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Garrick McFadden @electgarrick
, 17 tweets, 14 min read Read on Twitter
I feel like this is an episode of #RickandMorty, but we have to do a sequel to first #TwitterStorm now with 280 characters. I will be going through this #GOPRiot where they loot middle-America. So the thread begins here. 1/?
Not that the #GOP cares about #DACA or #undocumented families. But they use #SEC11022 to not allow undocumented parents to receive a tax credit for their children. These is cruel unjust and unAmerican. 2/?
#Sec11023 With the language to repeal the #JohnsonAmendment contained in the house amendment they have allowed an increase of cash contributions to #Charity as a means to funnel the money to #GOP candidates in a tax free fashion. This is not what Jesus would do or want. 3/\?
#Sec11028 of the #GOPTaxScam increases the floor from 7.5% to 10% of Adjusted Gross Income (AGI) to qualify for the medical expense deduction. This only applies for 2017 and 2018. I have not got to the bill where they get rid of this important deduction yet, but I will. 4/?
#Sec11042 disallows for any #SALT (State and Local Taxes) deduction above $10K. This is designed to hurt #CA, #NJ, and #NY which are #Democratic strong holds. This is cruel. #BlueWave 5/?
#SEC11043 I need confirmation on this one, because I do not believe I am reading this correctly, because I do not want this to be true. However, this section gets rid of the mortgage interest deduction. We must stop this bill #TrumpTaxScam 6/?
#Sec11046 allows for unlimited deductions for those who itemize. Only 30% of the American population itemize. Moreover, even less will do so now that we can no longer write of #SALT or mortgage interest. #GOPLootingMainStreet 7/?
#Sec11073 goes after #TrialLawyers who represent #Whistleblowers in lawsuits. Now, the attorneys fees and costs cannot exceed the settlement or judgment the whistleblower receives AND the whistleblower cannot deduct those costs from their income. #GOPLopotingMainStreet 8/?
#Sec11081 eliminates the individual mandate of the #ACA. If #TreasonousTrump signs this, it will now be #TrumpCare and the markets will implode 9/?
#Sec13201 is the #TrumpTrophy it provides a 100% expense instead of a 50% expense for certain property placed into service starting on 9/27/17 until 2023. THIS IS FOR ALL BUSINESSES REGARDLESS OF SIZE #GOPLootingMainStreet 10/?
#Sec13202 the @GOP has raised the depreciation amount that people/businesses can take on luxury automobiles. We can't have a medical expense deduction, but the 1% can save more money on their Bentley. 11/?
#Sec13307 Actually does something right. It does not allow a business to deduct any settlement that pertains to a sexual harassment suit, where a #NDA was used. I can cosign this. This is good. 12/?
#Sec13308 is another attack on #trialattorneys by denying deductions for expenses that client's are responsible for. This is a hateful attempt at #TortReform. 13/?
#Sec13513 is a new way for insurance companies to calculate its reserves. Remember when #AIG started to meltdown what caused our economy to collapse back in 2007? Yeah, it was based on its reserves. I am worried about this section of the code. 14/?
#Sec13601 allows businesses to provide excessive compensation to employees without any penalty. So now we get a greater #PayWageGap #ThanksGOP #GOPLootingMainStreet 15/?
#Sec14211 gives #BigOil a nice wet kiss, by excluding the profits they make from sales of oil in other countries. #GOPTaxScam 16/?
I have read this tax bill and there is so much evil and disdain for your fellow human contained in this tax bill that I am sad. There is no index. There is not enough time for a proper analysis. I know that I have missed things. This #GOP looting of MainStreet America is #Sad end
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