!!!Senate Plan Now Makes Individual Tax Cuts Temporary, Keeps Corporate Cuts Permanent!!!

[spanone]

Utah Republican Orrin Hatch, the chairman of the Senate Finance Committee, speaks to members of the media after a weekly GOP luncheon meeting on Tuesday.

The Senate tax overhaul plan underwent some big changes overnight.

Senate Finance Committee Chairman Orrin Hatch, R-Utah, proposed a package of sweeping changes, including expanding the child tax credit, reducing the tax rates for some income brackets, and reducing the tax penalty for not having health insurance to zero — effectively eliminating the Affordable Care Act's individual mandate.

Republican Senators Add Repeal Of Individual Health Care Mandate To Tax Bill
Also among the proposals: making nearly all of the tax changes for individuals temporary, while keeping major corporate changes permanent.

The cuts in individual tax rates, the bump in the standard deduction and the larger child tax credit, among other things — all these would end at the end of 2026. However, many changes on the corporate side, which are centered on a rate cut from 35 to 20 percent, would remain permanent, as would the proposed elimination of the individual mandate penalty.

https://www.npr.org/2017/11/15/564323858/senate-plan-now-makes-individual-tax-cuts-temporary-keeps-corporate-cuts-permane

[PoindexterOglethorpe]

1. Could we all just incorporate?

[DrDan]

2. corporations are people - let's treat them as such

[VMA131Marine]

3. I will point out that the way the tax penalty was written

it was basically un-collectable if someone chose not to pay it. At least I remember contemporary discussions to that effect. I'm surprised that there is no survey data to determine how many people would not have bought insurance if the penalty did not exist. The penalty was always a lot less than buying actual insurance unless you were heavily subsidized through the exchange. In which case, why wouldn't you buy the insurance. I still think this is a bad policy move, but, without more data, I'm inclined to think it won't have much of an effect on enrollment rates.

[subterranean]

4. The Bush tax cuts were supposed to be temporary, too.

Yet they are still in effect for income under $250,000. The republicans are using the same playbook now. They are counting on being able to prevent the tax cuts from expiring in 2026, just like they did the last time.