In case you thought the Republican tax plan couldn’t get any worse:
Republicans Explain Why They Want Permanent Tax Cuts For Corporations But Not People
Republicans say their tax reform bill will benefit middle-class families. But the new version of their legislation in the Senate actually lets almost all of the individual income tax cuts expire in 2025.
Meanwhile, the heart of the plan ― a reduction in the top corporate tax rate from 35 percent to 20 percent ― would still be permanent in the Senate bill.
The last-minute change, unveiled by Senate Finance Committee Chairman Orrin Hatch (R-Utah) Tuesday night, was made to comply with Senate rules that forbid certain legislation from adding to the federal budget deficit after 10 years. Those rules, dictated by a process known as reconciliation, would allow Republicans to pass their bill with a simple majority instead of with 60 votes.
In short, Republicans were forced to alter the bill in order to more easily pass their tax cuts. In doing so, however, they weakened the talking point that the plan would primarily benefit the middle class.
Democrats were quick to cite the change as evidence of a double standard.
“Nothing highlights what this plan is truly all about more than the fact that its tax cuts for massive corporations are permanent, while the middle class gets crumbs that last only a few years," Sen. Patty Murray (D-Wash.) said in a statement.
Trump and his family alone are going to benefit from this bill by about $1 billion, the people who are actually now running the republican party like the Koch brothers even more.
Sure most Americans are getting screwed, this is the end game of a plan that has been going on for very long in the country.
Medicade, Medicare and Social Security are going to disappear in the coming years and anything else that doesn’t directly benefit the rich.
I usually don’t follow the political horse race, so I admit I’m unfamiliar with this part of the process. There is now a house bill and a senate bill. My feeling is, the senate is more powerful and will use that power to coerce the house. Is there much precedent for this reconciliation process to fail?