BREAKING: Tax Reform DEAD

news, politics

Stop me if you’ve heard this one: Congressional Republicans announce a bill to address a big-ticket campaign item, the Senate takes a look at it, and…

Fox Business Network senior correspondent Charles Gasparino is reporting on Twitter that Arizona Republican Senator and longtime thorn in the conservative movement’s side John McCain just told him the tax reform plan unveiled by the GOP last week will effectively be dead on arrival if it makes it to the Senate:

Zero Hedge has more on both why McCain withholding his vote is a death knell and why the plan might not even make it to the Senate:

On Monday, Susan Collins declared her opposition to repealing the tax on multimillion-dollar estates. The current bill includes such a repeal, and many House conservatives seem deeply attached to repealing what Republicans have successfully tagged as “the death tax.” And for months now, Bob Corker has also insisted that he wouldn’t vote for any tax plan that adds even a penny to the debt, even during the first ten years, where Congress would legally be allowed to do so. As it stands, the House plan would increase the deficit by a total of $1.5 trillion over ten years.

And at this rate, it’s unclear if the plan in its current form will even pass the House. Republican lawmakers from blue states hammered Ways and Means Chairman Kevin Brady about measures in the bill to repeal deductions for state and local taxes, while lowering the cap on the mortgage interest-rate deduction to $500,000. It would also eliminate deductions for student-loan interest. Controversially, it will also add an excise tax for corporations involved in cross-border payments that has drawn the ire of the US business community and its army of lobbyists.

In September, the senator long dubbed “Maverick” for pulling this crap on issue after issue declared that tax reform needed to be done “in a bipartisan fashion.” As I explained on TFPP that month when McCain helped kill the Graham-Cassidy Obamacare repeal plan on much the same grounds, the Democrats lost the election because a majority of the American people don’t want their ideas baked into legislation anymore. They don’t have the American people’s best interests at heart. They deserve no seat at the table, and giving them one guarantees the policies of the next four years will at least be half bad.

Tags: GOP, Senate, McCain

H/T thefderalistpapers

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