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GOP May Have Necessary Votes to Pass Controversial Tax Bill

by | Nov 30, 2017 | Taxes

On the eve, (possibly even the day) of the Senate vote on the “much debated” tax bill, the scale seems to be tilting toward passing. The announcement by Senator Mitch McConnell (R-KY) that he is confident they have the votes to pass the bill, followed by Senator John McCain (R-AZ) stating he will vote yes, has sent Republicans and the stock market into a giddy frenzy. 

For those of us who are “conservative” in our faith that GOP lawmakers can get past their agendas and vote in the best interest of their constituents, we remain cautiously optimistic.

As an Arizona voter, it would not be the first time I’ve seen Mr. McCain say one thing and do the other. Unfortunately, over the past few days, we have seen the bill changed numerous time by those in the swamp who know how to play the game. The media just fuels the fire by pushing anything anti-Trump with no regard to reality.

What does seem obvious is that the GOP finally got the message of “do or die,” regardless of what they end up including in the bill.  Most agree they should include provisions which help small businesses, who pay taxes via pass through, by equalizing the playing field with larger corporations.  Also, it is not a bad idea to have a trigger built into the bill which deals with the deficit should the economic growth not come to fruition.  Even increasing the corporate rate from 20% to 22% should not be a show stopper. The hypocrisy lies with those senators who are looking for a “what’s in it for me” inclusion.  For example, the delay of the procedural vote as senators worked through language that would open a part of Alaska’s Arctic National Wildlife Refuge to drilling to get a yes vote from Senator Lisa Murkowski (R-AK).  It seems that the remaining holdouts, like Ms. Murkowski, are just playing the table to get what they want to help their state.

There are murmurs that a Dem or two might come to their senses and vote in favor of the bill.  Now wouldn’t that truly be an early Christmas present?  I don’t know that I’m gonna hold my breath for that one!

Getting over this hurdle would be a huge victory for the Republican Party and President Trump.  Finally, after 30 years of drought, hard-working Americans would start seeing positive movement not only in the economy at large, but also in their paychecks.  It seems that we will know the fate of the bill and our nation soon.

 

Read More From Teresa J. Read, CPA

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