How much of a problem would it be if SALT is repealed in its entirety?
Collins: It would be very problematic for me if the SALT deduction is not in the Senate bill. I have filed an amendment to parallel what the House does. Allow up to $10,000 in property taxes to be deducted. I would pay for it by [raising] the corporate rate to 21 percent [from 20 percent in the bill now] and keep top individual rate at 39.6 percent for those filing jointly over $1,000,000. That more than pays for [the SALT $10,000 deduction]. I’ve had extensive discussions with administration officials and Senate leaders
Your last statement on the bill indicated you have warmed to it. Are you a yes? Leaning yes? And do you need your SALT amendment to pass and health care to be resolved to be a yes?
Collins: I can’t vote for it if issues of health and SALT not resolved.
I really wish we’d just throw away the 70,000 pages of tax code.
Personal taxes: make the standard deduction poverty line and flat tax of 15-20% on all other income
Corporate tax: tax 2% of US revenue and there’s no deductions or credits
That’ll never happen. It is how simple income taxes were when they started. Originally, only 7% of people made enough income to pay income taxes. The number of income tax payers increased greatly to fund WW2. After the war, we decided to re-purpose all the new tax revenue on social programs. The trend towards big government that started with the new deal officially became a thing.
Vote is close now. McCain is a yes and Collins is still bargaining. Pray for her to take SALT deduction back
Collins is probably the only republican senator from a high tax state. If Whitman becomes a CA senator, we could be saved
I love how they use the 10-year number for how much it adds to debt. It helps with the wow factor. $1T is $100B/yr or 2.5% of the total budget. I’ve posted before CBO projections vs actuals. Their margin of error just 2-3 years out is larger than 2.5%. In other words, this could could increase or decrease the deficit. They are guessing like everyone else and their track record isn’t very good.
For anyone that thinks politifact isn’t biased…
The guy was 100% right, but they only call it half true because:
“The initial CBO analysis of the Affordable Care Act did forecast that more people would participate in health care exchanges than actually did, but the CBO has revised those estimates. Moreover, independent analyses, as well as experts agree that the CBO offers some of the best estimates given the information available at the time.”
It was a projection for 6 years away and the error was 26%. That’s 3.9% error a year compounded annually. In other words, the error is bigger than they say the deficit increase from tax reform would be.
iirc it’s an urban myth that CBO got the coverage number wrong. They did get it correct once you include the number that was covered by medicaid expansion that a number of states adopted.
You are wasting your time with the Trumputin misinformation Czar working on this forum.
I forgot to add: When I read “I am not a…supporter, s/he is”.
After the following failures the returds need to pass this crap no matter what or they are done! :
Wall paid for by Mexico. We are Mexicans now, we are paying for the wall. <----------
Defeat ISIS in 30 days. We are going by what? 310 days? 305 Egyptians died thanks to Trumputin.
The "I WILL TAKE CARE OF EVERYBODY" Trumpcare. <----------
Companies are returning to the US. This year, 19K more employees lost their jobs thanks to companies moving elsewhere.
Coal miners will be getting so many jobs. They are refusing to get trained for any other trade because the jobs are coming.
China is a currency manipulator. Oh, forget about it! We know it took the powerful Xi to shut the liar in the white house with trademarks authorized for Ivanka. No more Gina!
I guarantee most “media” sources won’t cover this.
Senate is working on changes to add some future tax raise. Hope it’s not a raise on us
Now I believe in Jesus!
A fast-moving Senate Republican effort to overhaul the tax code unexpectedly stalled Thursday evening over concerns about the federal deficit, leaving the GOP without a clear plan to pass the legislation.
Senate leadership, who had hoped to vote to pass the $1.5 trillion tax bill by late Thursday night, instead sent lawmakers home and began to search for a new way to offset the cost of the legislation. They are looking to win the support of several senators, including Bob Corker (R-Tenn.), who has led a small group of colleagues in demanding that the bill not drive up the nation’s debt.
A plan to vote as early as Thursday was scotched, and GOP leaders were trying to balance requests from senators concerned about deficits with those from lawmakers favoring deeper tax cuts.
A final vote could come as early as Friday.
GOP has a diversity of ideas and they have a lot of infighting within the party. This is actually a blessing to the country since it prevents extreme policies.
Dem is much more uniform and everyone listens to the party leader. In some way, this could be dangerous and it may allow some extreme policies to pass.
A 2 party system is more efficient than multi party system. It world be ideal if each of the 2 parties have good diversity of ideas.
If possible, we can have 2 parties, each party has 50% democrats and 50% republicans. That would give us balanced policies and avoid the tug of wars
Just listen to this blatant liar. “it ain’t going to help me at all”, “my friends are mad at me because this is going to hurt them = wall street”. Yeah, ain’t going to help him with $1 million, but $1+ billion in savings.
Yes, The Donald is THE one person to NOT believe when he says, believe me all the time…
Both parties are split. I think people forget it took 2 years to pass Obamacare. Even then it took a whole bunch of pork spending to buy the last few votes to pass it. It didn’t just sail through with ease. Also, lobbyists have a huge amount of control over both parties. Obamacare never would have passed if they didn’t let big pharma and insurance companies write parts of the bill. That’s the only thing that kept them from sinking it with lobbyists.
As I understand it from news reports the trigger would consist of raises to individual rates, not corporate ones.