Jump to content
  • Sign Up
Cinnamon

Senate Passes "Sweeping" Tax Bill Which Nobody Read: Here's What's In It (merged)

Recommended Posts

US senators have passed a sweeping tax cuts bill, striking a key political victory for President Donald Trump's administration.

The final vote came after Republican holdouts gave their support for the bill following series of amendments.

The bill, the biggest US tax overhaul since the 1980s, was passed despite a Senate committee finding it would add $1tn (£742bn) to the budget deficit.

President Trump wants the measures enacted by the end of the year.

The Senate must now merge its legislation with that passed last month by the House of Representatives.

The reconciled bill will then be sent to the president's desk for his signature to be enacted into law.

Democrats complained that the bill would benefit only the wealthy and big business, as well as adding to the US deficit. However, they were unable to muster enough votes to stop it. Senate Republicans have a 52-48 majority.

<snip>

http://www.bbc.com/news/world-us-canada-42205181

  • Like 2

Share this post


Link to post
Share on other sites
2 hours ago, LuckyBolt said:

Let the hiring begin.

Hopefully not just a bunch of robots...

Aren't we all just a bunch of robots? 

Share this post


Link to post
Share on other sites

Here ya go:

<snip>

Amid the republican jubilation over the passage of a bill which is heavily weighted to benefit corporations and pass-throughs, and will encourage all self-employed businesses to become LLCs, there was juist one problem: nobody actually read the 479-page bill.

As Montana Senator Jon Tester wrote late on Friday:

I was just handed a 479-page tax bill a few hours before the vote. One page literally has hand scribbled policy changes on it that can’t be read. This is Washington, D.C. at its worst. Montanans deserve so much better. pic.twitter.com/q6lTpXoXS0

— Senator Jon Tester (@SenatorTester) December 2, 2017

enate Republicans are so desperate for a win they are going to pass a tax increase on New York with handwritten changes to the bill. pic.twitter.com/pT2Xvubiy2

— Andrew Cuomo (@NYGovCuomo) December 2, 2017

Also while we have yet to get confirmation, below is a list of last minute changes and revisions that made it into the final bill per Reuters:

PASS-THROUGHS: Senators Ron Johnson and Steve Daines announced their support for the tax bill after securing agreement on a bigger tax break for the owners of pass-through enterprises, including small businesses, S-corporations, partnerships and sole-proprietorships. An original 17.4 percent deduction would rise to 23 percent.

FULL EXPENSING: Senator Jeff Flake, who was a holdout over deficit concerns, agreed to vote "yes" after Republican leaders agreed to change a provision allowing the full expensing of business capital investments to sunset after five years. Flake worried that Congress would be unable to eliminate the benefit cold turkey, allowing it to bleed red ink for years to come. But the Arizona Republican says the change would instead phase out full expensing over three years beginning in year six.

RETIREMENT SAVINGS: Senator Susan Collins said she persuaded Republican leaders to retain catch-up contributions to retirement accounts for church, charity, school and public employees.

MEDICAL EXPENSES: Collins also said she was able to include language to reduce the threshold for deducting unreimbursed medical expenses for two years to 7.5 percent of household income from 10 percent.

STATE AND LOCAL PROPERTY TAXES: Collins has proposed an amendment that would retain a federal deduction for up to $10,000 in state and local property taxes.

INDIVIDUAL ALTERNATIVE MINIMUM TAX: Rescinding a proposed repeal of the AMT and instead increase exemption levels and phase-out thresholds is also on the table.

CORPORATE ALTERNATIVE MINIMUM TAX: So is rescinding a proposed repeal of the corporate AMT.

REPATRIATION: Another change could be to increase tax rates on U.S. corporate profits held overseas to 14 percent for liquid assets and 7 percent for illiquid holdings, up from 10 percent and 5 percent, respectively

http://www.zerohedge.com/news/2017-12-02/major-victory-trump-senate-passes-tax-cut-bill-which-nobody-read-heres-whats-it

Here is the full 479 pages:

http://www.zerohedge.com/news/2017-12-01/gop-releases-all-479-pages-tax-reform-bill-vote-rama-begins

 

Edited by God Man

Share this post


Link to post
Share on other sites
4 hours ago, Kadosh said:

Aren't we all just a bunch of robots? 

Robots that need food and shelter and comfort in order to thrive.

Share this post


Link to post
Share on other sites

The term is hive mind and that mentality I oftentimes criticize fore the one person one task for the rest of their lives programming they seem to impose on us more and more is completely INCOMPATIBLE with our mammalian central nervous system. Its ALWAYS  doomed to fail has ALWAYS failed people are not bugs we are individuals with differentiation of ideas even among narrow reality tunnels different skill sets in our RNA from our ancestors think wolves or elephants in genetic memory paused down in humans is not direct and for some it is others it is dormant and even some due to diversity of breeding it's mixed skill sets and specific neurological circuit RNA  records brain  circuit pathway while DNA records physical mitochondrial changes. Point being.

Share this post


Link to post
Share on other sites

There should be a law that every bill that is passed has to be read by the one voting on it. And if their "laws" are too voluminous... make it simple and short instead of something only a lawyer can comprehend. 

Isn't there something traitorous about voting on something you have not even read? Is that what they're there for? 

Share this post


Link to post
Share on other sites

they really like to gamble with our futures

 

to pass any bill with without reading it should be treason ... but a law like that would only exsist if the ones in charge gave a f about the people

Share this post


Link to post
Share on other sites

Your content will need to be approved by a moderator

Guest
You are commenting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.