Senate Tax Bill Passes [updated 12/2]

349 posts in this topic

http://thehill.com/policy/finance/362734-daines-to-vote-for-tax-bill-after-deal-for-small-biz

 

Two Republican Senators said they are now voting for the bill, bringing the vote total to 50. 

 

What that means:

 

-Doubles personal standard deduction

-Cuts Corporate tax rate from 35% to 20%

-Set to raise taxes after 10 years on middle- and lower-class families to rates higher than today 

-Slashes Local and State Tax Deductions

-Trump's First Legislative Win

 

It could fall apart, never doubt Mitch

tenor.gif

 

Edit 12/2:

- Rubio-Lee Amendment fails to make it into the bill, child deduction doesn't double

- CBO estimates 1.4 Trillion Deficit

- Corker (Tennessee) only Republican to vote against the bill

- Dems successfully defeat amendment which would have allowed a Christian College to be exempt from endowment taxes source

- Heads to reconciliation with House Bill - differences include the amount of tax brackets and sunsetting of corporate tax cut

 

This Bill is built on assumption that corporations will invest in their people and other real-time investments - but at a summit with Gary Cohn, when corporate leaders were posed with the question of where they'd invest gains from tax cuts, none backed this idea. source

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Gtrrrr.... 

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Just now, Adonis said:

Gtrrrr.... 

Although who knows now the Flynn just got charged :deadbanana2:

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madonnamon.gif

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We are about to get royally ****ed. 

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Poor rust belt

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Recession ha comeback. :alexz: 

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Flynn getting charged is the only good news today, I guess

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28 minutes ago, Haunter said:

Recession ha comeback. :alexz: 

Depression, Recession, Confession(s on a Dance Floor)

 

Madonna, qween of financial crashes

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32 minutes ago, Haunter said:

Recession ha comeback. :alexz: 

Time to rebuild my savings account :coffee:

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Seems like everyone that voted for Trump because of “economic anxiety” is about to get a lot more anxious. 

 

tenor.gif

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I literally have distinct memories of republicans bitching and whining about the deficit during Obama's administration constantly.  Interesting. 

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Praying for US dems :dancehall:

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9 minutes ago, Rotunda said:

Seems like everyone that voted for Trump because of “economic anxiety” is about to get a lot more anxious. 

 

tenor.gif

Not to mention cuts to healthcare, especially the kind that helps older folks :cm:

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5 minutes ago, madonnas said:

I literally have distinct memories of republicans bitching and whining about the deficit during Obama's administration constantly.  Interesting. 

I too remember the arguments on the senate floor and all the time they were on TV complaining about it. 

 

tenor.gif

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6 minutes ago, LuLuDrops said:

Not to mention cuts to healthcare, especially the kind that helps older folks :cm:

They're about to learn a hard lesson :gaycat5:

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so its based on trickle down economics? which has been proven to not work since forever? mess

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This is the stupidest thing the GOP could have ever done and we wont even be able to fix it until we get a democratic president who would sign a NEW overhaul of the tax code. Trump wont sign anythign that takes away his only legislative win.  

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Hmm

 

 

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Well this is not good.

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16 minutes ago, Monster Megamind said:

This is pretty much the only silver lining if they pass this horrible bill. The Democrats can easily hammer them on it in 2018. 

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my heart is so broken right now. how could these so called politicians do this to us. they're supposed to be serving their constituents, not the billionaire donors! this is why dark money need to be kept out of the government

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liberal coastal elites getting a tax cut :fan: even when they lose they still win

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