new tax cuts trigger automatic spending cuts, including to Medicare *without congressional approval

[riversedge]

What a way to start the Holiday season!!!


This brutal chart shows what happens when the Senate tax cuts sunset

https://www.marketwatch.com/story/this-brutal-chart-shows-what-happens-when-the-senate-tax-cuts-sunset-2017-11-16?utm_medium=referral&utm_source=idealmedia&utm_campaign=marketwatch.com&utm_term=68814&utm_content=2154652



Published: Nov 17, 2017 9:09 a.m. ET





By Steve Goldstein
D.C. bureau chief

The Joint Committee on Taxation on Thursday released its distributional analysis of the new version of the Senate tax cut plan — and it shows a pretty ugly result over the longer term.

In a decade’s time, every tax bracket up to $75,000 will see higher — not lower — taxes under the Senate’s version of the Tax Cuts And Jobs Act. That’s because the law sunsets the individual elements of the tax plan, but keeps the business-side cuts.

Republicans say that the sunset element is simply to meet budget rules.

“Ten years is a long time, so plenty of time for legislation to correct some of that,” said Rep. Jason Lewis, a Minnesota Republican, in an interview on CNN on Thursday.

However, Congress in the past has been unable to pick the lock of constraints, such as the automatic spending cuts known as the sequester. More recently, the Children’s Health Insurance Program has expired despite having bipartisan support.
See Also
Tax Overhaul Faces Tough Road Before Holiday Break

These new tax cuts will trigger automatic spending cuts, including to Medicare, without congressional action.

Read: How Medicare could see a cut thanks to the House tax bill

The Senate’s program looks far more attractive in the short term — the JCT’s score shows every bracket getting a cut, with the average tax rate falling to 19.1% from 20.7%.

Read: The Trump tax calculator — will you pay more or less? ...............

[Cicada]

1. Susan Collins got a letter from McConnell that this will be changed

McConnell said a law will pass undoing the law cutting medicare

[underpants]

2. She should have read it more completely

It was signed "Epstein's Mother"

[Farmer-Rick]

3. Since this passed with a simple majority

Was it passed through reconciliation? It's about budgets and financial issues so it would meet the criteria for reconciliation.

So, that means we can repeal it with a simple majority. So when we take back Congress, we can change it.

[dalton99a]

4. And Trump will veto it

You need a super majority in both houses

[MrsCoffee]

5. He wont be around much longer. They dont need him anymore.

[Hoyt]

6. Within 10 years, if we can't get a Democratic Prez and at least one house in Congress . . . . . .

This tax plan -- assuming it is enacted into law with the provisions opposed -- is not the end of the world. It's definitely not good, ill-conceived, unfair, a waste of other opportunities, and probably worse. But, it is not the end of the world, and it can be changed.