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This bill doesn't fundamentally change very much besides the corporate tax rate, so the explosive reaction seems unnecessary. You aren't going to get a million
by WillPostForFood 9y ago
This bill doesn't fundamentally change very much besides the corporate tax rate, so the explosive reaction seems unnecessary. You aren't going to get a million people in the street because their tax bill went up, or down, several hundred dollars, which is what this amounts to for most people.
- djur 9y agoIt changes a lot more than that. Although we don't know precisely what, because the House and Senate bills need to be reconciled (or the House will just pass the Senate bill) and the Senate bill was literally written on the floor tonight. Nobody has done a serious analysis of its effects. What we do know suggests that it will increase the uninsured rate substantially, increase the deficit dramatically, and trigger automatic cuts to Medicare and other programs.
- WillPostForFood 9y agoincrease the uninsured rate substantially If people choose to drop insurance because they aren't mandated to buy it, then it is on them increase the deficit dramatically certainly true trigger automatic cuts to Medicare This is the only reason I'm replying, because there is no way that it will happen. No one wants cuts, and it would be political poison. Claiming it is fear mongering (not you, but the people using it to attack the bill). https://pbs.twimg.com/media/DP_dYbWW4AA0-8h.jpg https://pbs.twimg.com/media/DP_dYbWW4AA0-8h.jpg
- djur 9y agoMitch McConnell's word is worth nothing. Republicans are already talking about "entitlement reform", aka cuts to Social Security, Medicare, and Medicaid. Any hope that the GOP will avoid a particular course of action because it's "political suicide" should be dead and buried after the last year. As for the uninsured rate, eliminating the mandate will not only cause people to voluntarily drop insurance but also involuntarily push people out of insurance due to the resulting increase in premiums. That's what happens when you kick out one of the legs of a three-legged stool.
- WillPostForFood 9y agoRepublicans may well attempt to cut/reform entitlements, but it won't be because of the tax bill triggering mandatory cuts. That is the fear mongering piece. The effect of eliminating the mandate is unclear. People paying the fine to not have insurance will surely stop. People who have insurance now, should keep it. But it the insurance is so worthless to them that think it isn't worth having, hopefully it will motivate smarter fix than simply mandating it. Poor people will still continue to get their insurance paid for.
- libertyEQ 9y agoBecause of the PAYGO law, it looks like Medicare would be cut by $25B in the first year: https://www.aarp.org/politics-society/advocacy/info-2017/senate-tax-medicare-cuts-fd.html https://www.aarp.org/politics-society/advocacy/info-2017/sen...
- WillPostForFood 9y agoYes, that is what I was specifically addressing (see link), and it is nonsense.
- TAForObvReasons 9y agoThe elimination of the State and Local Tax deductions will be huge for California and New York.
- WillPostForFood 9y agoThey weren't eliminated, but ended up capping them at $10k.
- swang 9y agosee, you read the senate bill that was proposed yesterday. the current bill that passed, afaict, eliminated SALT completely.
- WillPostForFood 9y agoHrrmm, you must have read the bill 12 hours ago, before Susan Collins got her amendment added. The Senate tax bill will include my SALT amendment to allow taxpayers to deduct up to $10,000 for state and local property taxes. https://twitter.com/SenatorCollins/status/936647024417615872 https://twitter.com/SenatorCollins/status/936647024417615872 But as others have pointed out, this still can change as it goes to reconciliation.
- gergles 9y agoState and local property taxes, which I don't believe were ever in question. I'm fairly confident SALT, in this context, referred to the deductibility of state and local income taxes.
- WillPostForFood 9y agoYou are right that state income tax is no longer deductible. SALT in the Collins context was referring to just property tax.