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Sen. John McCain will support tax bill, boosting its chances of passing

Erod

Erod

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https://www.cnbc.com/2017/11/30/mccain-will-support-senate-tax-bill-boosting-chances-of-passage.html

Sen. John McCain will back the Senate GOP's tax bill, increasing the plan's chances of clearing the Senate by Friday.

McCain was one of the last GOP senators who had not committed to supporting the proposal.

"After careful thought and consideration, I have decided to support the Senate tax reform bill," McCain said in a statement Thursday. "I believe this legislation, though far from perfect, would enhance American competitiveness, boost the economy, and provide long overdue tax relief for middle class families."
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That should just about do it.
 
Kind of a shame imo, the middle class should be getting the tax cuts, not the wealthy.
 
Meh, it will come out in the wash. Midterms should be interesting.
 
Erod said:
https://www.cnbc.com/2017/11/30/mccain-will-support-senate-tax-bill-boosting-chances-of-passage.html

That should just about do it.
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When he says this, "and provide long overdue tax relief for middle class families" he's really lying. What he should have said is it "provides long overdue tax relief for our donors, who have paid good money for years for this tax bill and we are delivering on our promises to our wealthy puppet masters."

The bill gives very small, and temporary, tax relief to some middle class families. And these guys who care about deficits - how are they going to pay for $150 billion in immediate spending cuts required under Paygo? Or the $10 trillion in projected deficits without this new tax bill? That's going to hit "middle class" families and the poor and old in some way because that's where we spend our money.

Etc.

It's really disappointing that even guys like McCain, Flake and Corker who aren't running for reelection are falling on their swords to pass this POS bill.
 
Oh, well, after all McCain is a republican. The next round of elections should be interesting. I wonder if female candidates from both parties will fare better with all the stuff coming up about so many powerful men? We'll see.
 
Well this is somewhat disappointing.
 
CriticalThought said:
Meh, it will come out in the wash. Midterms should be interesting.
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Democrats better be working hard on a message that will get voters out and to the polls in at-risk states red seats and vulnerable blue seats. They cannot just run on a platform of "Trump is bad, we aren't Trump."
 
I see that we have settled on window dressing legislative processes for regular order.

I thought his roar was more Henry Clay than it was.


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Lerxst said:
Democrats better be working hard on a message that will get voters out and to the polls in at-risk states red seats and vulnerable blue seats. They cannot just run on a platform of "Trump is bad, we aren't Trump."
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Funny thing about passing a very unpopular tax cut for the wealthy...it kinda writes the campaign slogans for the Democrats.
 
CriticalThought said:
Funny thing about passing a very unpopular tax cut for the wealthy...it kinda writes the campaign slogans for the Democrats.
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That’s the dumb thing about it. I don’t think most Americans care about the corporate tax rate and would be quite fine with lowering it. But you have to build a bill around the middle class and foster aspiration, such as higher education or child rearing relief. Instead, we’re largely getting the exact opposite.


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akyron said:
Who do you think hires?
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Apparently not the people getting the tax cut.

https://www.bloomberg.com/news/arti...ses-undercut-by-ceo-plans-to-reward-investors

Major companies including Cisco Systems Inc., Pfizer Inc. and Coca-Cola Co. say they’ll turn over most gains from proposed corporate tax cuts to their shareholders, undercutting President Donald Trump’s promise that his plan will create jobs and boost wages for the middle class.

The president has held fast to his pledge even as top executives’ comments have run counter to it for months. Instead of hiring more workers or raising their pay, many companies say they’ll first increase dividends or buy back their own shares.
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Oh wait...you thought giving more money to corporations that are already flush with cash and who are not hiring would magically inventivize them to hire? How does that work exactly?
 
JasperL said:
When he says this, "and provide long overdue tax relief for middle class families" he's really lying. What he should have said is it "provides long overdue tax relief for our donors, who have paid good money for years for this tax bill and we are delivering on our promises to our wealthy puppet masters."

