Drudge Retort: The Other Side of the News
Tuesday, December 05, 2017

On Friday, Senate Republicans rewrote the American tax code over lunch -- and passed their (partially handwritten) legislation around 2 a.m. the following morning. ... While Republicans were manically outlining their plans to take from the poor to give to the Trumps, they also, accidentally, nullified all of their corporate donors' favorite deductions. ... The Senate bill brings the normal corporate rate down to 20 percent -- while leaving the alternative minimum rate at ... 20 percent. The legislation would still allow corporations to claim a wide variety of tax credits and deductions -- it just renders all them completely worthless. Companies can either take no deductions, and pay a 20 percent rate -- or take lots of deductions ... and pay a 20 percent rate.

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McConnell's mistake has two big implications. First and foremost, it means the Senate will almost certainly have to vote on a tax bill again before one goes into law. Previously, it looked as though Paul Ryan had enough votes in the House to pass the Senate bill as is.

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Yep, in their haste to lay waste McConnell and his cribbing crew missed a cypher. Wonder if there's more to come even beyond this screw up?

Thank God the GOP is as inept as they are feckless and sadistic. There was no need to rush hasty legislation but for their own greed and insincerity. And it might bite them in the ass again... hopefully.

#1 | Posted by tonyroma at 2017-12-05 10:12 PM | Reply | Newsworthy 3

I suppose this is an opportunity to play the Trump Presidential Theme Song (tm)
www.youtube.com

#2 | Posted by truthhurts at 2017-12-05 10:50 PM | Reply

If you have spent any time on Capitol Hill, you quickly realize that there is no such thing as an accident when it comes to legislation.

They may be calling it an accident to calm their donors, but if this survives reconciliation it was entirely intentional.

#3 | Posted by Rightocenter at 2017-12-05 11:03 PM | Reply | Funny: 3

Yeah, right. The GOP COULD'T be that incompetent. Your act is really, really stale... you must know that.

Right? C'mon, tell us you know that. You remind me of McConnell and Ryan pretending to upset by Trump and Moore, when really they could't care less as long as corps get a huge permanent tax break paid for... wait, not paid for at all... put on the US taxpayer's credit card.

#4 | Posted by Corky at 2017-12-05 11:47 PM | Reply | Newsworthy 1

Please regale us Corky with your extensive knowledge of how the sausage is made...or put down the bong long enough to do something other than flag posts.

#5 | Posted by Rightocenter at 2017-12-06 12:01 AM | Reply

"if this survives reconciliation it was entirely intentional."

And if it doesn't, that proves it was an accident.

#6 | Posted by Danforth at 2017-12-06 12:05 AM | Reply

#5

Lawyers Without Arguments.... you must be Pres of that not so distinguished group by now.

Smart of you not to deny what was said, though. Everyone would know better than that.

#7 | Posted by Corky at 2017-12-06 12:49 AM | Reply | Newsworthy 2

This just shows how corrupt and incompetent the Senate GOP is.

They can't get their tax scam passed under regular Senate rules, so in their craven desire to crap all over the middle class to prove their fealty to the .1% they ---- up. Bigly.

This is what happens when you take a crappy bill and start making promises left and right to get a piece of ---- bill passed. They'll get it fixed. Their need to reward their donors at the expense of starting the next big recession is irrational and demanding.

#8 | Posted by 726 at 2017-12-06 07:12 AM | Reply | Newsworthy 1

"If you have spent any time on Capitol Hill, you quickly realize that there is no such thing as an accident when it comes to legislation."

Baloney. They f****d up and it is clear for everyone to see.

#9 | Posted by danni at 2017-12-06 08:25 AM | Reply | Newsworthy 2

#5 | Posted by Rightocenter
Corky gets it. The Republicans, in their haste to get a bill out, have stepped on their collective dxxxs once again. I am glad I thought to lay in a supply of snacks to watch this clusterfxxx going down!

#10 | Posted by john47 at 2017-12-06 09:22 AM | Reply

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I wonder what effect this would have on taxes if it happened...Since the effective tax rate I believe is under 20%.

#11 | Posted by Sycophant at 2017-12-06 11:17 AM | Reply

The whole time this was happening, I was thinking:

1. Corporations aren't really paying taxes and all of the news articles do mention that point.
2. People don't pay the Estate tax and that is widely reported too.

Therefore, this is simply taking away healthcare and increasing taxes on the lower 95% or so.

