https://genxmillennlatino.blogspot.com/2017/11/republican-rushing-tax-bill-its-headed.html
...I see the following news on Twitter:
"McCain backs GOP tax bill as Senate vote looms"
"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,” McCain said in a statement. “This is not a perfect bill, but it is one that would deliver much-needed reform to our tax code, grow the economy, and help Americans keep more of their hard-earned money.”
The legislation, which would slash the corporate tax rate and lower rates for many individuals, would increase the deficit by about $1.5 trillion over ten years, and deficit hawks fear the true cost of the plan is much higher.
Democrats have also blasted Republicans for rushing the bill to the floor while considering significant 11th-hour changes to the sprawling tax code rewrite.
“This is tax, one of the most complicated issues before us,” Senate Minority Leader Chuck Schumer said on the floor Thursday. “These changes and the way the majority leader is handling this make it impossible for any independent analyst to get a good look at the bill and how it would impact our country.”
I am well aware the (post Citizens-United) wealthy donors' voice is a lot more powerful than that of an average voter like myself, but it is still sobering to see it play out so clearly in front of me.
With this bill on the verge of passing, we all know the corporate tax will get slashed (though we don't know how massive the cut). However, we don't know what the consequences will be for the middle-class in the foreseeable future. The bill is being rushed for a reason, republicans don't want the majority of the American people to see what's in the bill. & I bet even they don't fully comprehend what's in it since they've "yet to see an analysis by the Joint Committee on Taxation". Nevertheless, the wealthy donors want it, so the GOP will most likely pass it:
"Republican Tax Bill Moves Closer to Senate Passage"
"Critical components of the bill remain unfinished, including the size of the corporate tax cut and whether it will retain any ability for individuals to deduct state and local taxes. Senators also have yet to see an analysis by the Joint Committee on Taxation that will project the bill’s likely effects on the American economy and federal budget deficits. The unfinished measures most notably include a provision to satisfy Republican deficit hawks, who form a large enough voting bloc that they could delay the bill or force substantial changes to it.
Still, Republican leaders expressed optimism that they were close to approving the bill."
