John McCain Confirms: Tax Reform Is "DOA In The Senate"

Tyler Durden's picture

It’s official: The Republican tax reform bill is dead on arrival in the Senate now that John McCain has become the third Republican senator to confirm that he plans to vote against it.

What’s worse for the Trump administration, McCain reportedly wants the bill to receive input from both parties – a criticism that he cited as his reason for voting against the Trump administration’s plan to repeal and replace Obamacare. This is particularly problematic because there’s approximately zero chance that any Democratic lawmakers will break ranks to vote with Republicans, despite President Donald Trump repeatedly saying that he expects to win a modicum of bipartisan support.

McCain reportedly confirmed that the bill in its current form is effectively DOA during an interview with Fox Business’s Charlie Gasparino.

 

 

 

 

In recent weeks, John McCain has reiterated his demand that Republicans pass their tax plan through a bipartisan process. McCain voted down his party’s Obamacare repeal bill precisely because it failed to meet this standard. And it will be impossible to pass the House plan - or anything close to it - through anything but a secretive, partisan process.

On Monday, Susan Collins declared her opposition to repealing the tax on multimillion-dollar estates. The current bill includes such a repeal, and many House conservatives seem deeply attached to repealing what Republicans have successfully tagged as "the death tax." And for months now, Bob Corker has also insisted that he wouldn’t vote for any tax plan that adds even a penny to the debt, even during the first ten years, where Congress would legally be allowed to do so. As it stands, the House plan would increase the deficit by a total of $1.5 trillion over ten years.

And at this rate, it’s unclear if the plan in its current form will even pass the House. Republican lawmakers from blue states hammered Ways and Means Chairman Kevin Brady about measures in the bill to repeal deductions for state and local taxes, while lowering the cap on the mortgage interest-rate deduction to $500,000. It would also eliminate deductions for student-loan interest. Controversially, it will also add an excise tax for corporations involved in cross-border payments that has drawn the ire of the US business community and its army of lobbyists.

So far, many powerful lobbying groups, including the National Association of Realtors, the National Federation of Independent Business, the National Association of Home Builders, the Independent Sector (a lobby for charities) and the National Farmers Union; and the American Institute of Architects

The ink wasn't even dry yet on the just published Republican Tax Cut And Jobs Act last week when, within an hour of its unveiling, UBS’s analysts were already predicting that it has virtually no chance of passing: As UBS chief economist Seth Carpenter wrote shortly after the publication, "to our read, the release confirms our view that tax reform is far from being a done deal. The bill contains several specifics that we believe will prove sticking points, which increase the difficulty of finding the votes to support the plan in both the House and the Senate." Fast forwarding to Carpenter's conclusion: "We maintain our view that tax reform is unlikely this year or next."

And as we pointed out yesterday, the TCJA resembles the plan outlined by Goldman weeks ago…

 

 

…So it shouldn’t come as a surprise that Goldman believes the bill has a 65% chance of passing by Q1. Of course, that prediction was made before McCain came out against the bill. Last month, he had reluctantly voted to pass the $4 trillion Senate budget plan. And adding another twist to the already complicated outlook for the bill, Goldman CEO Lloyd Blankfein said last week that "now’s not the best time for tax cuts", a view diametrically opposite that of his former "right hand man", Gary Cohn, currently Trump's chief economic advisor, who has been charged with overseeing the reform effort, alongside Treasury Secretary Steven Mnuchin.

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Notably, reports that McCain will oppose the TCJA followed news that the senator had been hospitalized with an injury to his Achilles tendon...

Because of the Republicans' razor-thin majority in the senate, they can only afford to lose two Republican votes on any piece of legislation, assuming Democrats remain united in their opposition.

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Dormouse's picture

John McShame's brain surgery was fraud. Examine the Board of Directors at the Mayo Clinic and tell me why? What could he gain or rather what could he avoid if this was true? Remarkable recovery time!

Looney's picture

 

McCain is holding his cane in the wrong hand.   ;-)

Looney

Gaius Frakkin' Baltar's picture

Tick tock, tick tock, cuckservatives...

Joe Davola's picture

Where have I seen a purple tie before...

Beam Me Up Scotty's picture

An immigrant kid in America asks his mother, "Mama, what's the difference between Democracy and Racism?"
Mother - "Well, son, Democracy is when American tax payers work hard every day so that we can get all our benefits..... you know, like free housing, free health care, free education and grants to build businesses, so on & so forth, you know… that's a Democracy".
"But Mama, don't the American tax payers get angry about us not working for that?"
"Sure they do…. that's what we call Racism!"

Gotta keep those taxes rolling in. Government needs the money more than you do!!

kw2012's picture

The clock ticks for RINOs not conservatives. Even if we have to lose the Senate and House for a while

IH8OBAMA's picture

Oh Lord, won't you buy me a Mercedes Benz?
McCain drives a Porsche-a, he must meet his ends.
A Benz has the power and a car wrecking frame,
Enough to flatten the Porche-a, that McCain's sitting in.

