Drudge Retort: The Other Side of the News
Monday, November 27, 2017

The Republican tax bill hurtling through Congress is increasingly tilting the United States tax code to benefit wealthy Americans, as party leaders race to shore up wavering lawmakers who are requesting more help for high-earning business owners.

On Monday, as Republican lawmakers returned to Washington determined to quickly pass their tax overhaul, senators were in feverish talks to resolve concerns that could bedevil the bill's passage. With pressure increasing on Republicans to produce a legislative victory, lawmakers are contemplating changes that would exacerbate the tax bill's divide between the rich and the middle class.

Advertisement

Advertisement

More

Alternate links: Google News | Twitter

Those include efforts to further reward certain high-income business owners who are already receiving a tax break in the Senate bill but who are at the center of a concerted push by conservative lawmakers and trade groups to sweeten those benefits.

As Republican leaders pressed for a Senate floor vote this week, there appeared to be little momentum for amendments that would help low-income Americans, which some Republican and many Democratic senators had sought. By 2027, the budget office said, Americans earning $75,000 a year and below would, as a group, see their taxes increase, because individual tax cuts are set to expire at the end of 2025.

At the heart of the debate is whether to more favorably treat small businesses and other so-called pass-through entities -- businesses whose profits are distributed to their owners and taxed at rates for individuals. Seventy percent of pass-through income flows to the top 1 percent of American earners, according to research by Owen Zidar, an economist at the University of Chicago's Booth School of Business.

Comments

Admin's note: Participants in this discussion must follow the site's moderation policy. Profanity will be filtered. Abusive conduct is not allowed.


... With pressure increasing on Republicans to produce a legislative victory ...

That's the crux of the impetus for the tax bill.

Pass a bill, something, anything. Just so long as a bill is passed and signed by Pres Trump.

And Pres Trump doesn't care about the content of the bill either. He needs a piece of legislation to show that he can indeed work with Congress to pass laws.

Meanwhile, the poor and middle-class (many of whom voted for Pres Trump) will be paying more in taxes, so that the wealthy and corporations can have their taxes lowered.

All for a legislative victory.

#1 | Posted by LampLighter at 2017-11-27 10:26 PM | Reply

"Meanwhile, the poor and middle-class (many of whom voted for Pres Trump) will be paying more in taxes, so that the wealthy and corporations can have their taxes lowered."

They're eliminating deductions for medical expenses, moving expenses, alimony, schooling, and paying off schooling. They're eliminating worker's deductions for Union dues, having to travel for work, licensing, uniforms, education in your field, cell use for business, etc.

They're eliminating the tax break for hiring the disabled.

All so they can eliminate the Estate Tax, the majority of which is paid on estates worth over $50 million.

#2 | Posted by Danforth at 2017-11-27 10:34 PM | Reply


The Biggest Tax Scam in History
www.nytimes.com

...Donald Trump likes to declare that every good thing that happens while he's in office -- job growth, rising stock prices, whatever -- is the biggest, greatest, best ever. Then the fact-checkers weigh in and quickly determine that the claim is false.

But what's happening in the Senate right now really does deserve Trumpian superlatives. The bill Republican leaders are trying to ram through this week without hearings, without time for even a basic analysis of its likely economic impact, is the biggest tax scam in history. It's such a big scam that it's not even clear who's being scammed -- middle-class taxpayers, people who care about budget deficits, or both.

One thing is clear, however: One way or another, the bill would hurt most Americans. The only big winners would be the wealthy -- especially those who mainly collect income from their assets rather than working for a living...


#3 | Posted by LampLighter at 2017-11-27 10:43 PM | Reply


Funny how we're not hearing Republicans talking about the budget deficit's debt burden we are leaving to our grandchildren to pay....

But they're gonna pass a bill.

#4 | Posted by LampLighter at 2017-11-27 10:46 PM | Reply | Newsworthy 1

Where's all the DR Republicans to defend this bill?

All our local morons gone mute?

#5 | Posted by ClownShack at 2017-11-27 11:17 PM | Reply

"Funny how we're not hearing Republicans talking about the budget deficit's debt burden"

Oh, I'm sure Ted Cruz will come out any minute now, demanding offsets.

Ted?

Ted???

#6 | Posted by Danforth at 2017-11-27 11:30 PM | Reply

Ted Cruz was neutered by Trump during the primaries.

I doubt we'll hear from that dumfu until we get our next democratic president.

#7 | Posted by ClownShack at 2017-11-27 11:34 PM | Reply


Sen Mitch McConnell, March 15, 2010, in what looks like a prescient comment on the Senate's tax bill process...

They're pulling out all the stops. They're doing everything they can to jam this thing through. And they don't seem to care anymore how ugly it all looks.

#8 | Posted by LampLighter at 2017-11-28 11:31 AM | Reply

www.reuters.com

The Senate bill would...exempt () future foreign profits from U.S. taxation.

#9 | Posted by BruceBanner at 2017-11-29 08:25 AM | Reply

The Senate bill would...exempt () future foreign profits from U.S. taxation.

Well. That should help the Middle class and poor.

Republicans are killing America.

#10 | Posted by ClownShack at 2017-11-29 11:20 AM | Reply

Comments are closed for this entry.

Home | Breaking News | Comments | User Blogs | Stats | Back Page | RSS Feed | RSS Spec | DMCA Compliance | Privacy | Copyright 2018 World Readable

Drudge Retort