Tuesday, November 28, 2017
As most GOP Senators are rich
As most Senators have made a bundle on 'public service' it makes a twisted kind of sense that to attract the support of those who are still on the fence new additions to the Republican Tax Scam should include additional benefits for the wealthy and, if anything, make the burden greater on working and poor people.
The Republican tax bill hurtling through Congress is increasingly tilting the United States tax code to benefit wealthy Americans, as party leaders race to shore up wavering lawmakers who are requesting more help for high-earning business owners.The notion that the bill/scam could be passed without debate was always a wet dream. There is plenty of debate but very little of it is in public so as not to spook the rubes who will have to pay for the Ultimate Giveaway To The Rich And Corporations. Anybody who works for a living and thinks they will get an actual tax cut must be planning on dying soon.
On Monday, as Republican lawmakers returned to Washington determined to quickly pass their tax overhaul, senators were in feverish talks to resolve concerns that could bedevil the bill’s passage. With pressure increasing on Republicans to produce a legislative victory, lawmakers are contemplating changes that would exacerbate the tax bill’s divide between the rich and the middle class.
Those include efforts to further reward certain high-income business owners who are already receiving a tax break in the Senate bill but who are at the center of a concerted push by conservative lawmakers and trade groups to sweeten those benefits.
As Republican leaders pressed for a Senate floor vote this week, there appeared to be little momentum for amendments that would help low-income Americans, which some Republican and many Democratic senators had sought.
The Congressional Budget Office said this week that the Senate bill, as written, would hurt workers earning less than $30,000 a year in short order, while delivering benefits to the highest earners throughout the next decade. Those estimates echo other analyses, like that by the Joint Committee on Taxation, which have found the biggest benefits of the bill increasingly flowing to the rich over time. By 2027, the budget office said, Americans earning $75,000 a year and below would, as a group, see their taxes increase, because individual tax cuts are set to expire at the end of 2025.
The week is expected to be punctuated by behind-the-scenes arm twisting and deal making as party leaders work to allay senators’ worries without exceeding their self-imposed $1.5 trillion budget for tax cuts. At least a half-dozen senators have raised concerns about the bill, including its potential to add to the federal deficit and a provision that would eliminate the Affordable Care Act requirement that most Americans have health insurance or pay a penalty.
Many of those senators are in discussions with party leaders over how to tweak the bill to address their concerns. James Lankford, Republican of Oklahoma, said on Monday that he was in talks over a proposal meant to ensure the tax plan did not balloon the deficit. Mr. Lankford said the Senate was discussing inserting a provision that would lead to tax increases — as yet unspecified — after a period of years if federal revenues fell short of lawmakers’ projections.
“To me,” Mr. Lankford said, “the big issue is how are we dealing with debt and deficit, do we have realistic numbers, and is there a backstop in the process just in case we don’t?”
Mr. Corker and Senator Jeff Flake of Arizona, who has also expressed concerns about the bill’s costs, said on Monday that they were similarly interested in some type of trigger or backstop.
Some other senators’ concerns appear less likely to be addressed. Mike Lee of Utah and Marco Rubio of Florida, for example, appear to be making little progress in persuading party leaders to expand access to the child tax credit for low-income families, by allowing the credit to be refundable against payroll tax liability. Such a move would allow working parents who do not currently face income tax liability to still benefit from the expanded credit envisioned in the bill.
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