The bill gives very small, and temporary, tax relief to some middle class families. And these guys who care about deficits - how are they going to pay for $150 billion in immediate spending cuts required under Paygo? Or the $10 trillion in projected deficits without this new tax bill? That's going to hit "middle class" families and the poor and old in some way because that's where we spend our money.

Etc.

It's really disappointing that even guys like McCain, Flake and Corker who aren't running for reelection are falling on their swords to pass this POS bill.
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Just by Repealing Obama executive orders and instructing the IRS not to enforce Obamacare, President Trump has created the best economy in 16 years that over the last 6 months improved faster than it has in 35 years. He is already having no problem with the middle class, after the results of this bill they will be wanting to change an Amendment to give him a 3rd term.
 
Casca XV said:
Just by Repealing Obama executive orders and instructing the IRS not to enforce Obamacare, President Trump has created the best economy in 16 years that over the last 6 months improved faster than it has in 35 years. He is already having no problem with the middle class, after the results of this bill they will be wanting to change an Amendment to give him a 3rd term.
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LOL! Where'd you study economics? A welding academy? Correlation does not imply causation, no matter how much you need it to.
 
akyron said:
So you appear to think shareholders have no incentive to have their companies prosper.. That seems odd.
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They already are prospering. Labor is a COST. Shareholders want companies to reduce costs and increase profits. If anything, shareholders would be happier to see labor replaced with cheaper automation and foreign labor, both of which this bill also does.

Trump Tax Plan Gives Jobs Away to Robots and Will Increase Unemployment

The plan that Republicans call a "jobs bill" in fact encourages corporations to send work offshore and replace labor with machines, negating Trump's campaign promise to bring back American jobs.

Tax advantages for businesses make up the vast majority of the Senate tax plan, at 60 percent of the total cost. Some of these incentives are structured to incentivize companies to automate and reduce American jobs.

“We are creating huge subsidies in our tax code for capital and encouraging employers to use machines instead of labor,” said Daron Acemoglu, an MIT economics professor.

The bill includes a provision called "Full and Immediate Expensing" that allows a company to deduct the cost of any new asset right away instead of when it sells the asset or as deductions depreciate over time. That means a company can take out a cheap loan, use it to purchase an expensive machine, and write it off immediately. Some economists argue that this could spur companies to favor automation over jobs and to invest in robots over people.
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Still waiting to hear how this is all going to work out magically into more hiring.
 
Casca XV said:
Just by Repealing Obama executive orders and instructing the IRS not to enforce Obamacare, President Trump has created the best economy in 16 years that over the last 6 months improved faster than it has in 35 years. He is already having no problem with the middle class, after the results of this bill they will be wanting to change an Amendment to give him a 3rd term.
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Delusional. There are not a lot of significant differences between the economy under Obama and the economy under Trump.
 
Casca XV said:
Just by Repealing Obama executive orders and instructing the IRS not to enforce Obamacare, President Trump has created the best economy in 16 years that over the last 6 months improved faster than it has in 35 years. He is already having no problem with the middle class, after the results of this bill they will be wanting to change an Amendment to give him a 3rd term.
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Uh huh.
8ae8485625ea96d55bb041a1328abbbc.jpg


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CriticalThought said:
Delusional. There are not a lot of significant differences between the economy under Obama and the economy under Trump.
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You obviously are not keeping up with current events.

Most Job openings in 17 years. Highest consumer confidence in 18 years. The first actual Blue Collar income increases compared to inflation in 16 years. Fastest economy improvement in 35 years over the last 6 months.

Just because MSM is desperately ignoring it doesn't mean it is not happening.
 
Casca XV said:
You obviously are not keeping up with current events.

Most Job openings in 17 years. Highest consumer confidence in 18 years. The first actual Blue Collar income increases compared to inflation in 16 years. Fastest economy improvement in 35 years over the last 6 months.

Just because MSM is desperately ignoring it doesn't mean it is not happening.
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Partisan economic perception is reality. You know what happened in the last year? The number of Democrats who thought the economy was going well dived, while the really low number of Republicans who thought the economy was going well soared.

The reason for that change despite minor adjustments all throughout? You're all full of crap.

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