GOP Tax Plan Thread


(Matt Kiser) #1

Overview:

The House will vote on tax reform today. The Senate will vote either later today or tomorrow. Party-line votes are expected in both chambers and passage appears certain of the biggest overhaul of the tax system in more than 30 years. The bill would add $1.5 trillion to the federal debt over the next decade and deepen the income gap between rich and poor. The legislation also repeals the Affordable Care Act’s individual mandate that most Americans buy health insurance coverage or face a federal fine. Paul Ryan said the bill “is about expanding opportunities for people who are striving to make the most of their lives.”


Live: House Vote on the Tax Bill


Tax Bill Calculators: Will Your Taxes Go Up or Down?


What’s in the final Republican tax bill


(Ashley ) #2

Recommended Twitter follow(s) for following the Tax Plan chaos: Seth Hanlon, Senior Fellow at the Center for American Progress


(Matt Kiser) #3

The House passed the $1.5 trillion GOP tax bill that cuts tax rates for corporations, provides new breaks for private businesses, and reorganizes the individual tax code. The Senate is expected to pass the Tax Cuts And Jobs Act as soon as Tuesday night, which Trump could sign into law before the end of the week. Lawmakers voted 227-203.


(Ashley ) #4

12 Republican Reps voted NO on the tax plan:

  1. Donovan (NY)
  2. Faso (NY)
  3. Frelinghuysen (NY)
  4. Issa (CA)
  5. Jones (NC)
  6. King (NY)
  7. Lance (PA)
  8. LoBiondo (NJ)
  9. Rohrabacher (CA)
  10. Smith (NJ)
  11. Stefanik (NY)
  12. Zeldin (NY)

Given the trend (majority high tax/blue states) – likely were a “no” over State & Local Taxes (SALT).


(Ashley ) #5

Ouch.

Several provisions in the GOP’s sweeping tax bill violate the Senate’s procedural rules and will likely need to be removed, according to Senate aides.

The House is expected to re-vote on the legislation Wednesday, after the Senate votes Tuesday night.


(Ashley ) #6

Something seems weird to be here, IMO…

  • What the heck is going on with Wells Fargo?
  • Legislation that the POTUS hasn’t even signed yet usually does not have this sort of impact, this quickly.

Timeline

Yesterday - 12/19:

  • Wells Fargo tells CNN Money the plan to use the tax cuts to give their shareholders a higher dividend (i.e. NOT investing in their employees)
  • Senate GOP passes the updated verison of their tax scam bill in the dead of night (WSJ)

Today - 12/20:

  • 10:00am: GOP Tax Scam passes, after the House votes on the Senate’s final bill (AP)
  • 10:00am: Boeing announces $300 Million in employee-related and charitable investments (Boeing)
  • 2:15pm: AT&T announces they are giving $1,000 bonuses to 200,000 U.S. employees and will increase U.S. capital spending by $1 billion (CNBC)
  • 4:00pm: Fifth Third Bancorp announces plan to raise its minimum hourly wage for all employees to $15, and distribute a one-time bonus of $1,000 for more than 13,500 employees (CNBC)
  • 4:35pm: Wells Fargo announces plan to raise its hourly pay rate to $15 & will aim for $400M in philanthropic donations next year (CNBC)
  • 5:40pm: Comcast to give $1,000 bonuses to more than 100K “eligible frontline and non-executive employees” & invest $50 billion over the next five years in infrastructure (CNBC)

(Ashley ) #7

This tax plan/PR sham has become even more sinister. It seems to be a trend…so many companies have come out now saying “omg - bonuses!” but at the same time, there’s tons of caveats and often layoffs.

Walmart has to be the most diabolical though.

Thread from ThinkProgress’ Judd Legum: here


(Ashley ) #8

Gives a whole new meaning to ”let them eat cake!”


(Ashley ) #9

sigh :pensive:

It continues…bonuses that were attributed to the tax cuts are now being used as bargaining chips in union negotiations.