GOP Cream of Crop Still on Top: Tax Bill Covered With All that Green and Gold - Yipee

Faces of Tax Breaks Beneficiaries While in Deep Denial

 (What, Me Worry - Ha)

Trump on his “Forgotten Americans” Promise Route

(Promises vs. Reality)

Well here we are again at another national “moment of truth” – GOP cares for the very top and meets their tax cut wishes and they in turn will care for us and “trickle down” jobs and opportunities to all. Whew boy, 1981 redux – hang on tight.

The story a great final run down here from NBC news – introduction and highlights (my emphasis):

First the backpedal reference by Trump to “the forgotten American.”

WASHINGTON ― Donald Trump promised as he ran for president that (1) the middle class would get a “massive” tax cut of 35 percent; after in office he promised (2) the cuts would be aimed squarely at the middle class, and his top economic aides promised (3) a tax system no less progressive than the one in place today.

With this new tax cut legislation, Trump has failed to deliver on all three. The bill reduces federal taxes by about 10 percent for the middle class, not the promised 35 percent, and only for eight years.

What’s more, if the president was aiming to help the middle class, he missed wildly: Federal taxes as a percentage of income will go down most for the wealthiest.

And because the tax cuts for individuals expire after 2025, while the 40 percent reduction in the corporate income tax rate is forever, the end product will be a tax code significantly less progressive than today’s.
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Then along comes this load of BS delivered by Sarah Huckabee-Sanders in her daily press rant of lie upon lie upon lie (again my emphasis) – all aimed at covering Trump’s rear end as it were – to wit:

Huckabee-Sanders keeps insisting, as do most other GOPers from the same talking points, that the final bill is designed to primarily benefit typical Americans as she parrots: “Our focus has been on the middle class, and that is what we think is delivered in this tax package.”

(I note: What “we” think – how about what you know Ms. Sanders, you know, kinda like the facts from tax expert analysts? For example like this reputable one?”)

Her claim: “primarily benefits typical Americans,” is belied by an analysis by the non-partisan Tax Policy Center. They show that a middle-class household with $67,000 of income will receive an average tax cut of $930 next year ― $77.50 per month – while a family with $348,000 of income will get an average tax cut of $7,640.

(I suspect that she and her “we” do not trust that and probably label it as “Fake News or a Hoax?”) 

Ironically, Senate Republicans hoping to boost the bill sent out of a chart showing that those earning between $200,000 and $1 million a year would actually get a larger percentage tax cut than households making between $50,000 and $200,000 ― which makes the bill critics’ argument for them. Oops…!!! 

So, Ms. Sanders, do the other “we” of us a huge favor and STFU – okee, dokee?

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Original post today starts here:

WASHINGTON  — The Senate voted along party lines after midnight Tuesday to pass a sweeping $1.5 trillion tax bill that slashes tax rates for corporations, provides new breaks for private businesses and reorganizes the individual tax code.

The House approved the bill earlier Tuesday but will have to vote again on Wednesday. Democrats in the Senate persuaded the chamber's parliamentarian that several minor provisions in the House bill violated Senate rules, forcing the House into an embarrassing second vote.

One of those provisions would allow 529 savings accounts, which are now used for college tuition, to help finance home schooling.

Another would exempt a small tuition-free college in Kentucky from a new tax on endowments.

(I note: I bet Old Mitch McConnell must be pissed right about now, um?

From the White House, typical from Sarah Huckabee-Sanders who says said Mr. Trump is expected to sign the legislation at a later date.

Trump tweeted Wednesday that the tax cuts are “so large and so meaningful,” adding, “This is a case where the results will speak for themselves, starting very soon. Jobs, Jobs, Jobs!”

(I note: The real translation more like BS, BS, BS).

The GOP bill lowers individual tax rates, including the top bracket to 37 percent from 39.6.

It doubles the standard deduction and replacing personal exemptions with a $2,000 partly refundable child tax credit.

It eliminates various deductions while limiting others on state and local taxes (SALT provision) and mortgage interest.

(I Note: My Rep. in the House (R) voted "no" good for her, but it didn't matter in the end).

It also exempts larger inheritances from the estate tax, doubling the thresholds to $11 million for individuals and $22 million for married couples.

The bill also has significant implications for health care, where it abolishes the Affordable Care Act's penalty for Americans who don't purchase insurance.

CBO estimates that change would lead 13 million more Americans to go without coverage after a decade and cause premiums on the individual market to rise 10 percent per year.

Sanders also defended claims by the president — which tax experts say are likely wrong — that his own taxes would go up under the legislation, saying that the bill “certainly, on the personal side, could cost the president a lot of money.”

While Trump has bucked tradition by refusing to release his tax returns, he is likely to benefit from cuts to the top income tax rate and especially from a new 20 percent deduction for pass-through businesses that's favorable to commercial real estate companies.

His family would also benefit from the bill's changes to the estate tax.

The ultra-rich fare well in the tax bill overall. 

An analysis by the non-partisan Tax Policy Center found that 83 percent of households in the top 0.1 percent would receive a tax break in 2018 with an average benefit of $193,380.

For the middle 20 percent of earners, the average tax cut would be $930. Over half the bill's total benefits would go to the top 10 percent of earners.

Finally this huge Trump-GOP scam-con element:

The White House director of legislative affairs, Marc Short, said American opinions of the tax plan would improve in the months ahead, adding: “I think that is going to change, we will see once the economy continues to roar and people begin to see more coming in their paycheck” (he told MSNBC).

(I note: Mr. Short and those like him also believe in Santa Claus, the Easter Bunny, and Tooth Fairy).

The Joint Committee on Taxation (JCT), the official Congressional scorekeeper, estimates every income group would receive an average tax cut next year. 

But the JCT also found taxes would go up for lower incomes over time, in part because fewer eligible taxpayers would choose to receive health care subsidies through the ACA. 

By 2027, every income group making less than $75,000 would see a net tax increase.

  

The nonpartisan Tax Policy Center, which did not factor in the health care changes, estimated that 80 percent of taxpayers would see a tax cut in 2018 and 4.8 percent see a tax increase, with many low-income households seeing little change either way. 

But the portion of taxpayers facing a tax increase would rise to 53.4 percent in 2027, when the bill's temporary tax breaks expire. Republicans argue future Congresses will extend those breaks. 

Continue at the link above.

Call this bill what you want – I say in simple terms, it stinks to high heaven and the GOP down the road will pay dearly (no pun intended). 

Their side gets the most in breaks (a fact), but politically they will suffer, and not only due to this bill and other Trump shenanigans, but overall BS’ing the public on other public policy changes they seek. It will catch up and the sooner the better, too.

But, will the public care in 5-6 or not - apathy seems to be our middle name and the GOP (via FOX and Talk Radio) sustain that with extreme skill these days, so stay tuned, do what you can, and most of all thanks for stopping by.

MERRY CHRISTMAS, HAPPY HOLIDAYS, BRIGHT NEW YEAR TO ALL.