Taxes

Senate Republicans Include One Weird Trick in Their Tax Cut Bill

JM Ashby
Written by JM Ashby

Senate Republicans have finally released their tax cut bill and it's similar to the House Republican version with a few key differences.

The Senate version fully repeals state and local tax deductions including property tax deductions which the House bill preserves, but the biggest difference is the Senate Republican timeline.

The Senate bill would delay the meat of the bill by one year.

Senate Republicans released their vision for a tax-cut plan Thursday that would cut the corporate tax rate to 20 percent, with a one-year delay to 2019, as Congress moves quickly to fulfill one of the GOP’s biggest and most long-awaited goals. [...

The Senate plan would have seven individual tax brackets and would eliminate state and local tax deductions. The Senate Finance Committee plans to begin considering the plan on Monday, while the House plans to vote on its bill next week.

Call me a conspiracy theorist if you'd like but I can't see any reason why they would delay the implementation of corporate tax cuts unless they were trying to push the most adverse effects of the bill beyond the 2018 midterm elections.

It's the gargantuan corporate tax cuts that will explode the deficit and break the Treasury. If the modest and inadequate pay-fors included in the bill are implemented before the tax cuts, government receipts may even look good next year before everything falls off a cliff.

On the other hand, delaying the worst results until the presidential election cycle also may not be the best idea for Republicans. Maybe they really have no idea what they're doing.

  • muselet

    I think Senate Rs are betting that they can cling to a majority in both houses in the 2018 midterms and hoping voter suppression works its magic in 2020.

    If the Ds don’t beat the Rs about the head and shoulders with this for the next three years, it will be political malpractice.

    –alopecia

    • Christopher Foxx

      If the Ds don’t beat the Rs about the head and shoulders with this for the next three years, it will be political malpractice.

      The Rs have provided the Ds with plenty to beat them around the head and shoulders with for ages. The Ds haven’t been very effective about using it yet. Alas.

  • fry1laurie

    Wouldn’t a one-year delay also help their crooked numbers? They can’t pass a senate bill that would expand the deficit, so this gives them some leeway in finding “savings” to offset the massive tax cut.

  • ninjaf

    They only care about the next election. And this gets them past it while keeping the donations coming. They will have 2 years of state run TV on Fox for damage control for 2020.

    • Dorothy

      Google is paying 97$ per hour,with weekly payouts.You can also avail this.
      On tuesday I got a great new Land Rover Range Rover from having earned $11752 this last four weeks..with-out any doubt it’s the most-comfortable job I have ever done .. It sounds unbelievable but you wont forgive yourself if you don’t check it
      !da227:
      ➽➽
      ➽➽;➽➽ http://GoogleNetJobsFactoryWorkFromHome/find/jobs ★✫★★✫★✫★★✫★✫★★✫★✫★★✫★✫★★✫★✫★★✫★✫★★✫★✫★★✫★✫★★✫★✫★★✫★✫:::::!da227luuuu