Senate passes tax reform bill

After some amendments to bring key senators on board, last night Senate passed the bill 51 to 49, with only Bob Corker voting no out of concern of increased deficit due to decreased taxation. GOP learned its lesson from its failed Obamacare repeal in July, when it ignored key senators, ultimately losing the votes of 3 senators in the skinny repeal vote. Personally, I think tax reform is more than due. Look at every other country, they reform once every few years. America has not reformed since the 1980s under Reagan. As a result, America has lost its competitive advantages to other countries.

The Senate passed its tax reform bill in the early hour of Saturday morning, following a day full of Republican leaders making changes to bring enough members on board and a long night full of heated rhetoric on both sides of the aisle. The vote was 51-49, mostly along party lines. Sen. Bob Corker of Tennessee was the only Republican to vote against the bill, citing concerns about growing the deficit.

www.cnn.com...

This is horrible for America. How they hell could anyone be stupid enough to believe this is needed when the corporations already have 85% of the money?

This is going to be terrible for America as real people will have even less money and rights than we have now.

originally posted by: CB328
This is horrible for America. How they hell could anyone be stupid enough to believe this is needed when the corporations already have 85% of the money?

This is going to be terrible for America as real people will have even less money and rights than we have now.

I challenge you to cite one part of this tax bill that will be detrimental to the majority of tax payers. I double dog dare you even!

a reply to: Vector99

Nobody can say. No one has had a chance to read the whole thing. They were scribbling changes to it after midnight last night. Do YOU REALLY know what's in it? Have you read it? And how many Senators do you think read that two inch thick bill last night?

a reply to: MiddleInsite

I think it's safe to say people cannot predict what a new law would do once it is enacted. Obamacare was said to decrease cost, and it turned out to increase cost.

There is this

www.forbes.com...

Eliminating the 15% bracket will hit 50k-75k income level plus the loss of deductions.

I can't find which corporate loopholes were eliminated.

originally posted by: MiddleInsite
a reply to: Vector99

Nobody can say. No one has had a chance to read the whole thing. They were scribbling changes to it after midnight last night. Do YOU REALLY know what's in it? Have you read it? And how many Senators do you think read that two inch thick bill last night?

So the senate bill was modified and passed? If I'm not mistaken it now has to go back to the house for re-confirmation.

Hopefully your reps are doing their jobs, and not pulling a "pass it to see whats in it" thing.

ETA* I was replying to the doom-porn of another user, challenging them to provide facts why this is the worst thing to happen to Americans

Less tax for the rich, more debt for everyone else.

Some 'reform'.

originally posted by: intrptr


Lees tax for the rich, more debt for everyone else.

Some 'reform'.

Care to elaborate? Or just another drive-by comment?

a reply to: FatSoldier

While you may be correct that other nations have had more reform over the same period, the TYPE of reform and the AIMS of those reforms that have been enacted by other nations, are more important than the NUMBER of changes made, by a very long chalk.

For example, tax reform in and of itself, does not mean "We need to push more money up the chain", which is what is going to happen as a result of the changes made in the measure we are discussing here. Many tax reforms in other nations come with enforcement changes, which benefit the treasury of nations, and the people on whose behalf the nation is being run, by tightening the rules surrounding how corporations are to pay, what they are to pay, and when they are to pay their taxes. By making small changes, often, nations can ensure that all their citizens are capable of surviving those changes, whether those changes are designed to artificially make a nations businesses more successful (the only result of which being, that the majority of people, who occupy the lower end of the economy get screwed harder), or whether those changes are designed to ensure that if a person has work, that work pays, regardless of what end of the market you happen to occupy.

The point of the matter is this. Tax reform was certainly needed, but its very unlikely that an honest, fair, and realistic observation of its effects going forward, will prove that THIS tax reform has had positive effects for the only people in a country who really matter, those being the great mass of the people, as opposed to rarefied groups within it.

originally posted by: Vector99

originally posted by: intrptr


Lees tax for the rich, more debt for everyone else.

Some 'reform'.

Care to elaborate? Or just another drive-by comment?

Elaborate what? That a five hundred page scribbled document was dumped on the floor just hours before a vote to guarantee they wouldn't have time to review it all?

Or that all the democrats voted against it, because thats what you are supposed to do if there isn't enough time for review.

