COVID-19 & Healthcare

Senate passes GOP tax bill, back to the House for final action of betrayal

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In the end, there was not a single Tea-Publican in the Senate to display courage and conviction of principles to vote against this abomination of a GOP tax bill finaced by $1.5 trillion in debt that future generations will pay. They all failed their “Profiles in Courage” moment.

The GOP’s plutocrat campaign donors and corporate masters demanded a tax cut they did not need and these lickspittle servants of the oligarchy kissed their feet and said  “yes master, your wish is my command.”

In the wee hours of Wednesday morning when decent people were asleep, the Republican Tax Bill Passed the Senate in a 51-48 Vote:

Republicans took a critical step toward notching their first significant legislative victory since assuming full political control, as the House and Senate voted along party lines on Tuesday and into early Wednesday to pass the most sweeping rewrite of the tax code in decades.

The $1.5 trillion tax bill, which is expected to head to President Trump’s desk in the coming days, will have broad effects on the economy, making deep and lasting cuts to corporate taxes as well as temporarily lowering individual taxes.

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House passes GOP tax bill on a party-line vote, moves to the Senate

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House Speaker Paul Ryan, “the zombie-eyed granny starver from the state of Wisconsin,” was so overjoyed with achieving his boyhood dream of sticking it to the working class, the elderly, the disabled, and the poor — the “takers” as his running mate Mitt Romney once referred to them — that he was practically giddy.

That someone takes such pleasure in causing millions of Americans to suffer is pure evil.

The House has passed the abomination of the GOP tax bill on a party-line vote of 2227-203, with only a dozen Tea-Publicans voting no. House passes final tax bill, edging GOP closer to win:

Arizona Congressional Delegation: YEAHS: Biggs, Gosar, McSally, Schweikert; NAYS: Gallego, Grijalva, O’Halleran, Sinema. Not Voting: Franks (seat vacant).

The Senate is expected to pass the bill later on Tuesday, sending it to President Trump’s desk and allowing the GOP to achieve its goal of rewriting the tax code in Trump’s first year in office.

Multiple protesters interrupted House floor debate on the tax bill Tuesday, including people who shouted “kill the bill, don’t kill us!” as well as a woman in a wheelchair who said she relies on Medicaid and warned that the bill would “starve” the public.

One protester even interrupted Speaker Paul Ryan (R-Wis.) as he delivered a floor speech that he’s wanted to give for decades in support of the tax overhaul.

“Today we are giving the [wealthy] people of this country their money back. This is their money, after all,” Ryan said.

A woman in the public visitors’ gallery then shouted, “You’re lying!”

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A government shutdown for Christmas? (Updated)

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Tea-Publicans return to Congress today facing a packed agenda with little time to enact it, as GOP leaders aim to quickly pass their “tax cuts for corporations and plutocrats” bill, and then turn to a budget deal with Democrats before midnight on Friday to avert a government shutdown. GOP faces 5-day scramble to pass tax bill, avoid government shutdown:

Republicans’ tight timing on taxes is self-imposed. GOP lawmakers have for months been racing to meet President Trump’s demand that they send him tax legislation before Christmas — a timeline that gained new urgency when Alabama Democrat Doug Jones won the Senate seat currently occupied by Sen. Luther Strange (R).

GOP leaders hope to hold tax votes early in the week before moving to the budget bill. They need Democrats’ help to pass the budget measure through the Senate, and thus far they have made little progress bringing them aboard amid disagreements over spending levels, protection from deportation for certain undocumented immigrants (DACA) and a federal health insurance program for low-income children (CHIP).

The outcome of the tax votes, however, appears certain after Republican Sens. Marco Rubio (Fla.) and Bob Corker (Tenn.) on Friday pledged their support. The two gave the GOP the Senate votes to pass the bill, even as Sen. John McCain (R-Ariz.), who is battling an aggressive form of brain cancer, returned to Arizona on Sunday. He is not expected to vote on the final bill.

