The U.S. Senate voted just before 2 a.m. ET Saturday to pass a sweeping tax overhaul worth roughly $1.4 trillion, putting the Trump White House a big step closer to its first major legislative victory – and many Americans closer to a tax cut. The bill passed 51 - 49 The bill is still not yet finalized. Saturday's vote means the Senate and House have passed similar tax reform plans, but negotiators from both chambers will have to meet and agree on a single piece of legislation that will be voted on by both chambers before it is sent to President Donald Trump for his signature. The House will vote on a motion to go to conference on the tax bills on Monday evening. The Senate is expected to vote on a similar measure soon after. Congress is scheduled to adjourn for its Christmas break on Dec. 15, but House Speaker Paul Ryan has said he will keep the House in session beyond that date if necessary to get tax reform passed. The Senate bill now goes to House/Senate negotiations to work out differences between the previously passed House bill and the Senate bill with amendments. There is high confidence that this bill will be reconciled quickly. There is a possibility that the House may accept the Senate bill with little or no changes. Once again, Zero democrats voted in favor of this bill even though it will benefit all Americans. Red state Democrat Senators up for election in 2018 should have reason to be worried. http://www.foxnews.com/politics/2017/12/02/senate-passes-major-tax-reform-package.html
Finally, after so many years of waiting - SUCCESS! Congress marched to Trump's drum on this one. Imagine what will happen in the future when the cuck RINOs get the hell out of the way of the MAGA train. And just for fun here's the headlines around the web ATM: Fox News - OVERNIGHT SUCCESS Senate passes major tax reform legislation in significant win for Trump administration CNN - Senate passes GOP tax reform bill MSNBC - Senate passes GOP tax bill along party lines WaPo - Senate passes Republican tax plan ..pretty normal right, but then you get to the circus side shows... Mother Jones - Senate Passes Sweeping Tax Bill That Overwhelmingly Benefits the Wealthiest Americans HuffPo - SEASON'S GREEDINGS: DISASTER BILL PASSES ...lol good times, good times.
The reduction of the corporate tax rate to 20% by itself is major. I would like to see that difference between the house and senate bills to take place immediately though the Senate bill delays it until 2019.
You think raising the national debt by 1 trillion to redistribute income from people earning 75k or less back to the wealthy and raising taxes on the poor "benefits all Americans" when a similar thing was tried under Bush and failed? You are living in a fantasy. Corporate taxes have actually been falling for a while and worker wages have not improved in this period and in fact have stagnated. A lot of corporation are saying that they will be using these tax cuts to reward their investors not help their workers. This tax cut is paid for by debt spending and borrowing from China and is just going to put us into more financial trouble. You want to help the American people? Give tax cuts to small businesses and the middle class not the billionaries and wall street. Make sure that tax cuts are paid for by equal spending cuts to make sure they don't raise the debt.
You are a RINO because you support a bill that raises are debt by 1 trillion and raises taxes on a significant portion of the population. I thought true fiscal Republicans opposed tax hikes and increasing debt.
The last time a Republican President took up major tax reform (or at least that's what they're calling it), it took Reagan four years to get Congress to take the matter up, and a year and a half of hearings, markups, town hall meetings, and debate to sell it. This time, a small group of Senators got in a room and slapped something together, and then started rewriting it almost immediately. None of the people who voted for it have any idea what is actually in it, as it was being amended with hand written notes in margins as late as 10 PM last night. The bill was 525 pages long by that time. Not one Senator can tell you what's in the bill they just voted on, nor can most of their senior staffers. It was pretty clear what the Senate was doing. They all know that Trump is not too bright, doesn't really care about governing, and would sign a cocktail napkin if it had tax bill written on it. So, they took advantage of that. They let K Street write their bill for them, under the close guidance of Wall Street. Donald Trump bellowed to his knuckle draggers that we were going to have beautiful tax reform. Everyone would get something, the form would be so simple, there would be fewer tax brackets (not in the Senate version), and it would be paid for by closing "loopholes" on corporate taxes to pay for the cut in the corporate rate. But in the lightening round that was the GOP tax effort, all talk of simplification vanished. Tax brackets will almost certainly remain pretty ctn was quietly forgotten. And all talk about paying for the corporate tax cuts by closing loopholes also disappeared. Actually, all talk of paying for it disappeared entirely. I predicted this years ago. I foresaw that if the GOP got a President and a Congress at the same time, their biggest priority would be running back to the borrow and spend days of Reagan and George W Bush. I knew that they were going to reward Wall Street (even the carried interest deduction is retained, another thing Trump bellowed about getting rid of), and put the entire thing on the taxpayers tab. Which is precisely what the Senate and the House just did.
