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"The Senate GOP Accidentally Killed Some of Its Donors’ Favorite Tax Breaks"
Posted by: $tevie
Date: December 04, 2017 07:35PM
Quote

In hindsight, McConnell should have asked for an extension. While Republicans were manically outlining their plans to take from the poor to give to the Trumps, they also, accidentally, nullified all of their corporate donors’ favorite deductions.

This screwup — like most of the tax plan’s oddest features — was born of a math problem. Due to arcane Senate rules, the Trump tax cuts can only add $1.5 trillion to the deficit over the next decade. Last Thursday, the Senate tax bill already cost about that sum, and then McConnell started making expensive promises to his few holdouts. Susan Collins wanted a $10,000 property tax deduction for Americans in high-tax states; Ron Johnson wanted a 23 percent business-income deduction for the company that his family owns. This left the Senate Majority Leader searching under the tax code’s couch cushions for new sources of revenue.
...
The GOP had originally intended to abolish the AMT. But on Friday, with the clock running out — and money running short — Senate Republicans put the AMT back into their bill. Unfortunately for McConnell, they forgot to lower the AMT after doing so.
...
With this blunder, Senate Republicans have achieved the unthinkable: They’ve written a giant corporate tax cut that many of their corporate donors do not like. As The Wall Street Journal reports:
[nymag.com]



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Re: "The Senate GOP Accidentally Killed Some of Its Donors’ Favorite Tax Breaks"
Posted by: deckeda
Date: December 04, 2017 08:23PM
I can remember a few “all nighters,” cramming for a big test, back in college. The results look eerily familiar.

The only difference is, these guys keep getting do-overs.
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Re: "The Senate GOP Accidentally Killed Some of Its Donors’ Favorite Tax Breaks"
Posted by: Speedy
Date: December 04, 2017 09:46PM
An easy fix in conference. Just raise taxes on the poor to pay for it.



Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.
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Re: "The Senate GOP Accidentally Killed Some of Its Donors’ Favorite Tax Breaks"
Posted by: Lux Interior
Date: December 05, 2017 08:21AM
Quote
deckeda
The only difference is, these guys keep getting do-overs.

That, and the fact that THIS IS ABOUT @#$%& LAWS THAT AFFECT EVERYBODY.
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Re: "The Senate GOP Accidentally Killed Some of Its Donors’ Favorite Tax Breaks"
Posted by: Acer
Date: December 05, 2017 09:09AM
Some day, when I am rich and retire early after my 401k balloons in the upcoming Trump Infinite Economic Boom, I don't want to pay AMT.
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Re: "The Senate GOP Accidentally Killed Some of Its Donors’ Favorite Tax Breaks"
Posted by: gabester
Date: December 06, 2017 06:18AM
Not eliminating AMT is (or at least radically altering it), given all the other horribleness of this tax bill, is a true failure. But they'll pass it through anyway so long as the corporate tax cuts are in there, I'm betting. Cuz those are the people that truly matter.
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