(THREAD) Epic screw-up in the tax bill the Senate just passed. They lowered the corporate rate to 20%, but accidentally put in an alternative minimum tax (AMT) of 20%. That's right. The same rate. (Maybe rushing it through wasn't the best idea). Here are some implications:
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But the epic screw-up--reinstating an AMT but accidentally making it the same as the normal rate--means the House can't pass the Senate version. Well, they could. But then it wouldn't funnel as much money to people with a lot of money. Plus there are other, lesser screw-ups. 7/x
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There's going to be another Senate vote on the tax bill. Republicans could write a better bill. Maybe something like Reagan's 1986 bipartisan tax reform. If not, Americans who disagree with Republicans' current approach to taxes have another shot to stop them. 8/x
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Meanwhile, government funding is almost out. Because some Republicans won't vote for a spending bill without large cuts first, avoiding a shutdown requires Democratic votes. That gives Democrats leverage. And a shutdown means no votes on normal business, including tax bills. 9/x
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In trying to rush their overhaul of the tax system, Senate Republicans accidentally passed something that angers, rather than pleases many of their donors. They almost certainly won't be able to pass something this year. If you want to fight about it, you've still got time. (END)
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