💥💥OMG - WE KNEW IT!! MNUCHIN HAS BEEN LYING ALL ALONG! 💥💥

Whistleblower: The Treasury analysis showing that tax cuts pay for themselves that Mnuchin has been promising (and even suggested already exists!) DOES NOT EXIST AT ALL. Career economists shut out of the process! 1/ Link to bombshell @arappeport story:
nytimes.com/2017/11/30/us/…

2/

My colleague @ggrhendricks and I looked at how much @SenRonJohnson and @RealDonaldTrump could benefit from the last-minute sweetener that was added to the #GOPTaxBill today. 1/ Johnson, joined by Senator Steve Daines, has been pushing make the huge loophole that the bill creates for people like Johnson and Trump even bigger. 2/

I really don’t know where @SenBobCorker is going with this idea of a “trigger,” but it’s critical that he is asked some specific questions this week to hold him to his promises. 1/

External Tweet loading...
If nothing shows, it may have been deleted
by @ChadPergram view original on Twitter

Those questions include:

(A) how is he applying his preferred “current policy” baseline to the Senate tax bill, given its many sunsetting provisions?

(B) what revenue levels need to be hit to avoid the trigger? 2/

WOW. We knew the Senate Republican tax bill was bad but these graphs from the Institute for Taxation and Economic Policy (@iteptweets) are still shocking.

The bill RAISES taxes on low- and middle-income households while cutting them on high-income households.

1/ The top 1% gets a tax cut of $9,000 in 2027. At the same time that the poorest income groups get a tax hike of about $200. 2/

I stand by my tweets 100% on this. The WSJ here quotes the industry and congressional sponsors. The issue is complicated, and it is a real issue. 1/

External Tweet loading...
If nothing shows, it may have been deleted
by @GlennKesslerWP view original on Twitter

The provision that was put into the tax bill on Tuesday night settles a longrunning dispute between the jet management companies and the IRS, providing very valuable certainty for them. 2/

One of the more insidious ways that corporations game our political system is by funding intellectually shoddy work that supports their policy goals. This is a thread about an organization here in Washington called the “Tax Foundation.” 1/ The Tax Foundation has gained a lot of credence in the debates on tax policy. Its experts are often quoted in the press. They are smart people. 2/

It's 1am, and the Senate tax bill markup begins in 9 hours, and I'm just stumbling across this "personhood" language they've added to the bill. 1/ An utterly gratuitous attack on reproductive rights, buried in a so-called "tax reform" bill, slipped in at midnight. 2/

This is a comically trivial change to the carried interest loophole. 1/

reuters.com/article/us-usa… First, even if they repeal the CI loophole entirely, their bill creates an even bigger loophole for the same people--25% passthru rate. 2/

The Republican tax bill looks like it was written by Donald Trump’s accountants and tax lawyers, and I’m not even joking. 1/ It would be hard to design a tax plan more friendly to billionaire real estate magnates like the Trumps and Kushners of the world. 2/

Since @USATODAY's editors didn't fact-check @realDonaldTrump's oped on his tax plan, I will do so. 1/

usatoday.com/story/opinion/… Even the title is off. Reagan said it was "Morning in America" in 1984. His tax reform was in 1986. Come on, people. 2/

Couple quick observations tax plan on things that were not entirely expected.

1. They're not actually doubling the standard deduction. Doubling it would be $12,700 for singles and $25,200 for couples. Also, they're ending the add'l bump-up in the standard for blind/aged.

A pretty nutty thing is happening in the House Ways&Means Cmte this pm. The Republicans are voting to keep Trump's tax returns hidden. 1/ They're bringing up this resolution by @BillPascrell, which compels Trump’s returns, just to vote it down. 2/
waysandmeans.house.gov/wp-content/upl…