​The Senate Drags the House Tax Plan Back into The Swamp

The Senate should be called the House of Lords. In their isolated, bubble-like wisdom, GOP senators have rolled back most of the best ideas in the House’s tax reform bill. Think of some of the items they hauled back into the greedy confines of privileged exemptions:

Tim Scott - South Carolina's junior GOP Senator - led the valiant charge on home mortgage interest deduction, which the senators want to keep at a loan value of $1 million, rather than the $500,000 the House plan reasonably proposes. What excuses did Senator Scott give? Why that homes in places like San Francisco, D.C. and NYC are often more expensive. Yes, senator, they surely are. Are you that beholden to the Home Builders Association? Or perhaps GOP (and Democrat) senators fear that one of their neighbors in their gated communities might blindside them with a rib-crushing tackle if they dare touch their mortgage interest deductions?
But on the other hand, if you do happen to be a senator's neighbor in an upscale gated community, you're on your own with your property taxes. Or if you live in those places that so pain Senator Scott, like San Francisco or Park Slope, Brooklyn. That is, the $10,000 deduction for local property taxes is gone under the senator's plan. Does this seem to contradict the above item? Could it be that the Home Builder's Association isn't as worked up about property taxes as it is about home mortgage deductions? Senator Scott might want to get one of Rene Boucher's Therm-a-Vests - rice filled vests that you would microwave to heat up and then wear to alleviate back pain - if he can still find one. Just saying, his neighbors might still be mad at him. Of course, property taxes in South Carolina are not what they are in NYC or D.C. so perhaps Senator Scott has thought this one through carefully.
Aside from keeping in place a lot of other deductions that are currently part of the tax code, the Senate plan would also double the estate tax exemption for couples from $11 million to $22 million per couple. Definitely a hit with their wealthy neighbors. Look, an exemption of 11 million seems more than enough to cover family farms or other businesses, for example. But please don't touch my first 22 million? In a world with a debt-free America, sure keep your hard earned money. Yes that would be fine. But with a debt load of over 20 trillion it gets a little tricky and you have to do some trade-offs. $11 million is precisely such a trade-off. $22 million is not. It's a give away.

So it will be more than interesting to see how the House GOP reacts to the Senate's dragging their tax plan past the sycamores and back into the swamp out past the backyard. Did Rene Boucher design therm-a-vests for pains in the backside? Because the Senate's plan is on big pain in the butt for anyone who wants real and reasonable tax reform.

Posted by Keeley at November 10, 2017 2:39 PM
Comments
Comment #421437

Mandatory se*ual harassment training now required in the United States Senate.

How low can this nation sink?

My parents taught me what these “honorable” men and women need a senate rule to understand.

Posted by: Royal Flush at November 10, 2017 7:51 PM
Comment #421458

Trump is treason.

“When a reporter asked if the subject of Russian election interference came up, Trump replied, “He said he absolutely did not meddle in our election. He did not do what they are saying he did. … Every time he sees me, he says, ‘I didn’t do that,’ and I really believe that when he tells me that, he means it. But he says, ‘I didn’t do that.”
Huffpo quoting Trump 11/10/17

Trump went on to disparage US intelligence agencies. He literally believes Putin over American intelligence, that Russia did not interfere with the election.

Trump is treason.

Posted by: phx8 at November 11, 2017 10:35 AM
Comment #421459

Since when, phx8? You’re falling off your rocker!

Article 3 - The Judicial Branch
Section 3 - Treason

Look it up, phx8. Opinion isn’t treason. If it was you would have been in jail a long time ago.

You should stick to the topic of the post instead of spewing this diarrhea every time someone tries to have an intelligent conversation.

Posted by: Weary Willie at November 11, 2017 12:03 PM
Comment #421461

Trump is treason. It is staring you in the face.

Trump is undermining our democracy and free elections. Trump pretends cyber warfare did not happen in 2016, but we were attacked. Let me repeat that word so that it sinks in. Attacked. And another attack is coming. Trump lies about Russia at every turn. His campaign was lousy with Russian contacts. His Campaign Manager and Deputy have been indicted for “Conspiracy Against the United States.” They laundered $75 million for pro-Russian interests.

It is staring you in the face.

Trump is treason.

Posted by: phx8 at November 11, 2017 2:46 PM
Comment #421464

My goodness phx8, with all this evidence you have gathered; will we see an indictment of President Trump next week.

You sir, are all mouth. You repeat every lie told by fake media and the Democrat lackeys. You are quick to accuse but never provide any facts. You have openly written about your hatred of the United States and intention to follow family members overseas.

Please, please, leave now.

