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View Full Version : House Republicans just passed their huge 'Tax Cuts 2.0' bill, but it's probably dead in the wa




Zippyjuan
10-01-2018, 05:52 PM
https://www.businessinsider.com/house-gop-passes-tax-cuts-senate-vote-2018-9

They can't use the reconciliation procedure used to pass the original tax cuts so the bills will need two thirds of the Senate to approve- not a simple majority. Not likely since the original package only got approved by one vote. It would also add another estimated $half trillion to the debt.


House Republicans passed a major tax reform package on Friday, known as the "Tax Cuts 2.0" package, in an attempt to follow up on last year's massive tax-cut effort.

While the package will now head to the Senate, it's likely that the second tax cut is dead on arrival in the chamber.

What's in the package?

The Tax Cuts 2.0 package is three separate bills: The American Innovation Act, the Family Savings Act, and the Protecting Family and Small Business Tax Cuts Act of 2018.

The centerpiece is the third bill, which would extend the individual tax cuts from last year's Tax Cuts and Jobs Act, or TCJA.

Republicans were forced to choose last year whether to make permanent corporate tax cut or individual tax cuts, due to Senate rules around the federal deficit. To have the bill qualify under the rules, the GOP chose to let the individual cuts to expire after 2025 while making corporate cuts permanent.

The Protecting Family and Small Business Tax Cuts Act would extend the individual cuts into 2026 and beyond. The bill passed the House by a 220-191 vote, with three Democrats voting for the bill and 10 Republicans voting against it.

The other two other elements of the package, which would change the tax treatment for certain retirement accounts and allow businesses to deduct start-up costs, passed by wider margins of 240 to 177 and 260 to 156 respectively.

What would be the effects of Tax Cuts 2.0?

Similar to the TCJA, most independent analyses show the bill would provide a modest boost to the US economy in the short-term, while the benefits would be tilted toward wealthier Americans.

According to the Tax Policy Center (TPC), a nonpartisan think tank, the individual tax cut extension would cut taxes for American households by $1,600 on average in 2026. But the gains would not be shared equally among different income cohorts.

"The bill to extend the TCJA's individual and estate tax cuts has the same structural flaws as the original. It is an enormous budget-buster that primarily benefits high-income households," Howard Gleckman, a senior fellow at TPC, wrote.

For example, households in the lowest income quintile (households making up to $28,600) would receive an average tax cut of $100, or a 0.5% boost to after-tax income.

Those in the middle-income quintile (incomes of 54,800 to $95,000) would get an average cut of $980, a 1.3% average boost to incomes.

People in the top 1% of income earners (making $836,200 and up) would get an average cut of $40,180, a 2% boost to after-tax income.

Additionally, while most people — around 66% of households — would receive a tax cut, roughly 9% of households would actually see their tax bills increase due to the elimination of some tax credits.

The other 25% would see a change in their tax bill of $100 or less.

The TPC and the conservative-leaning Tax Foundation also estimated that the bill would boost economic growth, but they differ on how much. The TPC estimated a 0.5% GDP boost in 2026, 0.4% in 2028, and 0.1% in 2038. On the other hand, the Tax Foundation estimated the extension would boost GDP by 2.2% over the long-run.

The package would also add to the federal deficit. According to the Joint Committee on Taxation, the extension of the individual tax cuts alone would add $545 billion to the federal deficit between 2019 and 2028 when factoring in the economic boost from the law.

TPC estimated that the entire package would add $631 billion to the deficit through 2028 and another $3.8 trillion from 2029 to 2038. The Tax Foundation estimated that the move would decrease federal revenues by $576 billion through 2028 and $113 billion every year afterwards even when factoring in the economic growth benefits.

Is this going to become law?
Probably not.

NorthCarolinaLiberty
10-01-2018, 06:18 PM
I don't know what percentage of these so-called "pranks" is staged and what percentage is real, but this one is still sort of funny. It actually looks like a pretty good Christmas gift.





https://www.youtube.com/watch?v=n-qU25yMjC8

UWDude
10-01-2018, 06:19 PM
Not likely.

According to your current, archaic models.

I'll give you a hint. There is a great speech out there, by a not too shabby GOP leader, which laid out in detail how Trump kicked all your asses, just like Patton did in North Africa, (suck it neo-nazis). Get your team to research and find that, and you might be able to predict his next moves.

He answers questions like, why did Trump advertise in Minnesota? Was he dumb?
Why did he hold so many rallies?

You guys are blinded by your own algorithms. The poetic justice never tasted sweeter. Every time you move, he makes another shadow move you do not understand. Every time you attack, he calls forth chaos, and you help him. You will google what I have talked about, and find nothing but MSM trash littering everything. You then find an article that is mildly critical to your sensibilities, therefore, maybe you can use that to re-align your entire world view. Even the words chaos and shadow have been mutilated to mean nothing to you. Sorry about that. I guess it is all good in the service of your masters.

But no. No, you have no idea how deep the debate really is. You have no idea how strong the internal demographic areas are. The planes of mind and soul. Resting on your eyes to determine demographics, black white, male female? What about what you can't see? Refuse to listen. Rely on the experts and professionals, because you deem yourself an expert and professional.

You missed out on the singularity. You all are still stuck in the last age.

Expect magic.

Zippyjuan
10-01-2018, 06:29 PM
According to your current, archaic models.

I'll give you a hint. There is a great speech out there, by a not too shabby GOP leader, which laid out in detail how Trump kicked all your asses, just like Patton did in North Africa, (suck it neo-nazis). Get your team to research and find that, and you might be able to predict his next moves.

He answers questions like, why did Trump advertise in Minnesota? Was he dumb?
Why did he hold so many rallies?

