Wednesday, 20 December 2017

USA tax cuts bill: Senator Schumer and others' view; President Trump's short announcement; Speaker Ryan's view

Note: This post is based on contents of some recent Facebook posts of mine.

USA Senator Chuck Schumer's live Facebook video: https://www.facebook.com/senschumer/videos/10156129261059407/, 20th Dec. 2017 (IST).
Text accompanying video post:
Whats next for the #GOPTaxScam and the end of year funding agreement? Senators Patty Murray, Ron Wyden and U.S. Senator Bernie Sanders join me LIVE with the latest:
--- end text of USA Senator Chuck Schumer ---

My (Ravi) comments: 18 mins; Gives a clear picture of how strongly the USA Democratic party (and Democrat leaning Independent) senators oppose the Republican "Tax cuts and jobs" bill, at this pretty late stage (the video was posted live around 17 hours back) with the bill all set to become law. [Will share a USA president Trump post on it shortly.]
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Text of USA President Trump's Facebook post, https://www.facebook.com/DonaldTrump/photos/a.488852220724.393301.153080620724/10160323100150725/, 20th Dec. 2017 (IST):

The United States Senate just passed the biggest in history Tax Cut and Reform Bill...Goes to the House tomorrow morning for final vote. If approved, there will be a News Conference at The White House at approximately 1:00 P.M.

--- end text of USA President Trump post ---

My (Ravi) comments: This post was the one I referred to in my previous shared FB post having USA Senate Minority Leader Chuck Schumer and other senators' live presser. USA President Trump seems to be all set to sign the bill into law in front of the media, almost immediately after the House of Representatives pass the slightly modified bill that was passed by the Senate.
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An interesting article about the earlier version of the bill passing in the USA House of Representatives: 'God Made Republicans to Cut Taxes', https://www.theatlantic.com/politics/archive/2017/12/house-passes-sweeping-republican-tax-cut/548804/, 19th Dec. 2017

It has words of USA House speaker Paul Ryan, "Results are going to make this popular" and that he had "no concerns whatsoever" about any negative political impact of the bill.

The article mentions that Ryan said the following in his speech on the House floor, "We are about to achieve some really big things, things that the cynics have scoffed at for years, for decades even" .. "This really is a generational defining moment." The article opines that this bill being passed (earlier version whose very slightly modified version is also expected to pass in the House) was a very important moment (seminal) for Ryan in his 19 year congressional career. [Ravi: Ryan who was candidate for vice-president and running mate in Mitt Romney's presidential run in 2012 (which they lost), seems to be a Republican tax policy wonk (expert) and passing a bill with these big tax changes (reform) seems to be a dream-come-true kind of moment for Speaker Ryan.]

The article states that rank-and-file Republicans swarmed to the Speaker to get his autograph on their copy of the bill!

This video seems to capture Paul Ryan's view very well: House Speaker Paul Ryan: Tax Bill Is 'Profound Change' | CNBC, https://www.youtube.com/watch?v=KZ4sNIsQ2Lk, 2 min. 2 secs, published by CNBC on 19th Dec. 2017.

Ryan says in above video as follows:

I want to start off by thanking the American people, our constituents, for sending us here to do this work for them. This is one of the most important pieces of legislation that Congress has passed in decades to help the American worker, to help grow the American economy. This is profound change and this is change that is going to put our country on the right path.

For all those millions of men and women in America who are living paycheck-to-paycheck, who are struggling to get ahead, help is on the way. For all those businesses that are tied with one hand behind their back in this global economy having a hard time to compete, help is on the way.

I want to thank chairman Kevin Brady. I want to thank all the men and women who made this possible. This has been a long work-in-progress and what this achievement marks is a promise that this majority made that is a promise that this majority is keeping. We said in 2016 that it will take real tax reform for families and businesses to get the American economy growing and we were serious. And the American people placed their trust in us to do this work for them. And today we are making good on that promise. We are fulfilling that promise. And this promise being kept today is one of the most important things we could do to get the US economy growing faster, to help people get bigger paychecks, to have a fairer tax system, and a simplified (system) so people can have more peace of mind.

So Kevin said it the right way. On January 1, Americans are going to wake up with the new tax code. In February, they are going to see (withholdings) go down, so they see bigger paychecks. And April 15th will be the last day they have to comply with the old bad system. This is a good day for America. This is a good day for workers. This is a great day for growth. And we are very excited about this moment. Thank you.
--- end transcript of Ryan remarks ---

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