Senate Passes Major Tax Reform

Senate Passes Major Tax Reform

Internet Taxes

Let’s see how this played in the biggest D.C. local “journalism” outlet

(Washington Post) Senate Republicans passed a $1.5 trillion tax bill early Saturday morning that bestows massive benefits on corporate America and the wealthy while delivering mixed blessings to everybody else.

After a frantic round of negotiations, Republicans came together in near unanimity behind the landmark legislation. The final vote was 51 to 49, with Sen. Bob Corker (R-Tenn.) the lone GOP holdout. No Democrats voted for the bill.

The measure still has to be reconciled with an earlier House-passed version before being sent to President Trump. Yet in getting the bill through the Senate, Republicans succeeded where they failed earlier this year, when their efforts to repeal the Affordable Care Act collapsed in mortifying fashion.

Woof! Regardless, it passed.

The most recent review of the bill by the Joint Committee on Taxation, Congress’s nonpartisan tax analysts, found that only 44 percent of taxpayers would see their burden reduced by more than $500 in 2019 but that high earners would fare much better than the poor under the bill.

Yeah, but over 38% do not even pay any net federal taxes, so, kinda hard to actually give them a tax break.

And the bill makes other changes that reach far beyond the tax code itself. It repeals the individual mandate from the Affordable Care Act, a major change that was added in recent weeks as part of a broader GOP effort to dismantle the Obama-era law. The individual mandate creates penalties for many Americans who don’t have health insurance, but the repeal would leave 13 million more people uninsured. It authorizes oil drilling in the Arctic National Wildlife Refuge in Alaska. And by curtailing deductions for state and local taxes, it will put pressure on some state and local spending on education, transportation and public health programs.

First, no one should be forced to purchase health insurance. Of course, no one should be forced to provide medical service to people who will never pay, either. If 13 million choose to opt-out, that’s not leaving them without: that’s a personal choice. Second, we should have been drilling in ANWAR years ago. And it is a tiny, tiny area that’s in play. Third, Democrats are always saying how people should pay more taxes, and that they love the notion of paying more taxes, well, now’s their chance.

Now, though, the Senate must reconcile with the House. There were a lot of concessions made, such as for squishy Susan Collins. Will those stick around in the final bill?

Of course, Excitable Nancy Pelosi (who had been protecting sexual predators in the House) chimed in

House Minority Leader Nancy Pelosi, D-Calif., also responded, calling the legislation a “betrayal of the American middle class.”

“The GOP tax scam is a product of haste, carelessness and cruelty,” Pelosi wrote. “It was written on Republicans’ trickle-down delusions, not analysis or facts. It was written first and foremost for the wealthiest one percent, not middle class families trying to get ahead.”

Because her ideas when she was in charge of the House worked so well, right? Spend trillions on programs that were temporary and didn’t do much to help the economy, while saddling future generations with massive debt. Oh, and lose the House in a historic fashion in 2010.

At the end of the day, I do not care how much money “The Rich” (like Nancy and the Washington Post) keep: it’s their money. I care how it effects me. If it makes it easier to file taxes and means I keep more of my money, great! Why are some people so offended that other people might have lower tax rates? Why is it their business? Oh, right, because they are invested in class warfare (while taking direction and supporting those very same rich people and companies who run the Democratic Party) and think that Other People’s money is actually the governments.

BTW, Nancy, the Washington Post, and the other complainers can refuse to pay the lower tax rates and stroke checks to Los Federales.

Crossed at Pirate’s Cove. Follow me on Twitter @WilliamTeach.

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