Tax Bill Vote – Late Night Senate Livestream – *Update* Final Bill Passes 51-49…

UPDATE: 1:49am EST The final Senate Tax Reform Bill Passes 51-49.  Senator Bob Corker was the lone republican voting against the bill.

The U.S. Senate is currently voting on amendments to the Senate Tax Reform bill.  Senator Bob Corker previously announced he will not support the overall tax reform effort.  All other Republicans have indicated they will, at least generally, support the bill.

Before they can get to a final passage vote, Republicans need to go through a marathon voting session known as a “vote-a-rama,” where any senator can force a vote on any amendment:

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Vice-President Mike Pence is anticipated to be on site in the Senate chamber for the final vote in case his tie-breaking vote is needed.

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625 Responses to Tax Bill Vote – Late Night Senate Livestream – *Update* Final Bill Passes 51-49…

  1. POP says:

    What’s a pass through company?

    Like

    • Bruce Fauth says:

      Partnerships and “S” corporations that don’t pay taxes themselves. They pass through the tax obligation to the owners.

      Liked by 3 people

    • Rip Tide says:

      Also LLC’s and sole proprietorships are pass through entities.

      Like

    • BigMamaTEA says:

      POP….if you incorporate a small business, there is a way that you can structure that as an LLC, etc.

      Better example. I have a percentage holding in a oil/gas well. (I’m from Oklahoma, so I know oil/gas) There are several others who were investors at the same time, with different percentages of ownership stake in this oil/gas well.

      The LLC was set up as a SubChapterS corp. So whatever profit/loss and expenses are divided into, I am responsible for only my percentage of all the totals at the end of eachyear, for tax purposes. Not the full 100%.

      Now, the guy who is drilling and doing the work on the well, owns majority share 51%. So he is responsible tax-wise for 51% of whatever the year end balance sheet looks like at the end of the year; but I am only responsible for my smaller percentage. (So that is called a pass-through. You are passing through partial liability tax wise, less expenses, either the profit , or loss of income. This is investment income)

      Now, the way the laws are written previously, I am then charged my REGULAR INDIVIDUAL TAX RATE, (of my job wages)for any of the profit at a higher than “investment rate” , as it now is considered earned income to me, even though it should be considered at the “investment rate.”

      There are all types of small businesses that a set up that way.

      Like

  2. Scott S says:

    I love how the lefties this morning are howling about the impropriety of passing a bill in the dead of the night without public hearings. And they’re saying it with no sense of irony whatsoever.

    Liked by 17 people

    • ladypenquin says:

      Complicit with the malignant media, they have convenient short memories. It was a bitter, and intentionally hateful thing they did to pass Obamacare, Christmas Eve, 2009. There’s a special place down yonder for them.

      Liked by 5 people

  3. MVW says:

    I am sure down thread that this was stated multiple times, but let me say it too, given the difficulty in getting anything passed in the Senate, and given the closeness in the House and Senate bills, why would the House not just pass the unchanged Senate version???? Seems a no brainer to me.

    It could be done Monday. Trump could sign it Tuesday. DhimmiRat tears could be shed Wednesday.

    Liked by 4 people

  4. georgiafl says:

    Liked by 6 people

    • georgiafl says:

      Liked by 6 people

      • Maquis says:

        I am a bit wary of the conference antics to come, but I am giddy at the thought of all the WINNING that America will experience as a result of President Donald John Trump’s ceaseless accomplishments in his quest to MAGA.

        MAGAAAA!!!!
        😛

        Liked by 8 people

        • ladypenquin says:

          I’m sick and tired of the hateful remarks by the Democrats from the wells of these august Houses. Would like to see them called out for the liars they are.

          Liked by 2 people

          • BigMamaTEA says:

            according to both chambers rules……their respective floors are the only places they can do that with protection from liability lawsuits. Sweet deal to make up your own rules.

            Like

  5. Does anyone knows if interest on school loans eliminated in new taxes? My younger son told me, that he wouldn’t be able to deduct any more…He has a huge loan…

    Like

    • youme says:

      College students. The House bill scraps many popular deductions for college students and college grads with student loans. The House bill eliminates the popular student loan debt write off, and it forces graduate students who receive tuition waivers (sometimes as much as $20,000 or more) to count that money as income for tax purposes, even though they don’t actually receive money in their pockets. It would be a big hit and many universities are saying it could heavily dissuade graduate study. The Senate bill does not make these changes.
      https://www.washingtonpost.com/news/wonk/wp/2017/12/01/winners-and-losers-in-the-senate-gop-tax-bill-a-running-list/?utm_term=.7d30dd574433

      Liked by 1 person

      • Jenny R. says:

        Also realize the universities will go all apocalypse now!! on this because it would put pressure on them to lower tuition costs.
        Can’t have that!

