President Trump on Wednesday celebrated Congress’ final passage of the GOP tax cut bill with a White House event, saying the political maneuvering to win historic tax cuts was “a lot of fun.”
“It is always a lot of fun when you win,” Mr. Trump said at the outdoor event, surrounded by most of the House and Senate Republicans.
“It’s the largest tax cut in the history of our country, and reform, but the tax cut — really something special,” said the president.’
In a jubilant mood, Mr. Trump cracked jokes and called out a handful of lawmakers who were key players in the tax cut effort.
He singled out Rep. Steve Scalise, Louisiana Republican, who is still receiving for a bad gunshot wound suffered when the House GOP baseball team was attacked at a practice in June.
“He had a rougher year than most of us. That’s a hell of a way to lose weight, Steve,” said Mr. Trump, waving to the lawmaker.
Mr. Scalise’s laughter could be heard louder than any others.
The president also touted the legislation for repealing Obamacare’s individual mandate and opening Alaska’s Arctic National Wildlife Reserve (ANWR) to oil drilling.
Mr. Trump then called up a parade of GOP lawmakers to speak at the White House South Portico.
“I want them to come up and have the glamour and the glory,” he said.
House Speaker Paul D. Ryan, who has worked on tax reform for his entire political career, said Mr. Trump deserved the lion’s share of the credit.
“Something this big, something this generational, something this profound could not have been done without exquisite presidential leadership,” said the Wisconsin Republican. “Thank you Mr. president for getting us over the finish line.”
Senate Finance Committee Chairman Orrin Hatch, Utah Republican, also praised Mr. Trump.
“You’re one heck of a leader. This bill could not have passed without you,” he said. “Look at all the things that he’s been able to get done, by sheer will in many ways.”
Saying he came from humble beginnings, Mr. Hatch said, “This is one of the great privileges of my life.”
Sen. Tim Scott, South Carolina Republican, whom Mr. Trump called “a friend of mine, a very, very special man,” said the plan will help distressed communities.
“This tax reform plan delivers for the average single mother a 70-percent tax cut,” Mr. Scott said.
“Merry Christmas, America,” said Vice President Mike Pence. “This will be remembered as a pivotal moment in the life of our nation. We made history today.”
EU cucks are furious about this tax bill because it actually incentivizes US companies to keep their money in the US. EAT SHIT GLOBALISTS!
Trump has practically guaranteed his reelection: he’s fulfilled two major campaign promises, rewarded his supporters with a tax cut plus ending Obamacare’s tax penalty, and- most importantly- he’s reduced the tax burden of citizens in practically every swing state. Not only that, but he’s actively punishing states and cities that would never vote for him in the first place. California and New York are going to get fucking hammered. Big cities where 90% of blacks squat are going to get hit doubly so. Liberals are going to have to choose between keeping state and local taxes sky high (a losing proposition) or cutting gibs for minorities and illegals (also a massive loss). There’s also the long term long term demographic changes to look at. Tax cuts for Trump’s base means more white babies in states Trump solidly wins. Citizens fleeing liberal state and cities means more people in Trump states and fewer in ones he’ll never win. Blacks will stop voting if they can’t get gibs, and some hispanics will stop coming or even go back if they can’t benefit from American welfare. They may even have 1 or 2 fewer anchor babies. All this adds up to is a decisive electoral shift following the 2020 and 2030 censuses as red states get bigger at the expense of their blue neighbors, plus a white baby boom.
Breaks global rules.
That’s a deep pipe dream. You must have forgotten how unpopular the GOP tax bill is.
The left and the media has done a wonderful job of telling lies about the tax plan.
See your an avid follower of CNN and their propaganda.
I know that their are a lot of people like you talking it down. Of course the biggest negative selling point is that in 2027 EVERYONE WILL BE HIT WITH A TAX INCREASE !!! Yes… this tax bill is only temporary. It will, like so much other legislation, sunset… But then again, Iran will have nuclear weapons in ten years on the back of the Iran nuclear deal… I don’t here that being touted by people who support the sunsetting piece of tripe.
