Tax Bill Thrown Into Uncertainty as First G.O.P. Senator Comes Out Against It

[Political Junky]

Hope this indicates the end of this bill.

Tax Bill Thrown Into Uncertainty as First G.O.P. Senator Comes Out Against It

WASHINGTON — Uncertainty gripped the Senate on Wednesday over efforts to pass a sweeping $1.5 trillion tax cut after a Wisconsin Republican became the first senator in his party to declare that he could not vote for the tax bill as written, and other senators expressed serious misgivings over the cost and effect on the middle class.

The House is set on Thursday to pass its own version of the tax bill, which would cut taxes by more than $1.4 trillion over 10 years and broadly rewrite the business tax code. But as with the health care debate earlier this year, the Senate emerged as the inconstant ally in President Trump’s pursuit of a major legislative accomplishment in his first year.

Senator Ron Johnson, Republican of Wisconsin, came out against both chambers’ tax plans on Wednesday, saying that the bills favored corporations over small businesses and other so-called pass-through entities, whose owners pay taxes on profits through the tax code for individuals.

 

[WillowTree]

This debate illustrates exactly why we need a fair flat tax. No exceptions, no excuses, and no exemptions!

 

[FA_Q2]

They are idiots if they cannot at least get a tax bill through.

It is bad enough that tax reform morphed into tax break. If they prove so dysfunctional that a core issue for the entire party cannot even get past congress the party will face annihilation in the midterms.

 

[busybee01]

What the Republicans do in their tax plan to bring the costs under control is make the business tax cuts permanent and sunset the individual tax cuts. Taxes will go back up individuals aka the middle class. That might be what Johnson is objecting to. Also Both tax cut plans actually raise taxes on individuals over time. If you have a family larger than 3 then you will pay more because you lose the personal exemption. It also is not indexed to inflation so it will be worth less each year. Also what parts that are indexed to inflation uses a chained inflation rate which means that workers will be pushed into higher tax brackets even if their earnings match the increase in the CPI.

 

[busybee01]

They are idiots if they cannot at least get a tax bill through.

It is bad enough that tax reform morphed into tax break. If they prove so dysfunctional that a core issue for the entire party cannot even get past congress the party will face annihilation in the midterms.

The party may face annihilation if they pass it. There are so many avenues of attack that Democrats can use. They may be better off just doing a straight tax cut.