        Liked by 8 people

        • ladypenquin says:

          Anything that destroys the Leftist institutions of Communism, I’ll all for. It’s about time they stopped getting away with subverting the Constitution and seeking the overthrow of this country.

          We can rebuild and start new educational sources.

          Liked by 8 people

      • Thanks, but that doesn’t answer my question: it is not about “write offs”, it is about interest on the school loan…My son has a huge loan for a law school…

        Like

        • In Az says:

          My son also has a huge loan. Thank you for asking about this.

          Liked by 1 person

        • Deb says:

          The interest deduction is left in tact by the Senate bill.

          Now the two bills have to be reconciled.

          Call your Rep and tell them you want the interest deduction kept in tact, like the Senate bill allows.

          Liked by 2 people

        • AM says:

          You should know that the write itself is not large. If he has huge loans, most of the interest is probably not deductible. The max you can take of a income deduction $2500 ($5000 for married couples). It’s also phased out in higher income brackets. I mean, it’s something but, in the 25% income bracket, that’s savings of $625 per year and I’m pretty sure it starts to phase out at income level.

          https://www.irs.gov/taxtopics/tc456

          I wouldn’t fret in other words. It’s a really crummy tax break. If this deduction is going to make or break him at tax time, he’s got other things to worry about. Find out what his tax bracket is and multiple by $2500. That’s his actual net gain. I think you’re going to find it’s pretty small.

          Like

      • “….it could heavily dissuade graduate study.” I say that is a very good thing.

        Liked by 6 people

      • impala says:

        “It would be a big hit and many universities are saying it could heavily dissuade graduate study.” What you are saying is the leftist freaks that cal themselves “educators” oops – spelled that wrong – :Indoctrinators – may find themselves having fewer young minds to poison and corrupt. Let ’em whine…………. better yet, drain and flush the education system too. Those freaks that staff those places need to go – they have already done SO much damage to the country and our way of life…

        Liked by 5 people

      • OTOH, youme, how many more PhDs do we need? We sctually really need more pipefitters, butchers, IT experts, Lyft drivers, etc. we need now!

        Liked by 1 person

    • Jenny R. says:

      It was in the House plan.

      Like

    • youme says:

      Programs are available that reduce monthly payments and eventually forgive unpaid student debt. Under all four plans, any remaining loan balance is forgiven if your federal student loans aren’t fully repaid at the end of the repayment periodhttps://studentaid.ed.gov/sa/repay-loans/understand/plans/income-driven

      https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service
      (Public service jobs…120 monthly payments and the rest is forgiven)

      If your son is a teacher
      https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/teacher

      Liked by 4 people

      • My son just got a job as the public defender in NM…and that link about student loans for public service is still valid under new tax plan?

        Like

        • youme says:

          Their is no mention of these programs in either tax bill. I am sure your son will qualify under the under the public service job program. Ten years of payments and the unpaid balance of his student loan is forgiven.

          Note that loan amounts forgiven under the PSLF Program are not considered income by the Internal Revenue Service. Therefore, he will not have to pay federal income tax on the amount of your Direct Loans that is forgiven after he has made the 120 qualifying payments.

          Liked by 2 people

    • Founding Fathers Fan says:

      I took out 2 school loans and still had to work to pay the rest. I paid back my school loans and there were no ‘incentives’.

      Liked by 2 people

      • My older son paid off his school loans too, but his schooling didn’t have those HIGH tuition charges like mullenians

        Liked by 2 people

      • NvMtnOldMan says:

        Fan==I went to school one or two quarters and then worked 2 or 3 . It took me 6 years 1954-1960 to get my B.S. Degree in biology and chem. I owed a big fat zero on the day I graduated. It was a hard way to do it. I know that some education pursuits can’t be done that way. OTH I know of Docs and Lawyers that make big bucks and 10 years later have not paid much on their loans. I think the loans if necessary should not carry any interest if the person is making payments of at least 5% of income. This would give them some breathing room, but get the m paid off.

