New GOP Label: GOP = "Grinches Over People" 2017 Tax "Reform" Ready to Pass

*Tax Bill Added to the Long List of Lousy Changes

[/s/ Grinches Я Us]

Final 2017 GOP-only Tax Bill Highlights from the AP and Bloomberg – the bill ready to pass and become law by Christmas GOP Santa Claws:

WASHINGTON (AP) — Their long-sought political goal within grasp, Republicans in Congress are set to catapult sweeping $1.5 trillion tax legislation through the House, rolling over a dozen GOP defectors from high-tax states. 

The Republicans' final drive to deliver the tax package to an eager President Donald Trump begins Tuesday with a vote in the House. Quickly following, a vote later in the day or on Wednesday in the Senate is expected to seal the deal. Both tallies likely will cling along party lines. 

Republican leaders cement the needed support for the legislation, securing endorsements from wavering GOP senators Marco Rubio of Florida and Bob Corker of Tennessee, and Susan Collins of Maine and Mike Lee of Utah. All came into the fold.

(I Note: I now refer to them as turncoats for the sake are argument). 

Now the biggest reshaping of the U.S. tax code in three decades is on a clear path to passage and a presidential signing into law.

Key Parts – the some good, a lot of bad, and definitely plenty of ugly (my emphasis added):

It permanently slashes the tax rate for corporations from 35 percent to 21 percent.

It reduces levies on the wealthiest Americans.

It gives only modest tax reductions for most others taxpayers.

Tax cuts for individuals are temporary vs the Corporations being permanent and will expire in 2026.

It doubles the standard deduction (for about two-thirds of households) to $24,000 for married couples (that also ends in eight years).

It doubles the current $1,000-per-child tax credit to $2,000 – with up to $1,400 available in IRS refunds for families who owe little or no taxes (not for those families here illegally BTW).

Those who now itemize will lose some deductions.

It slowly and dramatically kills a major part of the ACA (Obama-care) by repealing the requirement for all Americans to have health insurance or face a penalty (this is roundabout major step for the GOP to continue to unravel the law that it failed to repeal and replace this past summer and indeed the past 7 years and many millions will be greatly impacted more that ever).

It is expected to add $1.46 trillion to the already $20 trillion debt over a 10-year period 

(Note: GOPers say they expect future Congresses to continue the tax cuts so they won't expire and thus continuing to drive up deficits even further).

The bill would bring average initial tax cuts for Americans across all income lines.

But by 2027, it boosts average levies for everyone earning up to $75,000 (the majority of taxpayers) says the CBO – the nonpartisan tax analyst for Congress.

The Congressional Joint Committee on Taxation calculated that in 2019, people earning $20,000 to $50,000 would see tax cuts averaging 10 percent or more.

But, those making $200,000 to $1 million would see reductions averaging slightly less.

But by 2023, people making under $30,000 would see tax increases, while those earning more would see their tax cuts get smaller.

And a separate new study by the Tax Policy Center, a private nonpartisan group, found that individual taxes would be reduced on average next year by $1,600. But that ranged on average from $60 for people earning below $25,000 to $7,640 for those making above $149,000. Those in the top 1 percent, earning over $733,000, would see average tax cuts of $51,140.

GOP response to the impact numbers is simple, trite and typical GOP BS: “That's just cherry-picking the numbers. Enthusiasm is growing for the tax bill and changes it will bring. People are excited about a stronger economy and bigger paychecks.” 

(I note: What if not happen; then what: A simple GOP oops won’t work).

Noteworthy: Republicans from high-tax states like New York, New Jersey, and California that most GOPers hate as too blue, receded into the background as the tax train rolled over and quashed them and their concerns. Twelve GOPers in the House voted against the House tax bill and are lining up again now for the final.

They were protesting its new $10,000 cap on the deduction that millions use in connection with state and local income, property and sales taxes (the so-called “SALT” provision – the cap that remains in the final bill).

(I note: They can’t win election in those states overall, so what now rob them blind and hurt them in their wallets for being what successful? 

– One example that apparently does not matter: Rep. Peter King (R-NY) said people in his Long Island district were telling him “There is nothing good in the bill for them and it’s very unpopular.”

So, passage is almost assured even w/o McCain (sick back in AZ) with their razor-thin 52-48 (now w/o McCain 51-48), but they can still muster the simple majority of the 99 senators present and pass it 51-48, and with VP Pence in the wings just in case to break any last minute tie vote.

My B/L: The worse possible bill in history sold as something for all - what a crock.

The GOP wants this bill badly for themselves, their high rollers, fat PAC checks for 2018, and for big breaks for very top rich like Trump, Mnuchin, Ross, DeVos, and other multi-millionaires in the Trump cabinet and scattered around in Congress (lots of millionaires in the House and Senate).

They say they are helping the middle and needy – they are not when they do it’s only short term while the top giants get break forever.

This bill is truly “The Art of the Con” and greatest lie of this century – or as Trump would say: “The greatest lie ever…!!!”

Ho, ho, ho – Happy New Year: 

The new GOP for sure: Grinches Over People