Thu
Dec 21 2017
07:24 am
By: R. Neal  shortURL

I'm sure we'll hear more about the double secret Trump/GOP tax bill in the coming days and weeks. Here are a couple of oddities.

College sports will take a hit with a new 21% excise tax on coach's salaries over $1 million. (Actually, the top 5 employees making over $1 million, which usually means coaches.) It appears that UT will have to pay the IRS nearly $800,000 on top of what they're paying new head coach Jeremy Pruitt. It seems the tax also applies to buyouts, so they it appears they will also have to pay an extra $1.7 million for Butch Jones' buyout.

Also, donations tied to getting season tickets will no longer be tax deductible. Which is probably why athletic departments are sending out notices to boosters to get their donations in before the end of the year.

A totally unrelated change involves reducing the tax on pass-through income. Republicans call this a "small business tax cut." Trump also benefits. It affects companies who pass all earnings through to owners/shareholders who pay the individual tax rate on the income from the earnings. The tax bill allows for deducting 20% of the pass-through income. Or something. It's complicated. I thought Republicans wanted to simplify the tax code?

And speaking of Trump, he will personally save $15 million under the bill, and members of his cabinet will save millions more. And so will Sen. Bob Corker, who curiously switched his vote after first opposing the bill.

Also, Trumpublicans are claiming they have finally repealed Obamacare by eliminating the individual mandate. Not quite, but it is yet another gash in Obamacare's death of a thousand cuts.

Meanwhile, Republicans still refuse to fund CHIP, the insurance program for needy children.

If all that isn't enough to make you ill, watch this. (And keep in mind this is what you get if we impeach Trump.)

Mike Knapp's picture

We heard the back-up beep of the heist truck from a mile away

They're stealing with both hands now.

These pages have been very clear about how bad this bill is. These people are shameless.

Not only is the tax bill worse than what was being discussed in mid-November additional ancillary policies meant for the upper classes will compound current and future troubles for the working class. One example - look at what Trump's labor department is proposing - a proposed rule that would allow an employer to legally pocket waitstaff tips as long as the tipped waitstaff earns the minimum wage.

Another example - what does this tax bill do to state and local revenue streams as a consequence of capping federal tax deductions for state and local taxes at $10,000? Fitch ratings has thoughts.

Finally - now that the GOP refuses to invest in the Children's Health Insurance Program and is forcing states to pay for coverage, what kinds of cuts to Medicaid, Medicare and other public health programs will be necessitated as the GOP uses funding CHIP as a bargaining chip?

Seeing the threat clearly is critical and perhaps motivational enough to last longer than election cycles.

Organize, donate funds, door knock, support those in the breach, prepare for "fixing the debt" and a probable Muller/Rosenstein firing.

(Anonymous)'s picture

Giving billions away to their

Giving billions away to their wealthy donors and cutting healthcare for poor kids, what a bunch of damn losers! Pence, Ryan, McConnell, Hatch etc. bowing down to their mentally ill leader, not exactly a case of Profiles in Courage! I knew many Republicans were mean spirited and evil, but in 2017 they have proven how totally immoral and gutless they really are.

(Anonymous)'s picture

Heck....I don't want to be

Heck....I don't want to be anonymous. I am proud of being right and writing the above!
Michael L. Daugherty

R. Neal's picture

Also, forgot about this one.

Also, forgot about this one. Back door, taxpayer funded vouchers that bypass pesky state laws:

NYT: Yes, You Really Can Pay for Private School With 529 Plans Now

Also:

"U.S. Secretary of Education Betsy DeVos, among others, has argued that the change to 529s is a win for school choice. In part, the move satisfies the desire among some conservatives to expand the playing field for school choice without instituting a new federally backed school choice program."

bizgrrl's picture

Trump just admitted the GOP’s

Trump just admitted the GOP’s tax cuts were deceptively sold

While talking about the corporate tax rate being cut from 35 percent to 21 percent, Trump said, “That's probably the biggest factor in our plan.”
...
Trump's second admission was about the Affordable Care Act's individual mandate being repealed in the bill. Apparently eager to argue that this constituted his having cut taxes and slain Obamacare in one fell swoop (after Congress came up short on Obamacare this year), he argued that repealing the individual mandate was basically the same as repealing Obamacare.

Up Goose Creek's picture

Tips

I hope the younger generation / cashless society will get in the habit of carrying dollar bills to leave as tips.

Jeesh, how low can you go?

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