        Liked by 2 people

    • Please do NOT take this as an attack on your son. However, what ever happened to the idea that students pay for their tuition rather than taking out these huge loans? What ever happened to the idea of GETTING A JOB to help pay for your own education? And thousands and thousands of dollars on loans for degrees that are virtually useless in the real world? Why not go to the tech colleges / local community colleges to earn a USEFUL degree while also not piling up tons of debt? Why is it the taxpayers who end up paying far too many of these loans? Watch and see – they will try to insert something in the budget to wipe out all this debt, when it was the students themselves who were foolish enough to take the loans in the first place! LIVE WITHIN YOUR MEANS!!!!

      Liked by 4 people

      • When people go to Law school in real life, they cannot take a job. He passed his Bar after the first try… Law school is very expensive nowadays. It was his dream since childhood to defend poor people.

        Liked by 2 people

      • He grown up with poor emigrants parents, so he knew first hand how it is.

        Liked by 1 person

      • mefotobug says:

        Necessarily, my daughter is currently a full time student at a local tech college (culinary). Also full time employee at a local retail store. Needed to work so she wouldn’t have to take out a student loan. Because I make too much money she didn’t qualify for government assistance. Because her parents are white, middle aged patriotic Americans she doesn’t qualify for 99% of scholarships.

        Now, although her mother and I could significantly help out with her tuition, we thought it far more valuable for her if she saved her money, enrolled herself, and paid for every penny of her schooling… Not only is she doing this, but it appears she is also going to make it all the way through debt free! (By the grace of God and using Dave Ramsey principles of financial stewardship!)

        This is America! These are the principles we are built on: faith in and obedience to God, hard work, fierce independence, and genuine love and care for those around us. This is what my daughter is demonstrating. I am so thankful for her and the example she is setting for her peers. Also that we won’t be carrying a huge debt load around after she is done. This should enable her to start her own bakery/pastry shop (her dream) and enter into marriage free from this burden so many carry around.

        Oh, how did we stray so far from these #MAGAvalues?

        Liked by 7 people

      • Evelyn says:

        Not beating up on Elena (or her son) either, that would be completely ignorant, however this video applies to the general topic of expensive secondary educational degrees:

        Liked by 3 people

    • AM says:

      Just want to make sure it tickles your email, but your youngest son might not be saving very much money even with the income deduction. Explanation in other post.

      Like

  6. booger71 says:

    Here is what the Senate passed. It is long and filled with legal talk, but I think you can grasp what is in it

    https://www.finance.senate.gov/imo/media/doc/12.1.17%20TAX%20SUBSTITUTE.pdf

    Like

    • prenanny says:

      Thanks Boog.
      Right on page 2 2018 tax year for anyone who was wondering.
      So We have to deal with existing tax code for this year’s filings.

      Like

      • The Boss says:

        If this is the last year we deal with the current code then fine.

        Liked by 1 person

        • prenanny says:

          Exactly Boss can plan accordingly for 2018 from the get go
          and it means I can take off the rest of December off because earning any more would bump me to higher bracket. Not going to work just to pay taxes.

          Liked by 1 person

      • tdaly14 says:

        It’s not done yet folks. House version and Senate version will make the sausage all over again.

        Liked by 1 person

        • prenanny says:

          Neither want this to be retroactive ( to be for tax year 2017 ).
          IN my mind this is a reversal of what they have been saying ( not TRUMP ) but so be it,
          I made sure I was in the bracket I was willing to be just in case they screwed us again.
          Hopefully they Git er done and we can go back to working for ourselves in 2018.

          Like

  7. Betty says:

    I see this morning the same old pattern 49 to 51 – and I realize that we HAVE to get rid of the two party system. We need to make every person who would be a representative of the people stand on their own two feet, face the people and their compitition and convince the voters to vote for them. Campaign without the aid of devistating ads produced by an elite group of disintrested professionals highly trained in visual art and physicology. Could we outlaw televised political ads beyond those that introduce the candidate? Then make the candidate travel the District or State they wish to represent to convince the people of their value, just as Candidate Trump did in 2016?

    Liked by 3 people

    • booger71 says:

      “Could we outlaw televised political ads beyond those that introduce the candidate? Then make the candidate travel the District or State they wish to represent to convince the people of their value, just as Candidate Trump did in 2016?”

