Senate Republicans Are Scrambling to Rewrite Their Tax Bill After a Mini-Rebellion
People walk outside the US Capitol on Thursday as Senate Republicans work to pass their tax bill.Jose Luis Magana/AP Senate Republicans learned Thursday evening that they have a $350 billion problem. The news came as senators congregated on the chamber’s floor for a procedural vote, and lead to a tense intra-party showdown that left Majority…
The Republican Tax Bill Would Gut Affordable Housing in America
A building in Worcester, MA that will soon get upgrades thanks to the low income housing tax creditCourtesy of The Community Builders A few months before the 2016 election, residents of an old affordable-housing complex near downtown Worcester, Massachusetts, were about to get some long overdue upgrades. The 132-unit building had been locked into 40…
Tax Bill Update: Maybe 20% Won’t Fly?
Patrick Pleul/DPA via ZUMA Our story so far: Republican Deficit Hawks: We won’t vote for the tax bill if it increases the deficit. GOP Leadership: No problem. Lower taxes will supercharge the economy so much that it will cause revenue to go up. The tax bill will actually cut the deficit! RDH: Uh huh. Can…
The Environmental Disaster Tucked Into the Tax Bill
The Arctic National Wildlife Refuge (ANWR)fazeful/Getty The Arctic National Wildlife Refuge—recognized for its picturesque vistas and wildlife—has been a battleground for Democrats and Republicans for years. The 20-million-acre park sits above large oil and gas reserves, which Republicans, including Sen. Lisa Murkowski (R-Alaska), have eyed as a huge source of revenue for the state. Several…
Elizabeth Warren Just Sent a Scathing Letter to Treasury Secretary Steve Mnuchin About His Tax Bill Charade
Sen. Elizabeth Warren, D-Mass., questions Treasury Secretary Steve Mnuchin during a Senate Banking Committee hearing earlier this year. Tom Williams/CQ Roll Call via AP Images Update: On Thursday night, the Treasury Department’s Inspector General’s office launched an inquiry into whether the department performed an analysis of the Senate tax bill. The Inspector General’s office counsel…
JCT: Even With Dynamic Scoring, Republican Tax Bill Will Still Cost $1 Trillion
Republicans in Congress were desperately hoping that the Joint Committee on Taxation wouldn’t have time to perform a dynamic estimate of their tax bill before they passed it. But the JCT wonks put in some overtime and got the job done. Yay wonks! Here’s the result: Over ten years, the tax bill will increase the…