Opinion Living With the Republican Tax Plan

23:51  06 december  2017
23:51  06 december  2017 Source:   nytimes.com

Republican Senator Paul says he plans to vote for Senate tax bill

  Republican Senator Paul says he plans to vote for Senate tax bill <p>Republican Senator Rand Paul, a fiscal hawk who has sometimes opposed his party's spending plans, said on Monday he planned to vote for the U.S. Senate tax bill and urged his colleagues to do the same.</p>Paul, writing in a Fox News online opinion piece, said that while the bill was not perfect and he would "prefer a larger cut," he planned to support the measure because it achieved some of his goals, and he could push for more changes next year.

House Republicans unveiled their bill to overhaul the U.S. tax code Thursday morning. We’ll follow along with the news and analysis of the bill all day. “This tax plan is for all those middle-class families who deserve a break. It is for all the families that are living paycheck to paycheck who just

Paul Ryan says the tax reform plan will give people "relief". At a formal unveiling with American families standing behind lawmakers, the House speaker said that the typical family of four would save ,182 a year on their taxes under the Republican plan .

a man holding a wine glass: Senator Mitch McConnell, the majority leader, speaking to the media on Capitol Hill on Tuesday. © Al Drago for The New York Times Senator Mitch McConnell, the majority leader, speaking to the media on Capitol Hill on Tuesday.

Editor’s note: The opinions in this article are the author’s, as published by our content partner, and do not necessarily represent the views of MSN or Microsoft.

First, let me vent. The Republican tax reform, now extremely likely to become law pending certain events next week in Alabama, represents a remarkable missed opportunity for a party struggling through an identity crisis and a country reckoning with a social crisis.

After watching Trumpian populism overwhelm the dikes of ideology during the last primary campaign, Republican lawmakers could have learned something from the experience, and made the discontented working class voters who put Donald Trump in the White House the major beneficiaries of their tax reform.

Trump returns to Missouri to try to seal deal on tax plan

  Trump returns to Missouri to try to seal deal on tax plan President Donald Trump will return to Missouri on Wednesday as he tries to push the Republican tax plan across the finish line.&nbsp;Trump is expected to once again emphasize the plan's benefits for Main Street as he tries to sell the plan in the St. Louis suburbs. While the White House says the plan will be a boon to middle-income families, helping small business owners and workers, sparking economic growth and simplifying the tax code, critics say both House and Senate versions will disproportionately help the wealthy and corporations.

Republican Tax Plan Worse Than We Thought MSNBC contributor Jared Bernstein weighs in on Republican tax plan . 11/13/17. O'Donnell explains why he thinks the plan is "breathtakingly bad." MSNBC Live with Stephanie Ruhle.

24 thoughts on “ANALYSIS: Trump- Republican Tax Plan an Unmitigated Disaster”. MrRosiesfavorites says 400k isn't much to live on , when democunts cause inflation to rise decades fwit.

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Instead, with Trump’s enthusiastic blessing, they devised a bill that was more solicitous of their donors than their voters, and that only modestly addressed the central socioeconomic challenge of our time — the nexus of wage stagnation, family breakdown and falling birthrates, which will eventually undo conservatism if conservatives cannot take it as seriously as they do the animal spirits of the investor class.

What’s particularly frustrating is that it didn’t have to be this way. The bill’s basic architecture is compatible with better policy, and there is no great mystery about how it could have been improved: All it needed was to shrink the business tax cuts somewhat and push the extra money directly into the paychecks of the working class. But when a version of that improvement was attempted, when Senators Marco Rubio and Mike Lee tried to use a small portion of the bill’s corporate tax cut to pay for family tax cuts, the Republican leadership decided to make the corporate cut nonnegotiable, the Democrats decided it was better not to improve a bill that they oppose, and the senators themselves declined to be the Bad Guys of their caucus in a good cause and simply swallowed their defeat.

Trump backs McCaskill opponent as he stumps for tax bill

  Trump backs McCaskill opponent as he stumps for tax bill President Donald Trump's visit Wednesday to Missouri to promote a GOP tax plan may be less about winning Democratic Sen. Claire McCaskill's support than boosting her opponent. Trump, who called on McCaskill to vote for the tax plan earlier this year, lent his support to Missouri Attorney General Josh Hawley's bid to unseat the vulnerable Democratic lawmaker, since McCaskill has refused to come on board.Trump recognized Hawley from the stage as he returned to Missouri to try to push the tax plan across the finish line.

