Chad Bolt Profile picture
Dec 18, 2017 17 tweets 8 min read Twitter logo Read on Twitter
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.… 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.… 3/
Note that @SenBobCorker is estimated to have about $8 million in this type of income. So from this provision alone, he’d give himself an enormous tax break. (Also note, this is a new loophole INSIDE a bigger loophole, the deduction for pass through income itself.) 4/
So now that @SenBobCorker is feeling the #CorkerKickback heat, he essentially wrote @senorrinhatch a letter asking Hatch to absolve him of involvement in this scandal. He wants Hatch to blame the House for putting it in. 5/
I truly think @SenBobCorker’s vote rides on Hatch’s response to this letter. It’s possible (likely?) Hatch backs him up and Corker can say “see? I didn’t know about it!” (So many problems there, starting with Corker should have, you know, read the bill.) 6/
To my memory, it’s pretty rare for a Senator to ask a conference committee member for a public explanation of how something ended up in a conference report. Rs made it secret for a reason. Underscores the level of heat Corker is feeling on this. 7/
The only way for @SenBobCorker to save face over the #CorkerKickback is to vote no on the final bill. You don’t want us to think you tried to line your own pockets with a last minute deal traded for your vote? Fine. Don’t vote for it. 8/
Other development over the weekend that could affect the tax bill: Senator McCain returned home to Arizona. 9/
With McCain out, the best Rs can do is 51-48. If Corker does the right thing to reject the #CorkerKickback, that puts them at 50-49. That means Corker, @SenatorCollins, and @JeffFlake continue to be key targets. 10/
Indivisibles in Maine and Arizona have been crushing it the last few weeks to keep the heat at 500° on both of these Senators. And we’re not slowing down. @Indivisible_MDI has an event in Bangor at 3:30p today: 11/
Remember, Susan Collins has demands going totally unmet. Don’t let her move the goal posts. She said to vote yes, she wanted passage of Alexander-Murray. It’s not happening. 12/…
If these Senators are yours, then call them NOW and say VOTE NO on the tax bill.

Corker: 202-224-3344
Collins: 202-224-2523
Flake: 202-224-4521

Don’t live in TN, ME, AZ? No problem! Use our blue state call tool to call fellow progressives in those states, and get THEM to call their Senators!… 14/
Look, this isn’t over til it’s over. 13 million more people uninsured. 83 million fams w a tax INCREASE. $1.4 trillion added to deficit, forcing cuts to Medicaid, Medicare, SS. Drilling in Arctic. MoCs enriching themselves at our expense.

Let’s give this all we’ve got. 15/15
PS - if you have any Republican Senator, no matter who they are, call them and tell them #NoJonesNoVote. Alabama voters have spoken. Republicans are doing nothing short of subverting democracy by holding this vote before Jones is seated. /end
Last thought, because I saw Star Wars this weekend. And because there is still hope.

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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.… 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
-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."… 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:…

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

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).… 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.… 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%.… 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 2, 2017
The Senate just passed the #GOPTaxScam. To recap:

13 million more uninsured
Premiums up 10%
87 million fams get a tax INCREASE
Huge tax cuts for rich, corps, and Donald Trump
$1 trillion added to deficit - forcing huge cuts to Medicaid, Medicare, SS

What happens next? 1/
Senate and House have to go to conference to resolve some big differences. Then produce a "conference report" that has to be voted on again by both chambers. OR... 2/…
The House can just pass the Senate version. Everyone so far is publicly saying they'll go to conference, but I've thought all along Rs will avoid another vote and extra time on a deeply unpopular bill if they can. 3/
Read 10 tweets

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