(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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Turns out Republicans passed something like actual corporate tax reform. It effectively wiped out a bunch of deductions (since claiming them doesn't result in savings) and lowered rates. Companies will compete based on who has the best business, not who has the best lobbyists 2/x
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But companies are pissed. Especially well-connected companies that got the government to give them special tax breaks. Real tax reform is a great idea. But that wasn't Republicans' main goal. Now the bill doesn't funnel nearly as much money to rich people as they thought. 3/x
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That means the Senate has to pass another tax bill. Lower the corporate rate *and* makes sure they can keep their tax breaks. Of course, they could roll with real tax reform instead. That would help the countr-- ah, who am I kidding? 4/x
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Replying to @NGrossman81
Add to that Chuck Grassley's comments about the estate tax repeal and it makes the Republicans look even more ridiculous
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That was such a great line. Maybe it won't last as long as calling the internet "a series of tubes." But it's up there.
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