So I’ve been trying to figure out how I really feel about the new Republican tax plan.
Which is difficult, because, of course, like nearly all the politicians who actually voted for or against it, I haven’t actually read it.
I can only go off media reports, and media reports are inevitably filtered through partisan lenses.
And, of course, the Repubican majority did take the opportunity to jam in at least two provisions that I find utterly, thoroughly objectionable – getting rid of the mandate in Obamacare, and opening up ANWR for drilling. Either of these things are grievous and despicable moves that will have long lasting negative implications for everyone except the wealthy few who are in a position to exploit them.
And from what I’ve heard and tried to comprehend, that phrase – ‘long lasting negative implications for everyone except the wealthy few who are in a position to exploit them’ – is pretty emblematic of the entire ‘tax plan’.
Doubling the standard deduction and increasing the child tax credit are good things for the poor and middle class. At least, they are if you don’t itemize. I’ve been itemizing for the last three years to get home office credits to offset the slight amount my writing makes for me (not enough to really improve my family’s standard of living much, but definitely enough to complicate my tax situation), so I’m not sure it’s going to help me much, but I’ll sure take a look at it. My youngest daughter is 17, and this is the year that my wife’s first husband gets to claim her on his taxes, so the child tax credit won’t help us, either. But these things probably will help others, and that’s good.
What I read, though, is that doubling the standard deduction is (a) going to expire in eight years, and (b) is a move primarily designed to get most poor and middle class people to stop itemizing. Perhaps it’s no coincidence that this is being tucked into a tax bill that eliminates a lot of the tax deductions that the middle class, at least, has come to rely on, while creating new deductions that really only the wealthy – including, very specifically, Senator Bob Corker of Tennessee, who had been wavering towards not voting for this thing – can afford to take advantage of.
But let’s look at things in terms of general principles. As a general principle, what would a truly fair tax structure look like?
Well, we all benefit somewhat from the network of infrastructure that our taxes go to support. Whether we are talking about something as concrete as our road network or as abstract as our criminal justice system, the fact that we can leave our homes and drive to a grocery store and buy affordable food that doesn’t poison us is entirely due to that infrastructure. So we should all pay taxes to some extent. What extent? That, it seems to me, should be based at least in part on just how much one benefits from that infrastructure.
There’s an infamous episode of WEST WING where Sam Seaborne argues that when he was in the private sector working as a corporate lawyer, his tax rate was forty times higher than the tax rate of an average working joe, and come on, guys, the water doesn’t come out of his pipes forty times faster when he turns on the tap! Let’s not be ridiculous!
This was the kind of conservative horseshit that started to infiltrate WEST WING around the second season, when Sorkin became concerned that the shows liberal bent was alienating potential conservative voters, and he hired a few right wingers to act as story advisors. Leaving aside the ludicrous error in basic arithmetic that Sam Seaborne would never have made (a 38% tax rate, which is what the highest tax rate in America was at this time, is not ‘forty times higher’ than any positive percentile, much less the around 30% rate that the average working stiff was paying at this time), the notion that the wealthy do not benefit disproportionally from the civilized high tech infrastructure that our taxes support is simply absurd. No, the water doesn’t come out forty times faster (and you wouldn’t want it to, it would destroy your pipes), but the fact remains, the water that flows through the plumbing that our taxes pay for is used by the poor and middle class for drinking and washing, and by the wealthy for, in addition to drinking and washing, watering their vast expanses of lush lawn and private golf courses, filling hot tubs, filling swimming pools, running saunas and jacuzzis, and a lot of other stuff that the poor don’t have access to.
The poor and the working class drive junkers and Kias on our road system, the wealthy drive Cadillacs and sports cars or are driven around in limousines. The poor don’t fly at all from our airports and the middle class sit in the cattle car and get thrown off the plane if the airline decides to overbook a flight. No one flying first class has ever been thrown off a plane.
