Whoa! House Republicans dropped a secret tax bill overnight because they just #cantstopwontstop trying to blow up the deficit with tax cuts for their friends and the already-rich. There's a lot going on here but let's talk about some of it. 1/
First: what are Repubs really up to here? Remember, in their rush to jam the #GOPTaxScam through Congress they made a few big messes. Some were accidents and some were actual slights. But now industry lobbyists want them fixed and Rs want to make it happen. 2/
So they're making these "fixes" part of a bigger tax package, that includes other provisions they think sound agreeable on the surface -- but of course, there's more to the story, and they're mostly geared toward the rich too. 3/
The other provisions include special tax breaks for owners of thoroughbred race horses! Special tax breaks for owners of motor sports tracks! (These are unpaid-for "extenders.") A new tax windfall for private equity when they acquire start ups! (This is "innovation.") 4/
There's also "tax relief for disaster victims" which sounds so nice, right? Well good news. If you were in a disaster other than Maria, you can now withdraw $100K more from your retirement account tax-free. Surely you have $100K in there, right? (Maria is not included.) 5/
Then there's lame "retirement incentives." Unfortch these are geared toward ppl who *already have* retirement accts (like disaster relief provision). But what about ppl who *don't* already retirement accts? Rs already made it harder for them to get one: 6/
Rs may also say they're creating path to paid family leave, which just isn't true. That's because all the bill does is let people take tax-free withdrawals...from their retirement acct. (Sensing pattern?) Does nothing to benefit low wage workers w/o retirement or job security. 7/
HINT for Republicans: if you *really* want to create a sustainable, affordable national paid family and medical leave program, then you should pass the FAMILY Act. nationalpartnership.org/issues/work-fa… 8/
Lordy I am on the 9th tweet of this thread and I haven't even mentioned the shady agreement this bill codifies called "Free File." Paradoxically, it's a partnership between the IRS and the likes of H&R Block to make it harder for most taxpayers to file their taxes for free. 9/
To summarize: Rs see their lame duck window closing and want to squeeze out one more tax boondoggle for their friends before they lose control of the House. Senate Dems should make sure this package joins #TrumpCare in the 115th Congress's legislative graveyard. 10/10
