Tag Archives: class warfare

Evil GOP bastard Paul Ryan declares a class war on Americans

Last week I told you about the devil’s bargain that the mythical moderate from Maine, Sen. Susan Collins, made in exchange for her vote on the Senate GOP tax bill. The Senate GOP tax bill is also an assault on health care (excerpt):

The Congressional Budget Office (CBO) has now scored the bill negotiated by Sens. Lamar Alexander (R-TN) and Patty Murray (D-WA) to stabilize the “Obamacare” market, and it also comes up woefully short. The CBO just released a report that should worry Sens. Susan Collins and Lisa Murkowski:

A new report from the Congressional Budget Office dealt what should be a crushing blow to the tax bill: The deal that was crafted to win key senators who objected to the bill’s provision that would leave millions uninsured won’t actually stanch the loss in coverage.

With moderates expressing concern over a provision that would repeal Obamacare’s individual mandate — leaving an estimated 13 million more uninsured by 2027 — Republican leadership hatched a plan to simultaneously pass a bill to stabilize the Obamacare marketplaces, a proposal negotiated by Sens. Lamar Alexander (R-TN) and Patty Murray (D-WA).

But this proposal hit a major snag Wednesday when a new CBO report found passing the Alexander-Murray proposal — the centerpiece of which is funding Obamacare’s cost-sharing reduction subsidies that Trump has threatened to pull — would not in fact help mitigate the coverage losses and premium hikes triggered by repealing the individual mandate.

But wait, there’s more. In making this deal with the devil, Sen. Collins forgot about the other devil with whom she actually needed to negotiate, i.e., the GOP’s alleged boy genius and Ayn Rand fanboy, Paul Ryan, “the zombie-eyed granny starver from the state of Wisconsin.”

Boy genius says “Deal, what deal? I have no deal with Sen. Collins.”

Steve Benen reports, Paul Ryan wasn’t part of Susan Collins’ tax deal:

Sen. Susan Collins (R-Maine) surprised many when she threw her support behind the Republicans’ tax plan on Friday. Among other things, independent estimates showed that the GOP proposal would leave 13 million Americans without health insurance, and that’s ordinarily the sort of thing the Maine Republican would care about.

As part of an explanation, Collins said she’d reached an agreement with party leaders for votes on two other pieces of legislation, which she believes would mitigate the harm done by the GOP tax plan. There are, however, two problems with this, the first being that the proposals Collins has in mind appear inadequate to address the systemic harm done by her party’s proposal.

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‘A Republican Party whose only purpose is to comfort the already extremely comfortable’

In Senate Tea-Publicans’ mad dash to rewrite the tax code on Friday, lawmakers added loopholes for the wealthy but tightened deductions for middle-income workers. Tax Bill Offers Last-Minute Breaks for Developers, Banks and Oil Industry:

The overhaul by Republican lawmakers of the nation’s tax laws percolated for weeks with virtually no public input, and by the end it turned into a chaotic mad dash with many last-minute changes on Friday night and Saturday morning, some handwritten in the margins of the nearly 500-page bill.

Even hours after the Senate vote, tax experts were scratching their heads over precisely what had made it into the final version of the bill and the impact of some significant provisions.

Still, it was clear that many changes expanded tax benefits for the wealthiest taxpayers, while other attempts to close loopholes fell by the wayside. The bill would add $1 trillion to deficits over the coming decade.

Far from simplifying taxes, the bill opened up a whole range of tactics [for busnesses] to lower the amount owed to the Internal Revenue Service.

Lower Taxes for Top 1 Percent

One of the bill’s biggest windfalls for the wealthy — cutting taxes on income received through so-called pass-through entities like partnerships, popular with real estate developers — got even more generous. The richest taxpayers will be taxed at a rate of about 29.6 percent on such income, a big cut from the current top federal income tax rate of 39.6.

The ever-lengthening list of income that will be taxed at a cut-rate could be seen as “a Donald J. Trump loophole,” said Steven M. Rosenthal of the nonpartisan Tax Policy Center.

That expansion would cost the government $114 billion more than an earlier version of the proposal. The provision would lower rates for taxpayers simply if their businesses are organized as partnerships or other entities whose tax burdens flow to the individual. Half of that type of income goes to the top 1 percent of taxpayers, according to the Tax Policy Center. In total, that tax cut will cost the government about $476 billion over the coming decade.

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