Of course, I defer to Danforth on these matters. This is my layman interpretation of the news.

#12 | Posted by BruceBanner at 2017-12-06 11:49 AM | Reply

I am sure that is not the only thing they "accidentally" did with this piece of crap legislation.

#13 | Posted by donnerboy at 2017-12-06 03:15 PM | Reply

Yep, in their haste to lay waste McConnell and his cribbing crew missed a cypher. Wonder if there's more to come even beyond this screw up?

Of course there are more problems, and no one actually knows exactly what's in this monstrosity even yet!

Politico reports today that the Republicans' tax plan is "riddled with bugs, loopholes and other potential problems that could plague lawmakers long after their legislation is signed into law."

Some of the provisions could be easily gamed, tax lawyers say. Their plans to cut taxes on "pass-through" businesses in particular could open broad avenues for tax avoidance.

Others would have unintended results, like a last-minute decision by the Senate to keep the alternative minimum tax, which was designed to make sure wealthy people and corporations don't escape taxes altogether. For many businesses, that would nullify the value of a hugely popular break for research and development expenses.

Some provisions are so vaguely written they leave experts scratching their heads.... In many cases, Republicans are giving taxpayers little time to adjust to sometimes major changes in policy. An entirely new international tax regime, one experts are still trying to parse, would go into effect Jan. 1, only days after lawmakers hope to push the plan through Congress.

Greg Jenner, a former top tax official in George W. Bush's Treasury Department, told Politico, "The more you read, the more you go, 'Holy crap, what's this?'"

www.msnbc.com

Remember, this is a once-in-a-generational change to the US Tax Code, and the Rpublicans rushed passage under reconciliation rules in the middle of the night without allowing any Senator a reasonable chance to read the contents of the bill, pocked with illegible handwritten changes in the margins. Absolutely disgusting.

#14 | Posted by tonyroma at 2017-12-06 03:34 PM | Reply | Newsworthy 3

the Rpublicans rushed passage under reconciliation rules in the middle of the night without allowing any Senator a reasonable chance to read the contents of the bill

Getting a vote on the Senate version has nothing to do with reconciliation, but you knew that, right?

BTW, news reports are coming out that the ATM "revision" was a last minute add to avoid pressure from certain business lobbyists, and as you can see from the Coal Company thread it is causing some freak outs on the corporate side.

As Danforth correctly notes, let's see what happens when the bills are reconciled.

The DRama here is typical and humorous, by all means keep the flapping circles going until you cry yourselves out.

#15 | Posted by Rightocenter at 2017-12-06 03:44 PM | Reply

Getting a vote on the Senate version has nothing to do with reconciliation, but you knew that, right?

Excuse me? Just how did the Senate bill pass with 51 votes and no Democratic opportunity to filibuster?

I stand by the fact that it was passed under reconciliation rules. You did know that, right?

#16 | Posted by tonyroma at 2017-12-06 03:50 PM | Reply

As Danforth correctly notes, let's see what happens when the bills are reconciled.

It's doubtful that any conferenced bill will get 50 votes especially since Ryan has no plans to honor McConnell's promise to Susan Collins and the House conservatives will not accept any ATM. On top of that, if Roy Moore should lose next Tuesday, all bets are really off.

#17 | Posted by tonyroma at 2017-12-06 03:54 PM | Reply

"Getting a vote on the Senate version has nothing to do with reconciliation, but you knew that, right?"

If there are enough votes in the House to pass the Senate bill, there is no reconciliation, but you knew that, right?

#18 | Posted by Danforth at 2017-12-06 05:38 PM | Reply | Newsworthy 1

I stand by the fact that it was passed under reconciliation rules.

You meant budget reconciliation, sorry for my misunderstanding.

If there are enough votes in the House to pass the Senate bill, there is no reconciliation, but you knew that, right?

I did, and there won't be enough votes.

#19 | Posted by Rightocenter at 2017-12-06 05:52 PM | Reply

""The more you read, the more you go, 'Holy crap, what's this?'"

I'm doing that hourly.

I also read the AMT keep wasn't a mistake, it was how they paid for the lower rates on the pass-thrus, to meet the demans of Johnson and Daines. Not sure about Daines, but Johnson will profit personally from the change.

The mistake may now force reconciliation. Maybe there's still hope common sense prevails.

#20 | Posted by Danforth at 2017-12-06 06:08 PM | Reply

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