Our system of laws certainly serves the affluent far better than it serves the poor or middle class.
Given the enormous difference in quality of life afforded by our tax supported infrastructure between the wealthy and the less so, it seems only fair and just that the wealthy pay a higher proportion of their wealth to maintain that infrastructure.
The main thrust of the new tax law, however, seems to lie in giving an enormous tax cut to corporations – dropping the corporate tax rate from 35% to 21%. Is this just or fair?
Well, it seems to me that there really is no ‘wrong’ or ‘right’ as it applies to corporations, as they aren’t people. Our legal structure should be designed to help actual people. So we need to try to determine, does taxing a corporation at a lower rate than we tax most of the working class in this country help actual people?
Will the corporations that are going to be able to keep more of their profits do something with those additional profits to help people?
Or will those that sit at the very pinnacle of the corporate heap simply keep the extra money?
History – not ancient, but right up to the minute – has shown that when CEOs get tax breaks, they don’t increase wages, put profit sharing plans in place, hand out bonuses, or expand to create more high paying jobs with good benefits. Instead, they buy back the stock they had to issue when times were lean, and increase dividends to themselves and their remaining shareholders.
Maybe it will be different this time, but I doubt it.
All in all, I have to say, I’d much prefer to see a tax plan that lowers the taxes paid by the working class and increases the taxes paid by the wealthy, who benefit more from the things the taxes supposedly support, and who have literally money to burn anyway.
This tax plan does exactly the opposite.
So, yeah, I’m gonna say, this one pretty much sucks.
- Cuts taxes by $1.5 TRILLION
- Repeals ObamaCare mandate
- Brings back American money parked overseas
- Increases child tax credit for working families
- Makes American industry competitive
- Overhaul of loophole-infested tax code
I get that you don’t like rich people having jacuzzis, but this tax plan is going to RAISE WAGES just at the time that Fed was going to intentionally derail economic growth. This is a win.
Bad arguments are winning.
After the GOP’s tax proposal was finalized, a familiar cry rang out: The bill will raise taxes on all but the richest . . . in 2027.
Which just happens to be after the tax cuts are set to expire, a gimmick designed to make the bill comply with congressional budget rules. Such allegations of tax-hiking now fill our headlines, with the crucial caveat buried somewhere in the text: CNN Money: “One-Third of Middle Class Families Could End Up Paying More Under the GOP Tax Plan” New York Times: “Paul Ryan’s Middle-Class Tax Hike” Powered by Washington Post: “Senate tax bill would cut taxes of wealthy and increase taxes on families earning less than $75,000 by 2027” Newsweek: “Tax Reform: In the Long Run the Middle Class Will Be Taxed More” The predictable result is that a false claim — Republicans are raising taxes on all but the very rich, full stop — has spread like wildfire across Twitter, and has been given added momentum by think tanks, verified accounts, and trending hashtags.
This effort has certainly paid off. According to a recent New York Times poll, only a third of Americans believe that they will see their taxes go down in 2018. It should come as no surprise, then, that the bill’s extreme unpopularity is in line with historic tax rises, rather than tax cuts: The majority of people think it’s a hike. In reality, per the Tax Policy Center, the tax bill will lower taxes for all income groups. About 80 percent of people will see a cut in 2018, with another 15 percent facing about the same tax burden.
