(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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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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Could they hash this all in conference? They could both agree and send it to the Desk for signing?
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They'll have to hash it out in conference. But if the result is even a tiny bit different than what a chamber passed, that chamber has to hold a vote to pass the conference version.
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So they have put this bill in jeopardy on a technicality? I find it hard to believe they wouldn’t all agree to cancel or reduce the AMT.
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Minimum: they'll need to hold another vote. Which means there's more time for debate, constituent pressure, etc. Either way, it won't be simple. The higher AMT raised more revenue, allowing it to pass by Senate rules. If they lower the AMT, they have to raise money elsewhere.
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Good point. Makes for some interesting backpedaling.
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