Richard Davis spends time with his wife, Diane Thorsen, at her nursing facility in Hopkins, Minn. Diane has Alzheimer’s disease and would be affected by Republican ’s proposed changes to the tax code. (Jenn Ackerman for The Washington Post).

Graphic. Six Charts That Help Explain the Republican Tax Plan . The benefits for individual taxpayers will be mixed and depend largely on where they fall on the income scale, where they live and the types of tax breaks they tend to claim.

So the result leaves a reforming conservatism as the neglected stepchild of the G.O.P., granted table scraps while the donors get the feast. It leaves Republicans with ownership of a bill that is neither populist nor popular, and Trump with ownership of an economic agenda that a reasonable voter should consider a betrayal of his promises. And it wastes an opportunity to turbocharge the recovery, because the bill’s corporate beneficiaries are already sitting on ample cash reserves and it’s the middle-class taxpayers who would have been more likely to spend extra money if they got it.

However, to repeat something I’ve said a few times in the Trump era, when the venting is done it’s important to acknowledge that it could be worse. The bill is badly designed but it does some good things, including some things that could be done only in the teeth of Democratic opposition. Its flaws are significant but also manageable, and they aren’t going to tip America into the dystopian nightmare invoked by a certain kind of liberal Twitter hysteric this past week. And as is often the case with flawed proposals, the failings offer useful signposts to the opposition: The partial defeat of reform conservatism leaves good ideas lying around to be picked up, and Republican overreach creates opportunities for the Democrats to pursue them.

Trump triumphs after Senate passes what he calls 'biggest tax bill' in history

  Trump triumphs after Senate passes what he calls 'biggest tax bill' in history <p>President Donald Trump said the legislation was a step towards an overhaul of the U.S. tax system.</p>"Biggest Tax Bill and Tax Cuts in history just passed in the Senate," Trump tweeted. "Now these great Republicans will be going for final passage.

Live from the Poundstone Institute. Only A Game. Planet Money. President Trump speaks about the Republican tax plan Wednesday at the Indiana State Fairgrounds in Indianapolis.

The House Republican tax plan includes a .5 trillion corporate tax cut and a giant tax hike on graduate students. For instance, Ryan Hill, a fourth-year Ph.D. student at MIT, receives a ,000 living stipend and a tuition waiver allowing him to forego paying ,000 in tuition.

One good thing is that the bill’s stimulus, flawed as it is, still might give the economy a further short-term boost and undo more of the Great Recession’s damage. Another good thing is the child tax credit increase that Rubio and Lee did win, which is much too modest but still a step toward the family policy the United States needs. A third good thing is the bill’s willingness to raise taxes on the not-quite-rich upper-middle class, a constituency whose influence is often bad for the country and whose liberal drift and blue-state concentration has left Democrats leery of any confrontation.

Meanwhile, the thing that the bill’s centrist critics are most incensed about, the fiscal irresponsibility of cutting taxes without offsets, just doesn’t look like that big a deal in the context of continued low interest rates and bond market unconcern. Like many people I accepted the arguments of fiscal hawks in the early Obama years, but few-to-none of their predictions have come to pass. I don’t think Republicans have really learned from this experience and become less alarmist about deficits; they’re mostly just being opportunists and hypocrites. But the experience is still real, and the lesson that the deficit is not, in fact, our major near-term problem seems convincing.

Clinton: 'Horrible tax cut plan' will benefit Trump and the wealthy

  Clinton: 'Horrible tax cut plan' will benefit Trump and the wealthy Former Democratic presidential nominee Hillary Clinton ripped the recently passed Senate Republican tax plan on Saturday, calling it a "horrible tax cut plan.""This could not be a more blatant and insulting on hardworking Americans, and we can't let them get away with it," Clinton said, delivering the keynote address at the Teen Vogue Summit in Los Angeles. "This could not be a more blatant and insulting on hardworking Americans, and we can't let them get away with it," Clinton said, delivering the keynote address at the Teen Vogue Summit in Los Angeles.

