Chad Bolt Profile picture
Nov 2, 2017 13 tweets 4 min read
Good morning! It's #TrumpTaxScam day. Here's what to expect. 1/
At 9am, W&M Chair Kevin Brady will walk the rest of the House Rs thru the #TrumpTaxScam via PowerPoint. We'll know more shortly after. 2/
Rs (and the rest of the world) went to bed last night w conflicting info, unsettled details as to what's in. 3/
Reporters briefed at 10:30, bill officially released at 11:15. REMEMBER: it will have [brackets], which means "we'll come back to this." 4/
That perfectly fits with R playbook from #TrumpCare. Keep details secret as long as possible. Hide from constituents as much as you can. 5/
Some key things to watch out for. 1. SALT (state and local tax deduction). To what degree is it repealed? NY/NJ/CA Rs want it preserved. 6/
2. Are college endowments taxed? This is the new hotness in Republican pay fors. Have to think it would hurt college students. 7/
3. Is ACA's individual mandate repealed? As surprising as it is, many Rs want to put partial ACA repeal into #TrumpTaxScam. 16M uninsured 8/
4. What's happening w pass thrus? Remember, pass thrus = hedge funds, private law firms, and TRUMP ORG. How big of a tax cut do they get? 9/
5. Estate tax, full repeal? Raising the exemption? This matters to Sens Collins, Rounds, maybe McCain. Or at least they say it does. 10/
So those are some details we'll look out for. But we already know enough to know: #TrumpTaxScam is massive tax cuts for wealthy & corps. 11/
Other thing we know re #TrumpTaxScam: we can kill it, like #TrumpCare. Join our Natl Week of Action next week: indivisible.org. 12/
I'll be back later this AM once we know more details. Get up to speed with explainers and call scripts here trumptaxscam.org 👊🏼 13/13

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More from @chadderr

Mar 8, 2018
If Dems supporting the #BankLobbyistAct are looking for an off ramp to change their mind, they have all they need to jump ship between the managers amdt (new text) and the CBO score. Here are a few new provisions added last night. 1/
Big Q: is Sec. 310 anything more than a gift to Equifax? We WANT alt. data considered in credit scores but 1 of the only alternative models is Equifax's Vantage Score. There's NO accountability for breach affecting 148 million ppl in this bill. Equifax doesn't need a new gift. 2/
Also added: section creating new loopholes for risky commercial real estate loans, a key driver of community bank failures ~2008. Supporters say this will make credit more available, but commercial lending is already taking off w/o it. No need for this. ourfinancialsecurity.org/wp-content/upl… 3/
Read 14 tweets
Feb 21, 2018
Here are some of the “community banks” escaping regulation under a bill the Senate is voting on in less than 2 weeks. Just your run-of-the-mill, mom-and-pop banks down the street from you:

-Deutsche Bank
-Santander
-Barclays 1/
Here are some of the "community banks" that would get new legal footing to challenge federal oversight. You've probably heard of them because, gee wilikers, they're known for being real friends of our communities:
-Wells Fargo
-Goldman Sachs 2/
Sadly, just a decade since the worst financial crisis since the Great Depression, the Senate is plowing ahead with a bill that would de-regulate 25 of the 38 biggest financial institutions -- in the name of helping "community banks." politico.com/story/2018/02/… 3/
Read 9 tweets
Feb 12, 2018
Trump's infrastructure plan is out (released on same day as his proposed budget later this AM).

First thing to know: it is NOT a "$1 trillion infrastructure plan." It is $200 billion in federal spending OFFSET by cuts to other programs, including infrastructure programs! 1/
Here's the plan: whitehouse.gov/wp-content/upl…

Reading through now and will tweet some reactions, and will probably get interrupted by budget release (happy Monday).

2/
To underscore previous point, key word here is "stimulate." Trump expects $200 billion in federal spending (offset by program cuts) to generate the other $850 billion. That's an absurd assumption and there's nothing to back it up. 3/
Read 11 tweets
Feb 6, 2018
Infrastructure update: Trump is *allegedly* releasing his infrastructure principles on Monday (the same day that his President's Budget is expected to be released). reuters.com/article/us-usa… 1/
The overlapping timing is an... interesting... choice given that his last budget SLASHED funding for infrastructure. Releasing his plan and his budget on the same day will make clear whether seriously investing in infrastructure is REALLY a priority. indivisible.org/resource/trump… 2/
His principles leaked last month, and here's what we know about them.

1. His "$1.5 trillion plan" only has $200B in federal funding, offset by "unspecified $ cuts." (Read: could be Medicaid, nutrition assistance, housing, legal aid, or even other infrastructure programs!) 3/
Read 8 tweets
Dec 20, 2017
Alright, alright. I'll bring it full circle in this final hour before the Senate votes. From the beginning we've been calling the #GOPTaxScam just that -- a scam. What makes it a scam? Here goes. (And all of my tax friends should jump in.) 1/
"This bill is a gift to the middle class."

On the contrary. By 2027, 83% of the benefits of the #GOPTaxScam go to the top 1%. taxpolicycenter.org/sites/default/… 2/
It was NEVER designed to be a gift to the middle class. Its key features are a massive corporate tax cut, further erosion of the estate tax, and new tax breaks for hedge funds, private law firms, and the Trump Org. It lowers the tax rate on millionaires. 3/
Read 9 tweets
Dec 18, 2017
Good morning! In case you spent the weekend checked out of #GOPTaxScam news, here’s an update. TL; DR: we can STILL win. The #CorkerKickback is a thing. Corker, Collins, and Flake are key. 1/
#CorkerKickback: turns out a new loophole was added for pass-through income *during the conference committee.* It specifically benefits real estate LLCs, and would personally enrich Bob Corker and Donald Trump. ibtimes.com/political-capi… 2/
Remember, @SenBobCorker said after conference he’ll flip his vote from no to yes. What does he say about #CorkerKickback? Only read “like a 2-page summary,” not the bill, so he didn’t know about it. But Cornyn said it was added to cobble together votes. ibtimes.com/political-capi… 3/
Read 17 tweets

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