Saturday, December 2, 2017

What's In The Senate Tax Bill Just Passed?

Yeah that's what a lot of people would like to know...

This Senate passed the bill just before 2:00 AM Saturday (12/02/2017) by 51 to 49 votes. Now it goes to the House for reconciliation with the one they passed last month before being sent to Donald Trump for his signature.

I'm going to hold off trying to nail down specifics (since there are none)-- but there are a few concerns I have with some of the things I've heard were in the bill. One being a deficit cap that would kick in if the bill fails to generate the revenue predicted. In that case cuts would kick in to Medicare, Social Security and education amongst others. I heard also there's a bunch of amendments giving breaks to special interests so certain Senate members would vote in favor of it.

As this bill moves forward one thing is almost certain-- neither members of the house or senate nor the president himself will know all it contains. Only a fool would buy a house or a car not knowing what they're signing. Then again if you're buying a car or house on somebody else's dime and have no conscious why care?

Alternet (12/02/2017)
Republican Tax Plan Is Only The Start of GOP Effort To Spread Inequality and Economic Anxieties by Shredding Safety Nets
"Before the Senate voted, Senator Marco Rubio of Florida, a past presidential candidate, said the Republicans must make additional cuts to Social Security and Medicare,.. The Senate’s $1.5 trillion tax plan would trigger a federal law, known as PayGo, which limits Medicare to 4 percent of the annual budget. It is projected to impose $400 billion in cuts to senior healthcare in the next decade..

The Republicans intentionally mislabel Social Security as an entitlement program. In fact, it is an earned benefit program where workers contribute via payroll deductions. It cannot spend money it has not collected under federal law...

In the early 2030s, the large size of Baby Boom generation will prompt roughly a 20 percent cut in benefits unless the Congress enacts a revenue measure—such increasing the wealthy’s tax contribution to the program. Now, only the first $120,000 or so of income is taxed for Social Security."

For the life of me I can't understand why people keep voting for these candidates. If anyone is counting on a company pension plan they're deluding themselves. 401K's are subject to stock market fluctuations. There's even some talk of taxing them differently then they are now. Unless someone is planning on dropping dead on the job Social Security is the way to go. Heaven help if someone is struck with a medical condition before then.

The way I see it whether someone is a Republican or Democrat everyone is going to get sick at some point and old. Do people really want their kids living with them till 30--then moving in with the kids till death do you part?

Yeah there's a lot of jerks in Washington--but who put them there!

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