To
quote a frequent exclamation of the recently passed Jim Nabors’ popular tv
character Gomer Pyle – SURPRISE! SURPRISE! SURPRISE! The Republicans were actually able to finally
pass a bill in both the House and the Senate, despite the handicap of having
arrogant idiot Donald T Rump in the White House!
Early this morning the
Senate approved its version of the Tax Cuts and Jobs Act by a vote of 51 to 49.
No Democrats voted for the bill and one Republican, Robert Corker, voted
against the bill because it would increase the deficit.
While
I do not oppose the passage of this bill, Trump’s early morning tweet - “We are one step closer to delivering MASSIVE
tax cuts for working families across America” – is not true. The tax cuts for working families and the
middle class is certainly not MASSIVE.
And let’s be perfectly clear. Self-absorbed Trump truly gets a MASSIVE
tax cut in this bill.
A
multitude of amendments were added to the original version to win the votes of
dissenting Republicans. A deduction for
real estate taxes, up to $10,000, was added, mirroring the House version. Unfortunately, one of the amendments keeps,
but adjusts, the dreaded Alternative Minimum Tax (AMT) for individuals – one of
the best components of the original bill.
The House version totally repeals the AMT. I hope we see the death of the AMT in the
final legislation.
I
will report on the provisions of the bill that passed, and its differences with
the House bill, once analyses have been published.
I
look forward to seeing the what the conference committee will come up in the next
few weeks.
TTFN
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