Meet the 13 Republicans who voted 'no' on the tax bill

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Independents, Democrats Not on Board With GOP Tax Plan

- news.gallup.com
05 Dec 2017
WASHINGTON, D.C. -- As the Senate version of the Republican tax reform bill made its way through the legislative process this weekend, Gallup documented a highly partisan imbalance in Americans' reactions. Seven percent of Democrats and 25% of independents polled Friday and Saturday say they approve of the proposed changes to the federal tax code, contrasted with 70% of ...

Here's Where the GOP Tax Plan Stands

05 Dec 2017
In a last minute change, the Senate GOP decided to keep the alternative minimum tax for individuals, while raising the exemptions until 2026, and preserve the corporate AMT. The House would repeal both levies. The Senate bill also keeps the estate tax (while doubling the exemption amount until 2026). The House plan doubles the threshold, but eventually fully repeals the levy.
- bloomberg.com

The GOP Plan Is the Biggest Tax Increase in American History, By Far

- theintercept.com
05 Dec 2017
Senate Majority Leader Mitch McConnell, R-Ky., said Friday afternoon Senate Republicans have the votes to pass the plan, which gets referred to as only a $1.5 trillion cut because it raises $4.5 trillion in taxes elsewhere. But the key question is who gets a tax hike and who gets a tax cut. Put simply, the bulk of the tax cut is going toward the rich, while the tax ...

Industry voices tax bill disapproval

05 Dec 2017
Presiding over the Senate, Vice-President Mike Pence announced the 51-49 vote to applause from Republicans. Sen. Bob Corker, R-Tenn., was the only lawmaker to cross party lines, joining the Democrats in opposition. The measure focuses its tax reductions on businesses and higher-earning individuals, gives more modest breaks to others and offers the boldest rewrite of the ...
- mpamag.com

Senate Passes Sweeping Tax Reform Legislation International Council of Shopping Centers

- icsc.org
05 Dec 2017
The Senate voted early Saturday morning to pass its version of the Tax Cuts and Jobs Creation Act. The vote was 51-49 along party lines. Senator Bob Corker (R-TN) was the only Republican to vote against the bill due to his concerns about adding to the budget deficit.

Democrats, independents oppose GOP tax plan

05 Dec 2017
Gallup last polled Americans' support for a tax plan overhaul during the Reagan administration in 1986. At that time, 39 percent of American adults favored the Republican plan spearheaded by Reagan, compared to just 29 percent of adults overall who support the current GOP plan.
- thehill.com

Senate Democrats falsely claim GOP tax plan will raise taxes for most working The Washington

- washingtonpost.com
05 Dec 2017
"There are different ways to approach the TPC estimates," Veal said. "Key Republicans have been asked whether they could guarantee that no middle-class family will get a tax increase under their plan. Our calculation shows that some households -- 8 million -- making under $86,100 will receive an increase based on TPC's estimates."

Wall Street Fears Trump's Deranged Tax Plan Could Kick Off Economic Euthanasia

05 Dec 2017
"It's a Ponzi scheme," a Wall Street executive told me, dismissing the idea that a multi-trillion dollar tax cut for multinational corporations would trickle down throughout the economy and also pay for itself. It's a view that's widely shared among the bankers, hedge-fund managers, traders, and quants whose job it is to determine, with Vulcan accuracy, how the Republican ...
- vanityfair.com

Why the Republicans are passing a tax plan they know is flawed

- philly.com
05 Dec 2017
President Trump also hinted over the weekend that the 20 percent corporate tax rate might creep up to 22 percent when the Senate bill is reconciled with the House version. That could force some companies to pay the 20 percent alternative minimum tax, which the Senate didn't kill as expected. But paying the AMT would disqualify companies for other corporate tax breaks.

GOP tax plan filled with special interest provisions

05 Dec 2017
The Senate's tax bill lets certain oil and gas firms take advantage of the lower tax rates on pass-through businesses. The provision was added by Sen. John Cornyn, R-Texas, whose campaign has received more than a million dollars in contributions from the oil and gas industry in 2013.
- cbsnews.com

How Would the Senate's GOP Tax Plan Affect Housing

- realtor.com
05 Dec 2017
By nearly doubling the standard deduction, to $12,000 for single tax filers and $24,000 for married tax filers, and getting rid of many other deductions (including for the interest on home equity loans), both plans are expected to discourage taxpayers from itemizing and taking the mortgage interest and property tax deductions. (The Senate plan also keeps a few other ...

GOP tax plan impact on millennials

05 Dec 2017
Now, the GOP will tell you that these cuts will get paid for with economic growth. That's utter nonsense. That 'tax cuts trickle down' myth has been disproven over and over again, and it especially won't work now. As tax economist Martin Sullivan told Business Insider's Bob Bryan, the Senate plan is "crazy" and "stupid" and in part because:
- businessinsider.com

Support Sen Rand Paul Amendment to Preserve Floor Plan Deductibility in Senate Tax Reform Bill

- blog.nada.org
05 Dec 2017
The Paul amendment would incorporate the House tax reform bill (H.R. 1) language, preserving the full deductibility of floor plan financing for a retailer of high-cost inventory such as vehicles, boats, farm equipment, etc., recognizing that limits on floor plan deductibility would disproportionately harm small businesses, particularly during an economic downturn.

What's next on tax reform

05 Dec 2017
Still, the conference committee will have to work hard. They'll have to find agreement amid fierce lobbying from special interest groups determined to squeeze in last-minute changes. And the Senate's close 51-49 vote on Saturday morning underscores Republicans' thin margin for error.
- politico.com
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