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Bruce's avatar

It gives us seniors a bonus addition to standard deduction (meh).

It takes away qualified business income deduction for specified industries, like us tax preparers (and architects, health care, et al). That's a big downer for lots of small biz.

It raises the salt limit. I thought limiting state and local tax deducts to $10k was a good thing since it would heavily impact high tax blue states. That's a bigger subsidy to blue states.

It's loaded with too much spending, which is the biggest problem we have.

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David's avatar

I wanted to add a separate comment of a more general nature. I've touched on this in the discussion about Musk's possible third-party effort, but it applies to legislation in general; and to reconciliation bills in specific, squared and cubed.

I spent nearly forty years in the National Capital Region, and I spent a good chunk of my time working for the Haze-Grey Navy as a contracting officer. I ran competitions when possible, and I negotiated many contracts--some in the hundreds of millions--with sole-source suppliers including Grumman, Hughes, Texas Instruments, Raytheon and General Dynamics. So...I'd humbly suggest I might know a thing or two about negotiations: one of the cornerstone principles of which is, "A successful negotiation is one in which all parties leave the table equally dissatisfied." Equally DISSATISFIED: let that sink in. No one walks away rubbing their hands unless the other side has massively screwed up.

Why is this relevant? Let's refresh our memories about the BBB. It passed the House--after some last-minute pushing and shoving--on a party-line vote of 215 to 214. That's ONE VOTE, folks. Absolutely zero slack. So, as I see it, that represents exactly the equilibrium implied above: everyone (on the winning side) got something, but no one got everything. Indeed everyone walked away feeling grumpy...but also pleased to have managed to pull together a winning bill.

Does this mean this is a perfect bill? Of course not, and anyone who claims otherwise is...well, let's just say...barkeep, I'll have what they're having.

Nor, of course, are we done: the Senate still has to weigh in, and--on the presumption that zero Democrats will get on board--that means the GOP has to hold all but three of its members: fifty votes for the bill, plus the Vice-President's tie-breaker vote. Is that gonna happen? Who knows. But it has to start somewhere, and this bill--this bloated, sloppy, budget-busting monstrosity of a bill...THIS IS IT.

Bitching and moaning, throwing shade, accusing the majority of engaging in bad behavior...why not? It's a free country. But at the end of the day--I'll say it again for emphasis--THIS. IS. IT. We fail here, and there will be no second chances. And the alternative is far worse, as I'd like to think the last four years have demonstrated.

So--to quote Barry Goldwater--"Let's grow up, conservatives!" Each journey starts with a single step: this will--I hope and pray--be that first step, as we undertake the Long March toward reclaiming the Republic.

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