I guarantee this, not one of your average workers paychecks will reflect less tax taken out, and taxes at point of sale will not go down "by Christmas" either.

But do tell 'fly by responder' , when was the last time your taxes went down?

Good to see that America under Trump continues to support the 1%.

I just read the main points in the fake news network and even as negative as they wanted to portray it, it will benefit me more, thank you Mr. President!!!

I suggest everyone take a very close look and see exactly how YOU will end up fiscally instead of listening to the FAKE NEWS given out by the libtard media...

a reply to: Vector99 Have you read any of the proposal? The big corporate company's currently pay a 35% corporate tax. That number will drop to 20%. I am still reading this behemoth of a thing. And there is very little information about this out there. I doubt this plan is good for average Joe but we will see I guess.

originally posted by: ATSAlex
I just read the main points in the fake news network and even as negative as they wanted to portray it, it will benefit me more, thank you Mr. President!!!

I suggest everyone take a very close look and see exactly how YOU will end up fiscally instead of listening to the FAKE NEWS given out by the libtard media...

Not sure why CNN hasn't been third phased here yet, they are confirmed fraudulant reporters.

a reply to: ATSAlex Well good for you Alex. I am truly happy for ya. From everything I have read I will see some benefits but the draw back will counter that. But I don't think anyone not even the senate knows all the details. So with that being said, holding your breath may be your best bet for now.

a reply to: Mandroid7 All MSM are liars that are only there to push a agenda of a small group. It is pure entertainment. I watch all the MSM then I use my best judgement to decide what stories actually merit me doing some digging on. Deny Ignorance friend

originally posted by: TrueBrit
a reply to: FatSoldier

While you may be correct that other nations have had more reform over the same period, the TYPE of reform and the AIMS of those reforms that have been enacted by other nations, are more important than the NUMBER of changes made, by a very long chalk.

For example, tax reform in and of itself, does not mean "We need to push more money up the chain", which is what is going to happen as a result of the changes made in the measure we are discussing here. Many tax reforms in other nations come with enforcement changes, which benefit the treasury of nations, and the people on whose behalf the nation is being run, by tightening the rules surrounding how corporations are to pay, what they are to pay, and when they are to pay their taxes. By making small changes, often, nations can ensure that all their citizens are capable of surviving those changes, whether those changes are designed to artificially make a nations businesses more successful (the only result of which being, that the majority of people, who occupy the lower end of the economy get screwed harder), or whether those changes are designed to ensure that if a person has work, that work pays, regardless of what end of the market you happen to occupy.

The point of the matter is this. Tax reform was certainly needed, but its very unlikely that an honest, fair, and realistic observation of its effects going forward, will prove that THIS tax reform has had positive effects for the only people in a country who really matter, those being the great mass of the people, as opposed to rarefied groups within it.

While it's understood the UK hasn't been an economic power for a long, long time. Sitting there and not comparing the Corporate tax tare of, say, the UK vs the corporate tax rate of the US and other nations is where you go off the rails.

I wonder at the unemployment rate is currently in the UK?? Yes, there will be more profit for business.

Which we have ZERO problem with. Shocking?? Cut the 'evil' profit levels and you cut jobs. Increase the competitiveness with what every other nation has done to protect the business community to wit,low tax corporate tax rates and HIGH INCOME TAX RATES.

So you lefties have already been screwed, personal tax-wise and the U.S. citizens no quite as much.So now the US will increase jobs and as a result wages and the average citizen will profit as well as corporations.

Gee, that's terrible. LMAO

a reply to: intrptr

Elaborate what?

Your assumption?

That a five hundred page scribbled document was dumped on the floor just hours before a vote to guarantee they wouldn't have time to review it all?

We have to pass it to see whats in it. Sound familiar?

Or that all the democrats voted against it

That was expected no matter what. The bill could have included a cure for cancer and dems would have voted it down because 'Trump'

I guarantee this, not one of your average workers paychecks will reflect less tax taken out

My current rate dropped. Less will be taken from my checks, I'm an average guy.

taxes at point of sale will not go down "by Christmas" either.

They wont go down after Christmas either, sales tax is a state thing.

But do tell 'fly by responder' , when was the last time your taxes went down?

Hopefully next year if this passes.

a reply to: nwtrucker I sure hope you are right about that. I guess either way life will go on Well I am in San Diego and am going to sit on the beach. I will ttyl have a nice day