      Only way to get that done is for Congress to pass a law to that effect. Like outlawing lobbyists, I just don’t see it happening . Well, there is an Article 5 Constitutional Convention, but that scares the crap out of many people

      Liked by 1 person

    • prenanny says:

      I would like to see campaign donations limited to within area the person is running for office and have them limited to individuals.

      Liked by 1 person

    • CorwinAmber says:

      well, what we have has evolved gradually over the past 230 years and it is what it is…as Churchill so pithily observed in 1947, “no one pretends that democracy is perfect or all-wise…Indeed, it has been said that democracy is the worst form of Government except all those other forms that have been tried from time to time.” Without a party structure, each candidate will have to devote much more time and effort towards re-election than they do now…these new guys that come out of nowhere and knock incessantly on doors for a couple of years before winning an election will not be able to do that if they actually have an elected job to execute. All I can say is get involved at the local level and be passionate…our local GOP party chair is Dottie Miller and she is a hoot – passionate, energetic, inspiring, indefatigable and yet even she could not drag our local delegates across the finish line last month, sigh. But she is not discouraged and is back at it getting ready for our Federal elections next year…we need more like her. My deux centimes, FWIW.

      Liked by 2 people

    • Founding Fathers Fan says:

      Under the constitution, the US has been a two-party system from the beginning. Look it up.

      Like

    • WV Rednek says:

      Many want to get rid of political party affiliation on ballots.

      Like

      • CorwinAmber says:

        when I first moved to the Old Dominion many years ago, I voted in their state off-year elections after being here only for a couple of months…I traveled a lot so I did not have time to become very familiar with the candidates, but I figured I couldn’t go wrong voting for the Republicans so I was not too concerned as I entered my voting booth. Little did I know that Virginia did not put party affiliations after the candidates’ names so I was baffled with what lay before me…fortunately the road leading to the school where we voted was strewn with campaign signs announcing party affiliations and I was able to recall who were the Republicans so I voted accordingly. Several years later, the rules were changed so now we can see party affiliations on the ballot…bottom line, I’m not sure this is what we want to do, but hey what do I know?

        Like

      • prenanny says:

        I would hate to see that go, how would that even work?
        Primary would establish 2 or 3 highest vote getters and they have a final runoff in a general election?

        Like

        • That is how it works in California now, although party affiliation is on the primary ballots. Because there are so many more Democrats than Republicans, it makes it nearly impossible for any Republican to make it to a general election. Top two vote getters for something like Governor will always be two Democrats.

          Like

  8. Thank God it passed…I went to bed and slept fitfully….I was afraid to turn on my computer this morning, but did and came here for the news. I am very happy for our President! A victory at last.

    I have no idea how this will effect me, but I am a low income person ( I think according to most people, for me I am doing quite well..great part time job and ss). I don’t worry about taxes, or health care, as much as other people do. I pay my taxes and until I got old enough for medicare, I paid my health care…(I’m healthy). So, I am happy for POTUS and our country and others who will benefit.

    Liked by 6 people

  9. quintrillion says:

    Senate version of tax reform eliminated mandate to purchase health insurance! Huge Thank You for return to sanity and liberty. Finally, no death panels …. freedom to choose once more.

    Liked by 4 people

  10. Ditch Mitch says:

    Lots of questions on what happens next.

    The bills next go to a Conference Committee and the following details how that works:

    https://www.thoughtco.com/how-do-congressional-conference-committees-work-3368243

    Yesterday Ryan said House will vote to go to committee on Monday and choose its members. Other house members (don’t have names) said the house will most likely vote for the Senate bill as is avoiding any holdups.

    Like

  11. Beenthere says:

    Multinational corporations, such as Philips NV, are already starting to lobby against the tax bill. Received the following from a relative:

    How Tax Reform Impacts Philips
    The recent efforts to reform our tax code have demonstrated how important it is for Philips and our employees to be involved in the political process through Philips PAC. The PAC helps us support pro-Philips candidates, who when elected, become allies. Through continued support, trusted allies can become Champions who advocate for Philips’ interests. As we face challenging legislative proposals like tax reform, Philips needs more Champions in Congress.

    Contrary to what is being said in the press, and on Capitol Hill, about the benefits of the House and Senate tax reform bills to large multinational corporations, both bills contain harmful provisions that, given Philips’ specific facts and circumstances, would cost the company significantly more in new taxes. While the House bill cuts the corporate rate to 20% from 35%, it also includes a 20% import excise tax. The Senate bill delays the corporate rate cut and replaces the excise tax with a 10% alternative minimum tax. Both bills include limitations on interest deductibility that would also increase our taxes. Click here for more on tax reform.

