Deacfreak07
Ain't played nobody, PAWL!
According to NYMag, in its rush to pass the bill without actually reading it the Senate GOP accidentally killed all corporate tax deductions.
http://nymag.com/daily/intelligence...ally-killed-all-corporate-tax-deductions.html
"The GOP had originally intended to abolish the AMT. But on Friday, with the clock running out — and money running short — Senate Republicans put the AMT back into their bill. Unfortunately for McConnell, they forgot to lower the AMT after doing so.
This is a big problem. The Senate bill brings the normal corporate rate down to 20 percent — while leaving the alternative minimum rate at … 20 percent. The legislation would still allow corporations to claim a wide variety of tax credits and deductions — it just renders all them completely worthless. Companies can either take no deductions, and pay a 20 percent rate — or take lots of deductions … and pay a 20 percent rate.
With this blunder, Senate Republicans have achieved the unthinkable: They’ve written a giant corporate tax cut that many of their corporate donors do not like."
McConnell’s mistake has two big implications. First and foremost, it means the Senate will almost certainly have to vote on a tax bill again before one goes into law. Previously, it looked as though Paul Ryan had enough votes in the House to pass the Senate bill as is. This took pressure off the party’s conference committee (the House and Senate leaders tasked with reconciling each chamber’s bills). Worst-case scenario, the House could just rubber-stamp the Senate’s work. Now, that option is deeply undesirable. It remains overwhelmingly likely that Republicans will pass a giant tax cut. But their task is now a bit more difficult.
The second implication is that McConnell is going to need new revenue. In all probability, Republicans are going to drop the alternative-minimum tax rate well below 20 percent. That will put the bill’s price tag over $1.5 trillion. Right now, some of the House’s most heinous revenue raisers — including the infamous tax on graduate student tuition — are not in the Senate bill. Chances are now somewhat higher that these odious provisions will make it into the final legislation, as Republicans will once again be desperate for pay-fors. That said, it’s also possible that the GOP will simply revise their bill’s corporate rate up to 22 percent, now that President Trump has given the party permission to do so.
Regardless, the AMT fiasco is bound to be the tip of an iceberg of unintended consequences. Senate Republicans wanted to pass their (indefensible) tax bill before anyone had time to figure out what was in it. They succeeded a bit more literally than they’d planned."
#RushTheProcess