I never call — 202-224-3121. I type.
But I’m calling.
We have to stop this bill — and need only a couple of Republican Senators to do the right thing (and another to not vote).
Call their in-state offices, too.
From the newly-energized DNC (with links to the Wall Street Journal, etc.):
Changes To The Republican Tax Bill Make It Even Worse
- The Republican tax bill could encourage companies to actually cut jobs, not add them.
Wall Street Journal: “Based on analyses of past programs to repatriate overseas corporate earnings, Wall Street analysts and tax experts expect companies would use the money for purposes such as buying back shares and mergers. Instead of adding jobs, they say, companies might cut them if they use their cash to buy rivals and then take out costs.”
[And as I’ve noted, this Financial Times piece says “Trump tax bills would push US jobs and factories abroad.”]
- The Republican tax bill creates a huge pass-through loophole that benefits the rich.
Vox: “The deduction creates a huge loophole for rich people, who could incorporate as sole proprietorships and ‘contract’ with their employers so their income is counted as pass-through income rather than wages.”
- Republicans have tried to claim their tax bill helps middle-class families with changes to child tax credits and other deductions, but these changes are small and only temporary.
Bloomberg: “Other temporary changes, which would last through 2025, would boost the standard deduction and child tax credits and modify state and local tax deductions and the mortgage interest deduction.”
Center on Budget and Policy Priorities: “Final CTC Changes Don’t Alter Tax Bill Basics: 10 Million Working Family Children Get Little or Nothing”
The Richest Americans Are Still The Biggest Winners
- The Republican tax bill benefits corporations and the richest Americans – who get massive tax cuts — more than the middle class.
Associated Press: “GOP tax bill slashes rates for corporations and wealthy with smaller benefits for middle class”
Washington Post’s Wonkblog: “The final plan lowers the top tax rate for top earners. […] This amounts to a significant tax break for the very wealthy, a departure from repeated claims by President Trump and his top officials that the bill would not cut taxes on the rich.”
CNN: “The bill — which critics say is heavily weighted to ease the tax burden of businesses rather than the middle class — drops the corporate tax rate down from 35% to 21%, repeals the corporate alternative minimum tax, nearly doubles the standard deduction for individuals and restructures the way pass-through businesses are taxed.”
- Tax cuts for middle-class families in the Republican tax bill expire, leaving many households left to pay more than they do now.
The Daily Beast: “Your tax cut is temporary. A company’s tax cut is permanent.”
Wall Street Journal: “Middle-income households will get tax cuts that are set to expire, and some households, particularly upper-middle-class residents of high-tax states, would likely pay more than they do now.”
Washington Post’s Wonkblog: “Republicans are paying for a permanent cut for corporations with an under-the-radar tax increase on individuals. […] Republicans can’t just let the individual tax cuts expire, as they do at the end of 2025, but they actually need to raise money to offset the permanent corporate tax reduction.”
- The Republican tax bill repeals the individual mandate and would result in 13 million fewer people having health insurance.
Bloomberg: “As a bonus for Republicans, the measure would repeal the individual mandate that requires individuals to purchase insurance — a measure imposed by the Obamacare law. … Congressional budget experts have estimated that repealing the mandate would result in 13 million fewer people having health insurance in 10 years. “
- The Republican tax bill increases the deficit by nearly $1.5 trillion, and Republicans will use that as an excuse to slash funding for critical programs that would hit lower-income families the hardest.
New Yorker: “The Final Version of the G.O.P. Tax Bill Is a Corrupt, Cruel, Budget-Busting Hairball”
Bloomberg: “A preliminary score from Congress’s Joint Committee on Taxation showed that the new version of the bill would increase federal deficits by $1.46 trillion over 10 years — before accounting for any economic growth that might result. Earlier versions of the legislation were estimated to boost deficits by roughly $1 trillion even after such effects.”
Washington Post: “On top of that, Republican leaders say they want to ‘reform’ welfare and entitlement programs such as Social Security and Medicare next year. Scaling back those benefits hits lower-income families and, again, exacerbates the gap between the top and the bottom.”
- Trump and his family would still benefit a lot from changes in the Republican tax plan, but we can’t know exactly how much until he releases his tax returns.
The Daily Beast: “The Trump Organization wins, big league. […] The final tax bill, however, slashes this liability, allowing most pass-through businesses—like the Trump Organization—to deduct 20 percent of their income tax-free, effectively cutting the president’s tax rate in half. Of course, without the president’s tax returns, it’s impossible to know for sure.”
Business Insider: “It’s noteworthy that even just from the changes to the tax brackets and the eliminations of deductions, very wealthy households, including President Donald Trump, stand to benefit handsomely from the plan.”
Center for American Progress’ Seth Hanlon: “The final bill has a new loophole (carved into the limits of the pass-through loophole) specifically for business owners that don’t employ many people. I’m told it’s a carve-out mostly for (surprise!) the real estate industry.”
Now is the time to scream bloody murder — 202-224-3121 . . . and Google their local offices to call those, too.
Not sure what to say? If all else fails, just read them the highlights of yesterday’s post.
Quote of the Day
Very few American investors buy any stock for the sake of something which is going to happen more than six months hence, even though its probability is exceedingly high; and it is out of taking advantage of this psychological peculiarity of theirs that most money is made.~John Maynard Keynes
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