Yes, that’s the same Tax Policy Center whose study is being used as the basis for the claim that the bill increases middle-class taxes. Other critics have chosen to mischaracterize tax provisions such as the deductions for mortgage interest and state and local taxes, casting them as bedrocks of middle-class financial stability when in reality they disproportionately benefit the wealthy. Over 90 percent of the SALT tax deduction’s value goes to filers making over $100,000. The mortgage-interest deduction not only serves to favor homeowners over renters, even though homeowners are generally more well-off, but it flows to the wealthiest homeowners in particular. Fewer than half of homeowners claim the deduction. And like the SALT deduction, the mortgage-interest deduction’s value flows overwhelmingly to those making over $100,000 per the Joint Committee on Taxation. In other words, these are fundamentally regressive tax breaks that were inevitably going to take center stage in any real reform and have been a priority for tax reformers across the spectrum. Alas, now that the moment has come, too many have chosen to demagogue. Over the weekend, the inimitable Dianne Feinstein (D., Calif.) complained in a tone-deaf tweet that limiting the mortgage deduction would be unfair to . . . millionaires. Simultaneously, the Democratic party is criticizing the measure as an attack on working families. Which is it? Politically, this may not matter much to Democrats. Thus far, at least, the argument has succeeded in the court of public opinion — the bill is wildly unpopular, and wildly misunderstood. The Democrats seem on track to pick up seats in the midterms and possibly regain control of Congress. But it will become a disaster for our civic culture if outright dishonesty becomes the marker of every policy debate. When the facts themselves are lost to fuel a narrative, our civil society is lost too. There are valid and important criticisms to be made of the GOP’s tax legislation — not the least among which is that it will increase the deficit — but these are crowded out by the attention-grabbing takes that misrepresent for clicks (and subsequently mislead voters). Journalists worried about democracy dying in darkness ought to be informing their audiences of the facts, and tailoring their commentary accordingly. When the facts themselves are lost to fuel a narrative, our civil society is lost too.
Just win BABY !!!
Well, the GOP and the president will have to get out now and sell it to America.
About a third of voters currently support the Republican tax reform package, according to an average of five surveys released 1 this month. In a Quinnipiac University survey, just 25 percent of voters approved of the plan. Surveys from ABC News/Washington Post, CNN, Morning Consult and YouGov put approval of the plan slightly higher, but all are still at 36 percent or lower. Meanwhile, an average of the five polls puts opposition at 46 percent.
If I remember correctly, you claimed to be the owner of a business. Do you support the tax plan?
Well, according to the non partisan Tax Policy Center, the GOP tax bill will disproportionately benefit me, so I suppose if I just want to be selfish yes. But if you google the live debt clock, you’ll see that it’s still spinning out of control. Spending is the problem, and most people agree spending needs to be cut, there’s just nothing near a consensus on where those cuts should come from. You should know by now that my biggest beef is the money spent, yea wasted, on military adventurism. 6 trillion dollars in the ME alone in the last dozen years and that doesn’t take into consideration the 140 countries that we occupy. Thirty years of our military foreign policy could pay for our total ND today. So I’d rather see spending controlled before any tax cuts.
You keep bringing this up. Over and over like a broken friggin record. What did Obama do about cutting spending? Nothing. Bush did cut spending in some areas and caused a lot of spending with the wars in Afghanistan (necessary) and Iraq (unnecessary). Regardless, Obama spent more than any of our past presidents COMBINED. Yet, you constantly shit all over Trump without even giving the guy a chance to fix any of this mess. Were you howling like this over Obama? Probably not.
Obama never got to 2% economic growth in 8 years and told us that’s the new reality. We will never experience growth again and here Trump is headed towards 4% in 10 months. This new tax plan should help sustain that growth.
Take it as a move in the right direction and acknowledge it, or just stop claiming to be non-partisan when you are probably one of the most partisan people here.
We all agree that spending needs to be cut. Let’s get the economy moving and wages up, then we can start slashing spending. It’s not all going to happen at once but it can happen.
You have never once talked about how the US should successfully extricate itself from the world… and you have NEVER said anything about tax reduction or direct deficit reduction from the savings… no, you have talked about other ways to spend it…
I should have been clear - this is the first I’ve read @Montecresto1 post about cutting spending. It’s the millionth time I’ve read about him claiming all of our financial problems are tied to military spending. That’s what prompted my reply.
You mean my complaint about wasted money on our gratuitous wars??? If so I’m sorry, but it’s my chief complaint in terms of government waste of my tax dollars. As to Obama cutting spending, ha. Of course he didn’t, nor did his predecessor who also doubled the national debt. When is it going to register with you people that both parties are to blame. Do something different.