US Tax Bill Overhaul 2017

They're making sausage in Washington again. But only half of the two Houses in Congress are making it. The Senate bill produced this time carried without a single vote by the opposing party. This followed the House bill which had passed there the week before. The two branches then looked at the comparative chunks of their respective 'tax bills' in committee that might be passed before Christmas.

And that's it. By a vote of 51-49, taken at nearly 2 a.m. on a Saturday morning, the U.S. Senate has just voted to gut the U.S. tax code, with implications for every American.
A bunch of old white men are applauding as democracy dies in the darkness. pic.twitter.com/UAPFzQyTNg

— Eric Holthaus (@EricHolthaus) December 2, 2017

Touted by the Republican party as the first meaningful attempt at tax reform in a generation, after failing all year to come up with any other bills of substance (with or without help from President Trump), they want this 'tax plan' event tomorrow seen as a culmination highlighting their ability to govern. But the actual sausage for their national tax policy seeems only what intestines produce in a still living animal. It remains two weeks later a very partisan effort. For unless you are members of the very rich whose interests have lobbied for this kind of 'reform' by way of payment of millions of US Dollars over many years to Congress members and their parties, the opportunities remain murky. The crafters claim there is much to gain from this passage of ordure. But economists and even former Republican strategists find much to disavow.

This tax bill demonstrates,once again, the total collapse of all and any rigor around the policy making process in the GOP congress. It is built on a foundation of lies. It adds more than a trillion to the debt. No real conservative should vote for this

— Steve Schmidt (@SteveSchmidtSES) December 1, 2017

The reason is pretty easily explained by looking again at the Citizens United v FEC case decided in 2010.

Two words explain why this terrible tax bill will pass: Citizens United. GOP cares more about donors than voters https://t.co/JrtzpBKKdB

— Ari Berman (@AriBerman) December 2, 2017

Many seem so excited,  in fact in such a haste to write and pass this multi-generational reform, that the public at large has been allowed but little time to scrutinize this product, let alone to have its consequences explained. Some are so willing to push this mess to pass in these last few weeks, they show how willing they are to do just about anything.

I was just handed a 479-page tax bill a few hours before the vote. One page literally has hand scribbled policy changes on it that can’t be read. This is Washington, D.C. at its worst. Montanans deserve so much better. pic.twitter.com/q6lTpXoXS0

— Senator Jon Tester (@SenatorTester) December 2, 2017

But of course it's worse than that. The tax bill overall according to its cheerleaders will spur growth and spending which will create an increase in GDP growth and thus, jobs. But if interest rates continue to rise as expected, this will offset any increase in GDP generated by this tax bill. Already the Federal Reserve is expected to raise interest rates again next year after having just done so slightly last week to set its benchmark at 1.5%.

The best part of this farce will be when the new Fed chair raises rates next year to totally nullify whatever (small) growth effect there might have been.

— Chris Hayes (@chrislhayes) December 2, 2017

Many economists think this tax bill's effects instead will cause the opposite to happen and send the US economy into an unnecessary recession. The final vote is expected tomorrow with debates about individual prizes amidst details falling like bombs in the media landscape. It has been too difficult to even look at the procedure anymore which may explain why this process has been kept so shrouded even from the other party.