People living in blue states would pay higher taxes , because we’re being penalized for being rational. Poor families would be worse off because Republicans hate them Update 11/28/17: The Senate version of the tax plan took a major step forward by clearing a vote in the Senate Budget Committee.

WASHINGTON (AP) — The Latest on the tax overhaul from House Republicans (all times local): 8:30 p.m. President Donald Trump is praising the rollout of the GOP's tax overhaul plan . In a tweet, Trump writes, "The lobbyists are storming Capital Hill

Then there are the fixable problems. The bill’s repeal of the individual mandate will create additional challenges for the struggling Obamacare exchanges. But the mandate has never worked as its creators intended, it remains more unpopular than Obamacare as a whole, and it penalizes a narrow class of middle-class individual market buyers instead of spreading the burden of the system’s costs more widely. In the long run any universal health insurance system will be on a firmer political footing if it finds a way to work without requiring people to buy a product they don’t want.

The corporate tax cut, meanwhile, is too deep, but a lower corporate rate than the present one remains a good idea, and it’s not implausible to imagine these deep cuts being rolled back to a happy medium. Likewise, the bill’s budgetary legerdemain, which has the individual tax cuts expiring early and threatening a middle-class tax hike, sets up a plausible path to a negotiated settlement, in which Democrats who want to protect the middle class can seek a variation on the Obama-era deal that kept most of the Bush tax cuts in exchange for higher rates on the rich.

Or, should they be victorious in 2018 and 2020, Democrats can pursue broader ambitions, relying on this tax reform’s overreach for funding rather than simply engaging in deficit-busting of their own. “Repeal some of the Trump tax cuts to pay for Liberal Ambition X or Y!” will be a natural rallying cry for their party in 2020, and the fact that the Trump tax cuts are so tilted toward corporations and businessmen and wealthy heirs means that the cry will have much more political appeal than it might have otherwise.

Sen. Collins outlines deal making behind tax vote

  Sen. Collins outlines deal making behind tax vote Republican Senator Susan Collins on Sunday said she received numerous promises before she was able to cast her vote in favor of the Senate's tax bill."I got a commitment that we're going to pass two bills, including the Alexander-Murray bill, and one that I've authored that will help offset the individual mandate repeal by lowering premiums," she said on Sunday's "Meet The Press," referring to the bipartisan compromise negotiated this fall that's aimed at stabilizing the health insurance markets.

There are lots of ways to think about the tax plan that House Republican leaders finally unveiled today. And it’s going to cause a riot among people who make a living buying and selling houses.

WASHINGTON — The Republican tax plan is built around a goal of cutting corporate taxes , but party leaders now face a key question: Can they afford to make those changes “The specter of a future tax increase makes investment under a low rate less enticing, especially for long- lived assets.”

The question is what those liberal ambitions should be. The bipartisan (if insufficient) support for Rubio and Lee’s child tax credit amendment points to one possibility: Democrats could take up the work-and-family agenda that reform conservatism has fitfully advanced, making something like Senators Sherrod Brown and Michael Bennet’s child tax credit proposal or Representative Ro Khanna and Senator Brown’s bigger earned-income tax credit idea the centerpiece of their 2020 agenda.

The problem for the Democrats is that a lot of their activists’ hopes are invested with far inferior ideas, like the lure of free college and the political fantasy of single-payer.

But there is room here for liberalism to take advantage of the Trump Republicans’ retreat from populism, and to advance a left-wing version of the politics of work and family that the blinkered G.O.P. should champion but refuses to embrace. In which case this bill’s best elements could survive when the wheel of power turns, and its flaws and missed opportunities could still be good for the country in the end.

I invite you to follow me on Twitter (@DouthatNYT).

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Nearly half of Americans still oppose Republican tax bill: Reuters/Ipsos poll .
<p>As Republicans in the U.S. Congress rush to finish their tax plan, the legislation is not getting more popular with the public, with nearly half of Americans still opposed to it, according to a Reuters/Ipsos opinion poll released on Monday.</p>Of adults who were aware of the plan being considered by Congress, 49 percent said they were opposed to it, a sentiment that has not changed much in the past few weeks, the poll showed.

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