I never believed that. Republicans only care about "fiscal responsibility" when the other guy is in office. Look at all the Trumpsters on this thread who yelled about the deficit or eight years under Obama. As the tax bill blows another trillion dollar hole in the national debt (assuming that everything goes right, which it never does), all talk about paying down debt magically disappeared. In my lifetime, only one US President ever ran a surplus more than one year long. That was Bill Clinton. Right wingers have recently been claiming that surplus was actually Newt Gingrich and the GOP Congress' doing. Which begs the issue of why the exact same Congress reversed course and went back to borrow and spend the minute George W Bush came along.
I wonder where all the talk about burdening our children with frivolous debt went? I swear Trump supporters are like children, who think that you can get something for nothing. Actually, that's not fair to children, because my 12 year already learned that the world doesn't work that way. Yet, all the GOP has to do is proclaim that the tax cuts will pay for themselves and the lemmings will already count the additional $300 that they will see in their paycheck next year. However, the bill WILL come due in the future. This bill will be in the form of entitlement reform based on the necessity to get the deficits under control. And guess who entitlement reform (or should we say benefit cuts) will hit hard? Not the millionaires and billionaire class, but the lower middle class of Trump supporters. They will get a benefit cut that far exceeds the measly few 100 dollars they gained with these tax cuts -- and the GOP donors laugh all the way to the bank. Citizens United has finally accomplished the goal, money rules over the people.
1) This is not the grand tax reform Republicans are praising. It's making some minor steps in the right direction. 2) It's not the "reverse Robin Hood" reform that Democratic demagogues are mocking.
Funny but that is exactly what the bill does except could you imagine the whining from democrats at spending cuts?
Exactly what the bill does? What the ****. No, this plan is the largest tax increase in US history. And 80% of the tax benefit is given to richest 1% while the low and middle class will pay more.
Small businesses are corporations. They too get the corporate tax break. Your article even admits the middle class gets a break. You are just upset that those that pay more in taxes get to keep some of it.
The bill dies not benefit all Americans because that tax overhaul includes the largest tax increase in US history on low and middle class in order to provide 80% of the benefits to the wealthiest 1%. Why do you think this bill benefits all Americans?
Democrats are always calling for tax increases. You would think they would vote for the bill if it had tax increases in them. But of course, it's a tax cut, and of course, democrats are against tax cuts. So, they are voting against it.
Jesus, what a troll post. No, democrats do not always want a tax increase. We want a tax increase when it accomplishes a worthwhile goal. Increasing taxes on a majority of Americans simply so the wealthiest can keep 80% of the benefits is not a worthwhile goal.
One person one the left says it's not a tax cut, it's a tax increase on the poor. The other says it's a giveaway which will cost the taxpayers $1 trillion dollars. Which is it? Sure, we all know it is a tax cut, because every democrat is against it. They love taking your money. And it is your money, whether you are poor, middle class or rich. It doesn't belong to the government. So yeah, you will see a certain reduction in revenues in the first year or two, followed by such great economic growth, that revenues will go up, while wages and jobs increase. That's how it really works, "trickle down" economics (Supply Side economics) actually work. Of course, there should be some reforms in entitlements. They are way out of control as well as government pay and pension programs. Sorry, but we need to cut back on the outrageous promises made by politicians to their democratic base of welfare recipients and overpaid unionized government workers. Privatize social security and end government pension programs.
The entire left-wing media empire is pushing the "largest increase" spin. Try any of them and read the gross assumptions and outright fabrications they are using to try and sell that headline.
I've never seen a tax increase democrats didn't like, or a tax decrease they didn't oppose. Recently here in Occupied California, the State of California one party ruled politicians raised our gas taxes by 12 cents, and scheduled another raise of 17 cents in two years. Taxes on one gallon of gas will be nearly 50 cents a gallon. Add to that a sales tax of 10% and also an increase in vehicle registration fees. So who gets hurt the worst by those taxes? The rich or the poor? Of course the poor. Democrats taxing the poor. The rich don't mind 12 cents a gallon, but for the working stiff, that could mean hundreds of dollars every year.
gee, I recall the outrage on the right about shoving legislation down the throats of americans. Seems when the right does it, its perfectly acceptable. I recall the outrage on the right about the national debt and the on going deficit. Seems when the right increases the debt by giving tax cuts to corporations and rich people, its perfectly acceptable. Shoving debt increases down the throats of americans - Republican governance. I guess conservative consider their bad to be better than liberal's bad.
Yeah, I know. Perhaps one day when his tax burden is lowered, @MrTLegal will realize he's been lied to. Or perhaps he knows, and he's one of the beneficiaries of government largess and corruption and couldn't care less.
Yeah, HERE'S A TAX CUT, TAKE THAT! Well we do, we get offended when a major tax increase like Obamacare is shoved down our throats. But I have to agree with you, the deficit and the national debt might go up. Let's work on cutting government spending and reforming entitlements too. Governments should not spend more than they take in.
