Taxes

The GOP Tax Bill Might Become Worse for Average Americans

JM Ashby
Written by JM Ashby

The GOP tax cut bill would make corporate tax cuts permanent while allowing modest tax breaks for families to expire after a few years, but it's possible the latter will have an even shorter life-span.

Eliminating the alternative minimum tax (AMT) on corporations and adding a new tax cut for the rich has pushed the bill beyond the $1.5 trillion reconciliation threshold and GOP leaders are looking for more revenue.

Under a tax overhaul bill passed by the Senate earlier this month, tax cuts for all American households would expire at the end of 2025. But Republicans are now considering having those tax cuts expire in 2024.

“That’s one of the things we’re looking at,” Senate Finance Committee Chairman Orrin G. Hatch (R-Utah) said Thursday when asked about shortening the duration.

“They’re looking at every possible thing they can to meet the revenue needs, as always at the end of the thing we’re looking at everything,” he said.

This is all being done in service of cutting corporate taxes to 20 or 21 percent at a cost of approximately $100 billion per point.

Republicans could balance their equations by simply cutting corporate taxes by a less ridiculous amount, but they aren't going to do that because tax cuts for working families is not their priority. That should have been obvious when we learned that the corporate tax cuts will be permanent but the others will not be.

  • muselet

    And Senators Marco Rubio and Bob Corker let themselves get bought off cheaply and are now firm —even enthusiastic—”yes” votes on the bill.

    Say it with me now: Party Before Country. Every. Bloody. Time.

    –alopecia

    • 1933john

      More like: Buck$ Before God, Country & Mom’s Apple Pie!

      • muselet

        You’re not wrong.

        –alopecia

  • Draxiar

    It’s beautifully ironic that these motherfraggers are acting EXACTLY like the most notorious literary Christmas miser and doing it during the Christmas season. The difference is that Scrooge saw the error of his ways and changed. These people are diving in the deep end of his “workhouses, prisons, and surplus population” philosophy. They really just don’t get it.

  • Aynwrong

    The amount of longterm economic damage that Trump and the GOP have been empowered to inflict upon ALL Americans by it’s most gullible citizens is incalculable. It may take a generation or two to dig ourselves out.

    History teachers should begin teaching entire courses about grifters, the snake oil they sell and the rubes they bilk.

    • David Greenberg

      Why do you suppose reps don’t want to properly fund education?

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    • Christopher Foxx

      It may take a generation or two to dig ourselves out.

      No “may” about it. Trump will be 50 years dead before we finish undoing the damage.

      Far longer if a liberal member of the court dies or retires before Trump resigns and Pence loses in 2020.