    Spending more on taxes would create challenges for sustaining the current levels of R&D and making investments in both equipment and people. We need more Champions in Congress to stand up for Philips and protect our interests. Help us raise our voice. Please watch this video.

    What Your Government Affairs Team is Doing
    Mitigating these harmful provisions is a priority for Government Affairs and, along with our trade associations, we are dedicating full resources in outreach to Members of Congress, in states where we have a significant footprint (employees and facilities), to explain the bills’ detrimental effects and advocate for more favorable provisions.

    Our lobbying efforts have paid off in meaningful ways but more work remains to be done. While we succeeded in mitigating some of the impact of the House and Senate bills, both bills still present a major increase in our tax liability that threatens our financial growth. Government Affairs will continue to advocate for pro-growth tax reform through each step of the legislative process.

    The Legislative Process
    The House has completed debate and passage of its tax bill. The Senate plans to debate and vote on its version of the tax bill before the end of the year. The Senate Finance Committee has already advanced the measure.
    Week of November 27: The Senate Budget Committee will review the Finance Committee bill as a substitute amendment to the House passed bill and report it out of the Committee.
    Assuming the Majority feels comfortable that it has the votes to pass the bill or will have the votes, the bill will go to the Senate floor directly after the Budget Committee reports the bill.
    Under the rules set through the budget reconciliation process, there will be 20 hours of debate on the bill, culminating in a final vote. The special reconciliation rules only require 51 votes – not the normal 60 – to bring a bill up for a vote. But with only 52 seats, Republicans can only afford 2 defections (with Vice President Pence breaking a 50-50 tie).
    Given the substantial differences between the House and Senate bills, the two bills will then need to be reconciled in a conference committee (this will happen behind closed doors and between top leadership and their staff). Republicans hope to get a final bill to the President’s desk before the end of the year.

    What You Can Do: Join the PAC!
    The Philips PAC allows us to support candidates who support us on tax reform and other issues. Visit the Philips PAC website for more information and to see recent contributions to federal, state and local officials who have a record of leadership on issues that impact Philips’ businesses.

    Questions about the PAC or Tax Reform? Please contact Mayealie Adams at mayealie.adams@philips.com.
    Follow us on Socialcast

    Like

  12. Publius2016 says:

    Dear Fools in The House, Pass the Senate Tax Bill Now. 2018 will be another chance for more tax cuts if the economy improves. After the Mid terms, the Dems will come to the table to deliver pork to the big cities. President Trump will be only too happy to return more money to their rightful owners (ie tax payers)!

    Liked by 2 people

  13. booger71 says:

    Doesn’t look like they got rid of the 3.8% medicare tax on investments which was supposed to fund ObamaCare…or at least it is not mentioned in the bill I can find.

    Like

  14. This tax bill doesn’t affect me since I am retired. Having said that, I did notice that the Senate version does NOT eliminate the Alternative Minimum Tax, which is a big problem, no? Having said that, this bill needs to be passed and signed into law. We can take another swing at it in 2019, after the mid-terms when, hopefully, we have more seats.

    Liked by 2 people

  15. Again, no offense intended here. But, don’t we have enough lawyers already? Good grief, you can’t walk down the street and spit without hitting a lawyer! Most of the talking heads on the MSM are lawyers. Seriously? Pay that much in tuition for a career on TV??? Give me a break!

    Liked by 2 people

  16. albrevin says:

    Did they remove the onerous Medical Device Tax that was a part of Obamacare?

    Like

  17. Mia C says:

    If this passes another lib talking point disappears, that Trump got nothing accomplished. Hope this is a great thing for all of us.

    Liked by 1 person

  18. yy4u says:

    I don’t see why Flake and Corder don’t run as what they are. Democrats.

    Liked by 2 people

    • C R Lord says:

      Well “Flake” – what else needs to be said. Wasn’t Corder the one who just stepped down to make way for “the Mick?” He knew he wasn’t wanted then and he should learn that he isn’t wanted now.

      Like

  19. C R Lord says:

    The Obama tax penalty is a major issue and it needs to be destroyed once and for all time. I don’t know what else is as important or more important than that. It has been a crippling, and in some cases a death blow, to families all over the country.

    Like

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