Saturday, December 2, 2017


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.


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