What’s going on with the two bills?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Wait I thought backdoor Roths were safe? They are eliminated now?

Gone if BBB as drafted passes, unless the Senate acts to remove the change. They had the change to close them in, then they removed it, but then they added closing the back doors back in as a PAY FOR when they added in the SALT giveaways.

It’s not pay for for SALT. SALT actually is a revenue increase under the bill because under current law the $10k cap goes away after 2025.

[Anonymous]

Anonymous wrote:Brief mention of Fauci, and now he’s back to hypersonics as a first-strike weapon. In a speech about BBB.

Ooh, now we’re talking about Afghanistan again.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Brief mention of Fauci, and now he’s back to hypersonics as a first-strike weapon. In a speech about BBB.

Ooh, now we’re talking about Afghanistan again.

Yep, it was so telling that he couldn’t argue against anything in BBB on the merits.

[Anonymous]

This was such a failure of leadership by McCarthy ok so many levels. He was trying to force a vote on BBB in the middle of the night so Republicans could campaign in BBB being some shadowy 4 am deal, but all he did was ensure that they vote gets full midday attention today, even more than it would have gotten if it had been held late in the day yesterday as planned.

Democrats showed he was no one to care about, let alone fear, by walking out in the first couple of hours and having a little Twitter party in the cloakroom before going home.

His own party couldn’t muster enthusiasm to support him. The token 8 Republicans sitting behind him at any given time were silent and unenthusiastic, looking at their phones, spitting into water bottles, and sleeping on camera instead of paying attention to McCarthy. No reactions, no encouragement, they clearly did not want to be there listening to him.

Regardless of what happens on BBB, Republicans need new leadership in the House because McCarthy is a loser for them.

[Anonymous]

The final vote is taking place now. It will be the dominant news for the rest of the day and the attention will turn to the Senate.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wait I thought backdoor Roths were safe? They are eliminated now?

Gone if BBB as drafted passes, unless the Senate acts to remove the change. They had the change to close them in, then they removed it, but then they added closing the back doors back in as a PAY FOR when they added in the SALT giveaways.

It’s not pay for for SALT. SALT actually is a revenue increase under the bill because under current law the $10k cap goes away after 2025.

The fact that you can say this with a straight face..

[Anonymous]

https://www.c-span.org/video/?516116-1/house-votes-president-bidens-social-spending-plan&live


Why are reps themselves not there to vote?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wait I thought backdoor Roths were safe? They are eliminated now?

Gone if BBB as drafted passes, unless the Senate acts to remove the change. They had the change to close them in, then they removed it, but then they added closing the back doors back in as a PAY FOR when they added in the SALT giveaways.

It’s not pay for for SALT. SALT actually is a revenue increase under the bill because under current law the $10k cap goes away after 2025.

The fact that you can say this with a straight face..

Yeah, the NJ/NY representatives are fighting so hard to push through something that will increase taxes on their constituents in the long term. They know as soon as Rs take over again, the Rs would continue the TCJA cuts (that the SALT cap was used as a payfor). They are pushing through SALT now to give their very high income constituents a few years of SALT breaks, else they'd get none.

The backdoor roth closure is in a line item that raises $10B over 10 years. Paid for by working people, yes, some of them just as high income, but others who are earning as little as $150K or so. We were promised no tax increases under 400K. And we weren't told that that 400K wasn't going to be indexed for inflation until 2029 in a period of rampant inflation.

[Anonymous]

Anonymous wrote:https://www.c-span.org/video/?516116-1/house-votes-president-bidens-social-spending-plan&live


Why are reps themselves not there to vote?

The House decided to allow proxy voting due to the pandemic. Since this vote wasn’t even supposed to happen this morning, some reps probably had other meetings and appointments scheduled for this time. Since proxy voting is allowed, people who can be there are voting on behalf of their colleagues who aren’t.

[Anonymous]

It's done!

[Anonymous]

Anonymous wrote:https://www.c-span.org/video/?516116-1/house-votes-president-bidens-social-spending-plan&live


Why are reps themselves not there to vote?

There were a handful that were up all night with McCarthy.

Then there were the ones who are voting by COVID proxy.

[Anonymous]

Well done Dems!

Now on to the Senate.

Getting things done for the American people.

[Anonymous]

Democrats are having a little celebration on the floor - good for them!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wait I thought backdoor Roths were safe? They are eliminated now?

Gone if BBB as drafted passes, unless the Senate acts to remove the change. They had the change to close them in, then they removed it, but then they added closing the back doors back in as a PAY FOR when they added in the SALT giveaways.

It’s not pay for for SALT. SALT actually is a revenue increase under the bill because under current law the $10k cap goes away after 2025.

The fact that you can say this with a straight face..

NP here: it's actually true. The $10K SALT cap imposed by the 2017 Tax Cut and Jobs Act (rammed thru Congress by Republicans via reconciliation) expires completely in 2025. If Congress takes no action on SALT before 2025, the $10K cap will essentially go away by itself and create large deficits (absent no spending cuts or other tax increases).

By raising the cap for everyone or removing it completely for anyone under $550K income threshold, you actually reduce the deficit through 2031 relatives to the status quo (full expiration for everyone in 2025).

The Congressional Budget Office said on Thursday that over the course of a decade, the changes to the deduction would amount to a tax increase that would raise about $14.8 billion in revenue.

https://www.nytimes.com/2021/11/18/us/politics/salt-tax-deduction-democrats.html

[Anonymous]

Anonymous wrote:Democrats are having a little celebration on the floor - good for them!

That guy who was voting for someone from Texas, when he knew this vote did not count, looked bemused.