Posted by: Royal Flush at November 11, 2017 4:22 PM
Comment #421465

Trump is treason.

We were attacked. The Russians attacked us using cyber warfare to influence the election. The president denies this. He takes the word of Putin over American US intelligence agencies. He takes the word of an adversary dedicated to undermining US democracy over the word of men and women who have sworn an oath to uphold the Constitution.

He regularly attacks the free press, calling the MSM- and I quote- “the enemy of the American people.” He repeatedly attacks the judiciary, calling our system “a joke.” He also attacks the Mueller investigation, calling it a “witch hunt.” I say again: His Campaign Manager and Deputy have been indicted for “Conspiracy Against the United States.” They laundered $75 million for pro-Russian interests.

11 countries just signed the TPP. The US was not one of them. We just ceded away our economic leadership in that part of the world. In return we got nothing whatsoever.

What part of this do you not get? It is right there in front of your face.

Trump is treason.

Posted by: phx8 at November 11, 2017 4:50 PM
Comment #421467
You sir, are all mouth. You repeat every lie told by fake media and the Democrat lackeys. You are quick to accuse but never provide any facts.

Stop tossing stones out of your glass house. We all remember the guilty until proven innocent routine you subjected Hillary Clinton to.

Phx8,

Conservatives will spend the next year splitting hairs in order to claim that technically Donald Trump isn’t a criminal. Unfortunately, “technically not a criminal” is not a great achievement for a President to obtain (see Clinton, Hillary). But the issue is greater than one of criminal conduct or not. Donald Trump has spent the last year doing everything he can to provide aid and comfort to America’s enemies at the expense of our own interests. Whether this is the result of treason or incompetence, I do not know, but it concerns enough Americans to ensure that Republicans lose their Congressional majority in 12 months.

Posted by: Warren Porter at November 11, 2017 5:07 PM
Comment #421468

“…Republicans lose their Congressional majority in 12 months.”
Posted by: Warren Porter at November 11, 2017 5:07 PM

Glad to see Warren’s ability to predict the political future joined at the hip with phx8’s ability misread and lie about the political present.

Posted by: Royal Flush at November 11, 2017 5:19 PM
Comment #421469

We’ll have to suffer through it again next year, just like we did in ‘16. Since we already saw this movie and know how it ends, we’ll have to, like I said, suffer through it like taking the kids to get haircuts.

Posted by: Weary Willie at November 11, 2017 6:39 PM
Comment #421470

phx8 simply doesn’t want to talk about the tax plan the original post was intended to introduce. phx8 hasn’t figured out what spin he could put on it yet. Don’t get me wrong, I know it will come out. They are still trying to figure out how they can damage Trump the most. Right phx8?

Posted by: Weary Willie at November 11, 2017 6:43 PM
Comment #421471

Sending a salute and “well done” to all the United States Military Veterans. Our Constitutional Republic exists because of these magnificant men and women.

Posted by: Royal Flush at November 11, 2017 7:04 PM
Comment #421472

WW,
Discussing the tax plan is a waste of time because it won’t happen, at least not in any form resembling what we see now. The Senate & House are too far apart, and if they want to pass it using reconciliation they cannot jack up the deficits and debt, which is what the current proposals would under even the most optimistic assumptions.

That was why repealing Obamacare was so important to the GOP. They wanted to redistribute Medicaid money to corporations and the rich. It was horribly unpopular. The House thought they could redistribute the money from the middle class and blue states to the corporations and the richest of the rich. Turns out that is also very unpopular.

Meanwhile, Trump is treason. He took an oath, yet he is taking the side of an enemy against the United States and its free & fair elections. There is no other way to parse this.

CIA Director Pompeo- a rabidly partisan Republican, for those who remember Benghazi!!!- stated today that he stands by the January assessment about Russian interference.

Not only is Trump lying- his campaign knew about the Russian hack of the DNC before the information became public. We know this because of the Papadopolous e-mails the FBI released when he pleaded guilty. Those e-mails included Sam Clovis and Stephen Miller in the chain.

Posted by: phx8 at November 11, 2017 7:57 PM
Comment #421473
Because the Senate’s plan is on big pain in the butt for anyone who wants real and reasonable tax reform.

As if the HoR tax plan was real and reasonable tax reform!

We are in the longest war in American history, we have had military stationed and fighting in many other countries the past two decades and we have ran up some serious debt doing so. Previous tax cuts during a time of war have cost us trillions in debt.

So why on earth would anyone want tax cuts disguised as tax reform at a time when our country needs us the most. I find it offensive that many conservatives heap praise on veterans on this Veterans day while whining about paying for active duty military and those veterans that have been killed/ injured fighting these battles.

