Haven't been paying attention? Here is some background information on tax legislation. After catching up, take the poll.
Ready or not, here it comes. Maybe. Senate Majority Leader Mitch McConnell said this morning he has enough votes to pass the sweeping tax overhaul bill. If so — and the state of play might still change — the result would be reconciled with the House version and go to the White House for the president’s signature. Unified Republican control of the federal government would have its first big legislative win.
The bill is big and complex, being rewritten on the fly, so it’s difficult to know what’s in it. The legislation was unusually rushed, especially for a broad bill with the ability to bring wide-ranging change beyond mere tax rates. It was also unpopular with Americans, according to polling. Major Republican donors expect this bill, and they will apparently get what they paid for.
Haven’t been paying attention? See the links below and then vote:
• Over 10 years, tax bill will increase deficit by 1.4 trillion | Congressional Joint Committee on Taxation
• It started as a tax cut, now it could change American life | The Seattle Times
• Why Senate Republicans are rushing to pass an unpopular tax bill | The Washington Post
• Tax bill would generate little real economic growth | Tax Policy Center
Today’s Econ Haiku:
Hedge fund tax scammers
‘Getting away with murder’
They showed us, crime pays