Saturday, December 2, 2017
THIS JUST IN - CONGRESS ACTUALLY DID SOMETHING!
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.