Those that gain the most from our military presence in so many other parts of the world seem to want to hide their profits in offshore accounts and use their money to convince our representatives to have the working class and middle class to foot the bill.

The first gilded age in America paves the way for the progressive income tax and that in turn paved the way for a middle class America that was second to none. Of course these lessons have been lost to us know as conservatives drink the corporatist kool aid and whine about “tax reform”. Shame on you guys leaving our debt for our grandkids to pay.

Posted by: j2t2 at November 11, 2017 8:04 PM
Comment #421475

A lot of people are noticing Trump is treason. Others are trying to pretend it isn’t happening right in front of their face, or that Trump says such things about Putin and the election because he is stupid, or incompetent. They wring their hands and so, ‘gosh, he will may poor decisions because of his stupidity and incompetence.’ But that is not why. Trump is compromised. He has been for a long time.

j2t2,
This is the point in the economic cycle where we should be raising taxes and cutting spending. The Fed should continue to slowly ease interest rates. This is the time to address the deficit and the debt. It does not require dramatic moves.

By the way, I’ve always been fine with tax reform, but what is being proposed by the establishment GOP has nothing to do with reform, and we all know it. NO loopholes will be closed for corporations. Not one. It is one of the most grossly crass and irresponsible financial proposals any of us have seen in a long time- well, since 2003, anyway.

American corporations are making money hand over fist. Earnings are good. They are awash in cash. The stock market is soaring. What on earth would possess someone to give corporations tax cuts?

A big tax cut for the richest of the rich and corporations would pour gasoline on an economy that is already doing just fine.

The biggest reason the stock market is going up is that interest rates are so low. There are no competitive investments. But when tax cuts drive up the debt and deficits, the interest costs will increase. Interest rates will go up faster. Inflation will resume. And when this economic cycle enters the bust phase, we’ll go into it with a mountain of debt that will make the current one look like a walk in the park.

Currently, interest on debt consumes 6.5% of the federal budget. If the establishment GOP cuts taxes and jacks up deficits and the debt at a time when the economy is healthy, and then we enter another economic downturn…

Posted by: phx8 at November 11, 2017 11:08 PM
Comment #421476

Correction, this is the time when the Fed should slowly increase interest rates…

Posted by: phx8 at November 11, 2017 11:09 PM
Comment #421499

thanks you

Posted by: vimax bandung at November 13, 2017 6:54 AM
Comment #421510

Meanwhile the class warfare that is the GOP tax plan continues to be debunked by everyone but those in Congress-


https://www.forbes.com/sites/johnwasik/2017/11/13/how-gop-tax-plan-would-ruin-retirees-underinsured/#6001287760ad

Posted by: j2t2 at November 13, 2017 11:53 AM
Comment #421522

It’s a good thing that link is to someone’s opinion, j2t2. Otherwise, I would have to say it’s all “fake news”.

Yes, fake!

The first paragraph is as fake as it comes. Really? Only people with a yacht would benefit? How do you expect anyone to believe that?

What’s on this “runaway train of tax goodies”, j2t2, and why should cuts be paid for? Where are the ideas for cutting spending, or aren’t there any from your side? This guy certainly hasn’t made any effort to report any.

Aren’t federal income taxes and social security medicare taxes different animals? Your fake news is combining all of them into one package.

Where would these cuts come from to pay for this horrendous legislation? Since they are not coming from defense or paring corporate tax breaks, the biggest target on the table are social insurance programs like Social Security, Medicare and Medicaid.

This is an outright lie! Social Security and medicare are separate from the budget. The only way these programs are affected by the federal budget is if funds are borrowed from them.

This entire opinion piece is fake, scare tactics. Do some critical thinking, j2t2. This piece is an embarrassment to you and your fear mongering author.

Posted by: Weary Willie at November 13, 2017 1:32 PM
Comment #421534

“Trump is compromised.”

Please explain phx8. If possible, please use verifiable facts. If not, don’t bother.

Posted by: Royal Flush at November 13, 2017 5:56 PM
Comment #421537

” What on earth would possess someone to give corporations tax cuts?”

Sorry phx8, I refuse to believe that you are so out of touch with the real world that the reason is unfathomable for you.

We understand your political desires are to give tax relief to those who pay no taxes. Unfortunately, the poor pay no tax and employ no one. Your desire to give them money from my pocket is to purchase their vote.

We also wonder if phx8 actually knows who owns the vast majority of American corporations. Has he ever heard the word “stockholder”? Are the majority of stockholders “rich”? Is nearly doubling the “standard deduction” for middle class working Americans a benefit for the rich too?

Posted by: Royal Flush at November 13, 2017 6:07 PM
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