates, and the credit for plug-in electric vehicles. The bill would eliminate the lifetime learning credit by consolidating it into the American opportunity credit. The credit would be available for five years of higher education (instead of four years), but the amount in the fifth year would half the usual maximum (including the amount eligible for the 40 percent refundable portion of the credit).
Now look at its impact on the economic strata of taxpayers to see who benefits the most:
...the highest-income taxpayers (0.1 percent of the population, or those with incomes over $3.7 million in 2016 dollars) would experience an average tax cut of nearly $1.1 million, over 14 percent of after-tax income. Households in the middle fifth of the income distribution would receive an average tax cut of $ 1,010, or 1.8 percent of after-tax income, while the poorest fifth of households would see their taxes go down an average of $110, or 0.8 percent of their after-tax income.
And local frustration at inaction in places of CA or NY might just trigger some sudden retirements of democrats who aren't making the cut.
this is a disaster .
the corporate lobbyists wrote this so no wonder Mccain said okay.
the gop will lose both houses and
millions of Dems will flood Red states making them Blue !
Trump needs to kill this thing.
There will probably not be a lot of folks leaving Washington state under this tax bill.
We have no income tax and do not deduct sales tax although ours are high. The maximum mortgage tax deduction of 10,000 will cause some people to pay more federal income tax but likely not enough to cause them to move.
Trump needs to kill this thing.
WHAT have you been smoking????
I sadly doubt that .
the baby boomers are flooding FL GA NC AZ and ID already .
This people who are renting will follow there parents and spounge off them and demand more benefits .
The major employers will flee too avoiding taxes and drag more millenias too .
It will be a avalanche of Dem voters in FL GA etc..,
Theee blue states are owned by the unions nothing will change .
So the only significant legislation the Republicans are willing to pass is a huge tax break for the wealthy while ignoring illegal immigration, unfair trade with China, ect. Middle and working class get a few crumbs thrown their way. Same as it ever was.
You or information is probably accurate, but I’m willing to bet that very, very few “Deplorables” itemized any of those deductions on their tax returns. I suspect the ones hit hardest by this will be upper middle-class taxpayers in areas like mine that voted for Hillary Clinton.
Forgot TN which has ILL and Oddly Calif libs moving to Nashville in droves !Nashville has a Former Calif lefty as mayor .
they have no state tax too .
Removing the Medical expenses is a massive mistake .
The TV ads write themselves .
It will ugly .
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