Senate GOP tax bill hurts the poor more than originally thought, CBO finds

By 2019, Americans earning less than $30,000 a year would be worse off under the Senate bill, CBO found. By 2021, Americans earning $40,000 or less would be net losers, and by 2027, most people earning less than $75,000 a year would be worse off. On the flip side, millionaires and those earning $100,000 to $500,000 would be big beneficiaries, according to the CBO’s calculations. (In the CBO table below, negative signs mean people in those income brackets pay less in taxes).

Republicans say they have the votes! They're going to pass a massive tax reform bill Friday night that would permanently lower corporate tax rates and undo the Obamacare individual coverage mandate. And a bunch of other stuff. We're not exactly sure about everything it would do yet. Why? Because we haven't read the tax reform bill.

Nobody has. Even the lawmakers who are about to vote on it. It's still being written.

Sen. Elizabeth Warren, a Democrat from Massachusetts, said Republican senators just released the bill, which is about 500 pages. She said she has an hour to read the bill, along with several pages of edits, before she votes.

"I spent more than an hour making a decision about the refrigerator that we recently bought," Warren said.

The Senate is about to vote on a tax bill it's still writing

Senate tax bill passes, 51 to 49. Sen. Bob Corker (TN) was the one Republican no vote. The bill has to be reconciled with the House bill before sending to the President for a signature.

• $1 trillion deficit increase that congressional scorekeepers say will result from the bill
• lower the corporate tax rate from 35 percent to 20 percent, starting in 2019.
• The Senate tax bill would also temporarily cut tax rates for families and individuals until 2025
• will subject fewer people to the estate tax, but not eliminate the tax
• repeals the individual mandate from the Affordable Care Act
• curtailing deductions for state and local taxes
• scaling back alternative minimum tax for individuals and companies
• allow pass-through businesses and C corporations to deduct 23 percent of their income from their taxes and then pay taxes on the remaining income
• expanding the use of education savings accounts to allow them to apply to expenses for religious schools and homeschooled students

Other proposed measures for the Senate tax bill included:

• lifting of a 1954 ban on political activism by churches
• conferring of a new legal right for fetuses
• could trigger rules mandating cuts to Medicare
• tax investment earnings from university endowments (believe this is for private universities)

However, it is unknown yet if these measures got in the final bill. The bill is approx. 500 pages with changes handwritten in the page margins.

Andrew Desiderio in the Daily Beast - House Republicans Already Shooting Down Tax Bill's Promises

Moving the Collins and Flake deals through the House was always going to be an uphill climb, with a conservative bloc sharply opposed to both measures, having dubbed DACA a de facto form of amnesty and arguing that the health insurance market stabilization bills that Collins supports are tantamount to a bailout for health insurers and what they view as a broken system. On Monday, those conservatives railed against McConnell for making promises on legislation that they have long opposed.

Samantha Bee on tax bill