You guys are blinded by your own algorithms. The poetic justice never tasted sweeter. Every time you move, he makes another shadow move you do not understand. Every time you attack, he calls forth chaos, and you help him. You will google what I have talked about, and find nothing but MSM trash littering everything. You then find an article that is mildly critical to your sensibilities, therefore, maybe you can use that to re-align your entire world view. Even the words chaos and shadow have been mutilated to mean nothing to you. Sorry about that. I guess it is all good in the service of your masters.

But no. No, you have no idea how deep the debate really is. You have no idea how strong the internal demographic areas are. The planes of mind and soul. Resting on your eyes to determine demographics, black white, male female? What about what you can't see? Refuse to listen. Rely on the experts and professionals, because you deem yourself an expert and professional.

You missed out on the singularity. You all are still stuck in the last age.

Expect magic.

So you think that it can get two thirds of the Senate to approve it? Sixteen Democrats will vote with the Republicans? When almost every vote these days are along party lines?

UWDude
10-01-2018, 06:31 PM
So you think that it can get two thirds of the Senate to approve it? Sixteen Democrats will vote with the Republicans? When almost every vote these days are along party lines?

Either you don't care what I think, so why should I answer?

Or you do, in that case, I already answered.
The speech is out there. You can find it.
Should I give you a hint?
Can you trust me to give you the right hint?

Super Bowl.

Zippyjuan
10-01-2018, 06:37 PM
So you are just rambling. Thanks anyways.

UWDude
10-01-2018, 06:38 PM
So you are just rambling. Thanks anyways.

Did I owe you something?

UWDude
10-01-2018, 06:41 PM
The reason the Carter administration think tanks, in particular, watch and participate in these forums, is because they have always felt their wing of the Democrat party could form an alliance with the Ron Paul wing, or at least siphon some of them away.

Completely unaware of the infection spreading to their feeble minds.

Boy, Mueller better have some serious dirt on Trump. And I mean serious.

(He don't. He doesn't have shit. I made it up.)

spudea
10-01-2018, 07:07 PM
So you think that it can get two thirds of the Senate to approve it? Sixteen Democrats will vote with the Republicans? When almost every vote these days are along party lines?


What country do you live in? 67 votes to pass a bill?

Zippyjuan
10-01-2018, 07:12 PM
What country do you live in? 67 votes to pass a bill?

Enlighten us. How many votes does it take? They used a special rule called "reconciliation" to get the tax cuts through on a simple majority. They cannot use that same rule on this bill.

http://www.ncsl.org/blog/2017/01/13/how-the-congressional-reconciliation-process-works.aspx

Swordsmyth
10-01-2018, 07:15 PM
What country do you live in? 67 votes to pass a bill?

I think he is referring to the 60 vote cloture requirement but that could and should be disposed of.

spudea
10-01-2018, 07:23 PM
Enlighten us. How many votes does it take? They used a special rule called "reconciliation" to get the tax cuts through on a simple majority. They cannot use that same rule on this bill.

http://www.ncsl.org/blog/2017/01/13/how-the-congressional-reconciliation-process-works.aspx

reconciliation is used to bypass the cloture rule of 60 votes to limit debate and proceed to final passage of a simple majority to pass. 60 is three-fifths of 100. Welcome to USA comrade.

UWDude
10-01-2018, 07:29 PM
reconciliation is used to bypass the cloture rule of 60 votes to limit debate and proceed to final passage of a simple majority to pass. 60 is three-fifths of 100. Welcome to USA comrade.

They must have put a new guy on.

Zippyjuan
10-01-2018, 07:51 PM
reconciliation is used to bypass the cloture rule of 60 votes to limit debate and proceed to final passage of a simple majority to pass. 60 is three-fifths of 100. Welcome to USA comrade.

I stand corrected. They changed that in 1975. Cloture used to be two thirds. Thanks for the information! ( the tax cut bill is still highly unlikely to get the needed 60 votes in the Senate- they would still need ten Democrats).

Swordsmyth
10-01-2018, 07:58 PM
I stand corrected. They changed that in 1975. Cloture used to be two thirds. Thanks for the information! ( the tax cut bill is still highly unlikely to get the needed 60 votes in the Senate- they would still need ten Democrats).
The 60 vote rule has come up in many news stories in recent years, where have you been hiding?

The 60 vote rule could also be ended at any time.

UWDude
10-01-2018, 08:05 PM
the tax cut bill is still highly unlikely to get the needed 60 votes in the Senate- they would still need ten Democrats.


XD

UWDude
10-01-2018, 08:45 PM
When this bill gets passed, I am just not sure if I want to explain to zip et al, or not.
I mean, there will be the obvious part.
Trump is still using the same old tricks.
I must be murky, but I just bet myself something before I looked it up, and yup, bang on. Dead right. I know exactly what he is doing.

Democrats are
1) too stupid to understand his strategies
2) too afraid of opposing opinions to actually research their enemy
3) too insular in their messaging apparatuses to actually change any minds
4) taking baits in places they clearly can not win while
5) ignoring places they are vulnerable, but think they have locked down.

This is a full spectrum attack, mind you. Indeed, I would not be surprised if he constantly seeks the advice of generals on the funniest of details the democrats would never even think to investigate. Indeed, I am sure, the generals and colonels themselves are confused sometimes by his questions. (Sun Tzu says to keep your own generals in the dark about your plans... yup).

But yeah, when I asked "why did Trump do it this way" I theorized, "because of what that one GOP guy said about Trump's strategies." Then I thought, "well, if that were the case, look this up...."

Ha ha. My God do I want to say some things. But it is better to remain quiet, and win.