The tax measure’s passage would mark the first major legislative “accomplishment” — defined as actually passing a bill, a low bar — for Trump and GOP leaders in a year of stumbles, the products of months of negotiations and late adjustments aimed at winning over the last holdouts.

It’s only an “accomplishment” for the oligarchy, not the American people:

Congress’ nonpartisan tax analysts, joining several other nonpartisan assessments, concluded that the bulk of the bill’s benefits would go to the wealthy and corporations. Those analyses have also projected that the cuts will produce far less economic growth than Trump and administration officials are promising.

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2018 World Inequality Report: inequality in U.S. is a result of deliberate policy decisions (updated)

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Christopher Ingraham at the Washington Post reports, U.S. lawmakers are redistributing income from the poor to the rich, according to massive new study:

Back in 1980, the bottom 50 percent of wage-earners in the United States earned about 21 percent of all income in the country — nearly twice as much as the share of income (11 percent) earned by the top 1 percent of Americans.

But today, according to a massive new study on global inequality, those numbers have nearly reversed: The bottom 50 percent take in only 13 percent of the income pie, while the top 1 percent grab over 20 percent of the country’s income.

Since 1980, in other words, the U.S. economy has transferred eight points of national income from the bottom 50 percent to the top 1 percent.

That trend is even more remarkable when you set it against comparable numbers for wealthy nations in Western Europe. There, the bottom 50 percent earn nearly 22 percent of the income in those economies, while the top 1 percent take in just over 12 percent of the money.

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The income situation in Western Europe today, in other words, is similar to how things were in the United States nearly 40 years ago.

The 2018 World Inequality Report, written by a team of leading international economists including Thomas Piketty of “Capital in the Twenty-First Century” fame, finds that the rise of income inequality in the United States is “largely due to massive educational inequalities, combined with a tax system that grew less progressive despite a surge in top labor compensation since the 1980s, and in top capital incomes in the 2000s.”

Since the 1970s the price of higher education has skyrocketed, putting the price of tuition out of reach for many low-income students. Over the same time, the tax code became more generous to the wealthiest Americans — the top marginal income-tax rate fell from 70 percent in 1980 to 39.6 percent in 2017, taxes on capital gains fell by more than half from the mid-1970s to the mid-2000s, and the estate tax has fallen as well.

Those changes have made it easier for high-income Americans to grab more and more of the income pie in any given year.

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Michael Bloomberg on the #GopTaxScam

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Ady Barkan, an activist who has ALS and who works with the Center for Popular Democracy, has set up a web site titled stopgoptaxscam.com. It is a useful resource guide (h/t for the graphic, right).

Addressing the merits of the “GOP tax scam” is former New York Mayor Michael Bloomberg, in an op-ed appearing at his Bloomberg News website. This Tax Bill Is a Trillion-Dollar Blunder:

Last month a Wall Street Journal editor asked a room full of CEOs to raise their hands if the corporate tax cut being considered in Congress would lead them to invest more. Very few hands went up. Attending was Gary Cohn, President Donald Trump’s economic adviser and a friend of mine. He asked: “Why aren’t the other hands up?”

Allow me to answer that: We don’t need the money.

Corporations are sitting on a record amount of cash reserves: nearly $2.3 trillion. That figure has been climbing steadily since the recession ended in 2009, and it’s now double what it was in 2001. The reason CEOs aren’t investing more of their liquid assets has little to do with the tax rate.

CEOs aren’t waiting on a tax cut to “jump-start the economy” — a favorite phrase of politicians who have never run a company — or to hand out raises. It’s pure fantasy to think that the tax bill will lead to significantly higher wages and growth, as Republicans have promised. Had Congress actually listened to executives, or economists who study these issues carefully, it might have realized that.

Instead, Congress did what it always does: It put politics first. After spending the first nine months of the year trying to jam through a repeal of Obamacare without holding hearings, heeding independent analysis or seeking Democratic input, Republicans took the same approach to tax “reform” — and it shows.

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