 

Manthong's picture

 

Isn’t there somehow we can get the ted kennedy brain cells inserted into this schmuck?

 

JimmyJones's picture

The better way to pass  the Tax bill is for Trump to just say he hates it so that McCain the obstructionist says he loves it.

Never One Roach's picture

But he's a "hero."

Right?

If that's true, why does he hate Americans then?

legalize's picture

They got the headline wrong.  It should be:

Tax Reform Confirms: John McCain Is "DOA In The Senate"

curbjob's picture

 

 

"An immigrant kid in America asks his mother, "Mama, what's the difference between Democracy and Racism ..."

 

It could  be enlightening after das Wall is built, if we discover that it's actually our own citizenry that comprise the majority of the freeloaders and, we have to raise their allowance because the cost of fresh produce has doubled.

JimmyJones's picture

Good for those of us that don't mind working we will just grow more.  Let the welfare abusers starve as their "benefits" don't buy them squat.  They don't cook anyway, watch what people on EBT buy or just Search Zero for past articles.  Its all ready made TV dinner BS.  F'em.

pods's picture

Freeloaders eating produce? lol. French fries maybe?

EBT people buy premade shit and soda.

pods

Endgame Napoleon's picture

Well, a sole, male earner (in the case of the immigrants) works the 20 hours per week / per welfare reform, accepting super-low wages and staying below the very low income limit for our pay-per-child welfare system (in above-the-table income, anyway). They have to submit 8 paycheck stubs to Department of Human Services employees to get it. They get the $6,269 child tax credits through a TIN #. Their Medicaid, which covers all household members, is provided via a separate Medicaid fund, allocated by The Swamp to avoid hospital insolvency.

Billy the Poet's picture

George Costanza -- Your cane's on the wrong side:

 

https://www.youtube.com/watch?v=PVRD7A7PiG4

Looney's picture

 

Zactly!   ;-)

Looney

GUS100CORRINA's picture

John McCain Confirms: Tax Reform Is "DOA In The Senate"

Why doesn't this guy just resign?? i AM SO TIRED OF SEEING THIS GUY IN THE PUBLIC SQUARE.

Maybe John McCain is the ANTICHRIST and we don't know it yet.

VoteSmarts's picture

He seems shorter than shown in previous pictures; perhaps he is Shrinking, like the Wicked Witch of the West, eh.

Kevin Trader's picture

guy doesnt fucking know where he is, just die already fucker

t0mmyBerg's picture

Yes John McCain please die already.  And take Lloyd "not a good time for a tax cut" Blankfien with you.  Oh and that cucking funt from Maine as well.

thinkmoretalkless's picture

I notice the purple tie...part of the resistance. Mccain and the doa reference...

Throat-warbler Mangrove's picture

Nope.  Had to learn that one myself.  Duck Duck for "Using a cane".  Anyone that is using the cane on the same side of the injury is misinformed or faking.

VoteSmarts's picture

Interesting observation.

Beam Me Up Scotty's picture

Proof positive the current tax code is nothing more than a vote buying scheme. It's also a collar around the necks of those that work.

dark pools of soros's picture

Trump being in bed with the MIC gives him no leverage with McCain and that jackass knows it

drendebe10's picture

Stoopud fukn AZ voters for reelecting the corrupt fossilized dinosaur turd

mc888's picture

Partial lobomoty so he can't testify?

Or new Google beta implant?

Ajax-1's picture

Never under estimate the healing power of young virgin blood for the vampire class.

jackstraw001's picture

McStain, Collins and Corker need to be DOA.  Fucking useless.  

Big Creek Rising's picture

Yo, McStain: just shut up and take Lindsey from behind

aliens is here's picture

Why isn't him DOA?

JLee2027's picture

Too bad the phony boot is hiding the tracking device on his leg.

spanish inquisition's picture

Maybe a stress fx from cancer in da bones?

syzygysus's picture

He knows where to put that boot.

incharge1976's picture

McCain the traitor. Sick of that asshole. 

onewayticket2's picture

if you need more proof it is not R vs D, but Insider vs Outsider.......

gatorengineer's picture

It will be a happy day when McCain dies, but I cant understand the estate tax.  If you have $5mm estate and cant figure out how to shelter it from Estate taxes, I dont think you deserve the Estate....

incharge1976's picture

Of course...A simple life insurance policy will protect it, but unfortunately a lot of people are getting bad advice from advisors more concerned with their profits than their clients' money. 

Mike Masr's picture

Fuck McCain! Soon he will be DOA!

Die already you evil mother fucker and burn in Hell!!!  

He has the blood of tens of thousands of people on his hands. From the Christians in Syria murdered by terrorists he helped arm and fund, to the deaths of innocent civilians including 101 children in Donbas shelled and murdered by the neo-nazi Banderist thugs he supports.

http://www.zerohedge.com/news/2017-08-28/journalist-interrogated-fired-s...

http://nrt24.ru/en/news/memory-children-murdered-nazi-ukraine-junta-was-...