The main characters in The Notebook had a long and messy relationship. The Senate had a long and messy Friday that ended with them approving their tax bill after midnight. The process was far from ideal, as Democrats complained on Twitter. As one tax expert reported, “On the Senate floor, things went from shady to sham rather quickly.”
But it passed 51-49. The bill is fraught with significant political issues, including a repeal of the individual mandate. The bill will have the following health care consequences if enacted into law:
- Increase the federal deficit by more than $1 trillion, leading to huge health care cuts down the road.
- Cause 13 million people to lose coverage.
- Increase premiums by 10 percent.
- Slash $25 billion from Medicare.
But it still isn’t over! The House passed a different tax bill. A conference committee has been appointed by House leadership, and Senate leadership expects to appoint conferees and go to conference later this week. Republican leadership wants a bill to the President’s desk before the holidays.