Dark Moment for America as Senate Passes Tax Bill in the Middle of the Night
Long after midnight, following a chaotic scramble that saw tax legislation being re-written on the fly, with handwritten edits in the margins and full pages crossed out, Senate Republicans passed the Tax Cuts and Jobs Act – a bill that would ultimately hike taxes on millions of middle-class Americans, swell the ranks of the uninsured by 13 million and explode deficits by $1.4 trillion in the first decade alone.
The winners in this bill are the Republican donor class: Corporations that would see their tax bills slashed by more than 40 percent – and get to bring home trillions in offshored profits at shamefully discounted tax rates as low as 7.5 percent; executives at companies with "pass through" earnings, who would get to deduct nearly a quarter of that income; heirs who would get richer from a doubling of the estate tax exemption, to $22 million for couples; and even private jet owners, who would get to deduct aircraft maintenance from their taxes.
The winners in this bill are the Republican donor class: Corporations that would see their tax bills slashed by more than 40 percent – and get to bring home trillions in offshored profits at shamefully discounted tax rates as low as 7.5 percent; executives at companies with "pass through" earnings, who would get to deduct nearly a quarter of that income; heirs who would get richer from a doubling of the estate tax exemption, to $22 million for couples; and even private jet owners, who would get to deduct aircraft maintenance from their taxes.
http://www.rollingstone.com/politics/features/dark-moment-for-us-senate-passes-tax-bill-late-at-night-w513125?utm_source=rsnewsletter&utm_medium=email&utm_content=daily&utm_campaign=120317_12
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