Senate passes huge tax cuts after last-minute changes; conference with House next. After winning over last-minute holdouts, Senate Republicans early Saturday approved a massive tax overhaul that provides more than $1 trillion in tax cuts over 10 years, revamps corporate and individual tax rates, expands some credits and eliminates some popular deductions.

Vice President Pence announced the 51-49 vote about 2 a.m. 
Senate Majority Leader Mitch McConnell, R-Ky., predicted at an afternoon news conference that the tax overhaul could be completed by Christmas. The immediate priority is to keep the government funded, with the latest House proposal to extend temporary funding from Dec. 8 to 22, he added.

Pretty close vote. What do you all think? 

http://www.abc10.com/news/nation-world/gop-tax-bill-gains-support-senate-leaders-work-on-holdouts/495868800?=c

I kind of figured this would happen, we will be feeling the fall out of this terrible decision for decades to come.

Short term, we're getting a few thousand a year from this.

This is going to break the back of the economy for the sake of paying off rich donors. Can't really expect less from a completely republican led government. Not that Obama was a whole lot better in some ways, but the republicans hated him so much they didn't care if he wanted to pass the kind of things they're working to pass now. Things are bad, and when the bottom falls out I'm sure they're still going to try to blame the other side, despite the democrats not holding a majority anywhere.

(December 2, 2017 at 8:49 pm)wallym Wrote: Short term, we're getting a few thousand a year from this.

It's so much worse than that.

https://www.rawstory.com/2017/12/republi...care-next/

Quote:Florida Senator Marco Rubio admits that the Republican tax cut plan to aid corporations and the wealthy will require cuts to Social Security and Medicare to pay for it.

Rubio told reporters this week that in order to address the federal deficit, which will grow by at least $1 trillion if the tax plan passes, Congress will need to cut entitlement programs such as Social Security.

(December 2, 2017 at 8:49 pm)wallym Wrote: Short term, we're getting a few thousand a year from this.

Your income is between 100-200k$?

If you made over 200k$, you'd get back nearly 10$k from this fiscally irresponsible abortion!

Yes, I also will be getting some nice blood money.

Humorously enough, the 50-100$k bracket that only whites dominated in support for Trump?

They're getting nothing from the GOP tax plan. Sorry guys, I really tried to stop y'all from stabbing yourselves in the collective balls but a certain group just wouldn't let up. Have a merry Trumpmas and be sure to kick the shit out of the nearest Trump voter cause that's the only holiday pay-out you're getting if you make less than 100k$ per year.

(December 2, 2017 at 9:22 pm)Minimalist Wrote:

(December 2, 2017 at 8:49 pm)wallym Wrote: Short term, we're getting a few thousand a year from this.

It's so much worse than that.

https://www.rawstory.com/2017/12/republi...care-next/

Quote:Florida Senator Marco Rubio admits that the Republican tax cut plan to aid corporations and the wealthy will require cuts to Social Security and Medicare to pay for it.

Rubio told reporters this week that in order to address the federal deficit, which will grow by at least $1 trillion if the tax plan passes, Congress will need to cut entitlement programs such as Social Security.

Well they have to get the revenue back from somewhere. Cutting taxes, and eliminating the estate tax. Not sure how they think taking money from the poor, and what's left of the middle class, will make up for what they're shoveling into the pockets of the rich, but these guys don't care if America burns. They'll just take their business to the next country after they've leeched all they can from this one.

Anyone who supports this should bear in mind that NO tax cut in the history of tax cuts has EVER paid for itself, EVER.  This is why the republicans are admitting that they're just going to have to let the elderly starve to death.

As for the oft-repeated claim that lowering taxes on corporations is going to send USian money back to the US, anyone who believes this should familiarize themselves with the phrase 'race to the bottom'.

Boru

(December 2, 2017 at 9:22 pm)Minimalist Wrote:

(December 2, 2017 at 8:49 pm)wallym Wrote: Short term, we're getting a few thousand a year from this.

It's so much worse than that.

https://www.rawstory.com/2017/12/republi...care-next/

Quote:Florida Senator Marco Rubio admits that the Republican tax cut plan to aid corporations and the wealthy will require cuts to Social Security and Medicare to pay for it.

Rubio told reporters this week that in order to address the federal deficit, which will grow by at least $1 trillion if the tax plan passes, Congress will need to cut entitlement programs such as Social Security.

That's a time-honored page in the GOP playbook: starve the government of revenue and use that shortfall to justify slashing social programs. That they can do that while rewarding their donors is a win-win -- unless, of course, people wise up and punish them severely come '18 and '20. I'm not holding my breath.

(December 2, 2017 at 9:25 pm)Moros Synackaon Wrote:

(December 2, 2017 at 8:49 pm)wallym Wrote: Short term, we're getting a few thousand a year from this.

Your income is between 100-200k$?

If you made over 200k$, you'd get back nearly 10$k from this fiscally irresponsible abortion!

Yes, I also will be getting some nice blood money.

Humorously enough, the 50-100$k bracket that only whites dominated in support for Trump?

They're getting nothing from the GOP tax plan. Sorry guys, I really tried to stop y'all from stabbing yourselves in the collective balls but a certain group just wouldn't let up. Have a merry Trumpmas and be sure to kick the shit out of the nearest Trump voter cause that's the only holiday pay-out you're getting if you make less than 100k$ per year.

I don't yet know the full effect but as near as I can tell, I'm going to have at least $15K more taxable income, and the bracket changes aren't even close to closing that gap. I'm now in the unenviable position where I not only pay 9% to a state I don't live and cannot vote in -and- I can't deduct those taxes either.

Lots of people are going to be in the same situation as me, including a lot of single parents and middle-class families with mortgages that don't qualify for the child tax credit. People who are hardly well off, much less rich.