On December 1 Senator Corker made this statement: “But at the end of the day, I am not able to cast aside my fiscal concerns and vote for legislation that I believe, based on the information I currently have, could deepen the debt burden on future generations.”
Today Corker Tweets:
Senator Corker denies allegations of the “Corker Kickback”.
Corker initially told IBT that the new provision “sounds totally unnecessary and borderline ridiculous” but later admitted he doesn’t “really know what the provision does to be honest. I would need an accountant to explain it.” Last year, Corker made up to $7 million from real estate pass through companies he owns.
His story, however, hit a snag when Sen. John Cornyn (R-TX), the Senate Majority Whip, told ABC News that the provision that benefits real estate investors was added as part of an effort to “cobble together the votes we needed to get this bill passed.”
When asked if the provision was added specifically to secure Corker’s vote, Cornyn dodged the question.
Corker Kickback Tweets
https://twitter.com/davidsirota/status/942611952135573504
My Position
My position has been clear from the beginning. I benefit personally from this bill thanks to pass-through provisions. But I do not support this bill.
Corker to Vote Yes on Tax Bill Following Revision Giving Him a Break
Who Benefits? Me!
As I noted before, I benefit from this legislation, but not because of real estate. 100% of my income is pass-through.
Unlike Corker, I am not changing my opinion. I think this bill, which adds $1.5 trillion in debt while doing virtually nothing to spur investment or jobs, is grossly beneficial to the wealthy.
To voice your displeasure at unprecedented greed, please see Upset About the One-Sided Tax Bill? Here’s What to Do About It!.
Mike “Mish” Shedlock
I will be harmed by this tax bill, but I support it. Not because I think it’s actually good for the country, but mostly because, in the long run, it will force states to lower their tax rates.
“A flat tax would “grossly benefit the wealthy” too.”
Not if the rate is set at the only even remotely justifiable, equitable and economically efficient one: A flat 0%. No ifs, buts nor other sleaze nor nonsense. Simply a Federal government without even the remotest clue who makes what, if anything. And no Stasi like agencies spying on people and compelling, at gunpoint, people to spy on and rat out their fellow Americans.
Not true, your tax break is based upon how much graft you give to your Congressman. The more bribes, the more break. Nothing could be fairer.
“The new tax reform is unfair, some will benefit much more than others:
The new tax reform is unfair, some will benefit much more than others: https://youtu.be/zF9JfaMxZwM
“A flat tax – as I envision it – not written up yet would not be grossly beneficial to the wealthy”. That’s impossible unless you plan on raising taxes on everybody.
@clovisdad: “The Dems feast on the expanded government jobs which provide an ever increasing voting block (of the government).” I have a brother-in-law, a loyal Republican, who makes $500,000/year working for Lockheed/Martin making weapons for the DOD. The majority of social security recipients vote Republican. The voting block for the government covers republicans as well as democrats. I say that as a Republican.
A flat tax – as I envision it – not written up yet would not be grossly beneficial to the wealthy
Is there another process? Those in government feast on the “campaign contributions” brought about by pandering to special interests; and that fosters and is fostered by additional regulatory and tax complexity. The Dems feast on the expanded government jobs which provide an ever increasing voting block (of the government).
With a $20,000,000,000,000.00 national debt rising quickly, it is irresponsible to cut taxes without cutting spending.
A flat tax would “grossly benefit the wealthy” too. Would you be against that too Mish?
In 2018, 8 pub senate seats are up for grabs, while 25 dem and independant who vote dem are up for grabs. Not likely the dems will take control of the senate. The dems may take control of the house, but they’ll need to win every toss up and then some. Looks like we’re stuck with this until at least 2021.
everybody talks about doubling the standard deduction but almost no mention of losing 4K/head personal exemption, pretty much a wash for family of 3. Trump is a huckster
This is a stealth bill rushed thru that benefits major corporations and most specifically landlords like Trumps, Kushners and…Corker. Homeowners get hammered while large landlords benefit, it’s a simple equation. This is pure pork barrel which increases the deficit.
@Sechel: Wow, pull the other one, it plays Jingle Bells. Read the quotes again: the provision was added to secure the vote. Name those that were opposing it? Ding ding ding. This type of stuff occurred during the ACA and the Nebraska senator’s reluctance too if i recall. It’s the worst legislation since the ACA, the 2008/9 bailouts, the 2004/5 repatriation holiday and the 2003 decision to roll into Iraq. The Republicans, once this charade proves to be the money grab it is, will be fileted at the ballot box and we’ll return to the insane progressivism. We are being sawed down by 2 parties on either side of a giant axe. They all need to go.