Why Bob Corker Flipped To A 'Yes' On Tax Reform In One Simple Chart

Authored by Mike Shedlock via www.themaven.net/mishtalk,

Senator Bob Corker, the lone Republican voting against the tax bill suddenly changed his mind. Why?

On December 1 Senator Corker made this statement:

"But at the end of the day, I am not able to cast aside my fiscal concerns and vote for legislation that I believe, based on the information I currently have, could deepen the debt burden on future generations."

Today Corker Tweets:

Senator Corker denies allegations of the "Corker Kickback".

Corker initially told IBT that the new provision “sounds totally unnecessary and borderline ridiculous” but later admitted he doesn’t “really know what the provision does to be honest. I would need an accountant to explain it.” Last year, Corker made up to $7 million from real estate pass through companies he owns.

His story, however, hit a snag when Sen. John Cornyn (R-TX), the Senate Majority Whip, told ABC News that the provision that benefits real estate investors was added as part of an effort to “cobble together the votes we needed to get this bill passed.”

When asked if the provision was added specifically to secure Corker’s vote, Cornyn dodged the question.

Corker Kickback Tweets

 

 

My Position

My position has been clear from the beginning. I benefit personally from this bill thanks to pass-through provisions. But I do not support this bill.

Who Benefits? Me!

As I noted before, I benefit from this legislation, but not because of real estate. 100% of my income is pass-through.

Unlike Corker, I am not changing my opinion. I think this bill, which adds $1.5 trillion in debt while doing virtually nothing to spur investment or jobs, is grossly beneficial to the wealthy.

To voice your displeasure at unprecedented greed, please see Upset About the One-Sided Tax Bill? Here's What to Do About It!.

Comments

NoDebt Fritz Mon, 12/18/2017 - 10:14 Permalink

Let's face it, it's a lot easier to save one guy a million dollars in taxes than to save a million people one dollar in taxes.You real estate guys:  You're good to go.  Certainly nothing in this bill has made owning real estate an LESS inviting than under current tax law. 

In reply to by Fritz

Handful of Dust nmewn Mon, 12/18/2017 - 13:59 Permalink

Far Left 9th Circus Court [hypocrit] judge announces immediate retirement amid investigation prompted by multiple accusations of sexual misconduct  Alex Kozinski, the powerful judge on the U.S. Court of Appeals for the 9th Circus who was facing a judicial investigation over allegations that he subjected 15 women to inappropriate sexual behavior, announced Monday he would retire effective immediately. https://www.msn.com/en-us/news/us/federal-appeals-judge-announces-immed…

In reply to by nmewn

NihilistZerO___ nmewn Mon, 12/18/2017 - 16:52 Permalink

All small biz with S Corps and LLCs win BIGLY.  Unlikely they pay off debt with interest rates so low, so it should lead to economically stimulative spending. If they want to soften the pop of Housing Bubble 2.0 you have to get the velocity of money at the local level to increase. Overcapacity of everything combined with Mega credit bubble is bad news. Tax plan can address this issue slightly. Also whack in all those insane line items is beautiful.

In reply to by nmewn

greenskeeper carl ATM Mon, 12/18/2017 - 11:07 Permalink

You you really believe ANY of them read this bill before supporting it? He definitely isn't alone in that. Remember that old line with Ron Paul when he is asked why he votes no on almost everything? 'I read them'.

I figure any tax bill is going to fuck the working people in this country for the benefit of the very rich and the professional voting poor. So I watch most of this with an ironic disposition. It is both ironic and funny to watch the left go apoplectic over people voting for something they haven't even read... this irony, of course, is lost on them.

In reply to by ATM

FireBrander greenskeeper carl Mon, 12/18/2017 - 11:33 Permalink

ALL Bills will benefit the "lobby group" that wrote them; In my lifetime, we've gone from "volunteer" and "low paying" nursing jobs to salaries of $100k plus...for a NURSE! That's some powerfull lobbying!~~~~~~~If Trumps wants to TurboCharge the economy...get the HealthCare monkey off the backs of business!Friend is a master plumber and small business owner...3 employees...Jan 1, 2018...he will be the only employee...why?...cost of health care...he's not forced to offer it by law, but if he doesn't, all he get's is bottom barrel applicants...he pays top wages, but it's the "health package" employees want that his bigger competition can offer...our health system is killing small businesses.

In reply to by greenskeeper carl

11b40 FireBrander Mon, 12/18/2017 - 13:58 Permalink

You think it is bad now, this bill plunges a dagger through the heart of the little guy who is trying to make it freelancing in the "gig" economy.We have heard about the elimination of deductions for expenses relating to school teachers buying supplies for students and classes, but crickets about all the people who move from temp job to temp job.  The elimination of the expense incurred, for example, of the cost of travel to interviews, auditions, etc., training classes, dues, and a whole host of other expenses relating to getting jobs and maintaining skills go away.This won't really hit people until 2019 when they do their taxes for 2018.  I predict that when it does, the Reds will have real problem.  Then, if they touch Medicare, Medicaid, or Social Security after the huge give backs to millionaires, billionaires, and multi-national corps, there will be hell to pay.  This is forcing people into larger corps, or incorporating themselves, another added expense and usurper of time that, say a starving artist as just one example, can ill afford.  I have personally been a Sub-S for over 40 years, but you need a certain level of volume to make that worthwhile.  So, the more independent minded you are in your employment choices, the harder you get screwed.

In reply to by FireBrander

DerdyBulls 11b40 Mon, 12/18/2017 - 16:03 Permalink

The elimination of the expense incurred, for example, of the cost of travel to interviews, auditions, etc., training classes, dues, and a whole host of other expenses relating to getting jobs and maintaining skills go away.No it doesn't. The independent contractor just needs to incorporate under LLC or Scorp etc (see your un-narrow minded CPA). Which they should really do anyway if they make any money.I don't like the tax bill for vastly different reasons. But we'll see. 

In reply to by 11b40

chubbar The_Dude Mon, 12/18/2017 - 10:46 Permalink

The other part of the argument against, that it raises the deficit, is laughable. We will NEVER pay down or off the deficit. The economy is nothing but an offshoot of public debt spending. If gov't spending decreases so does the economy, period. It's a closed loop that runs until/unless it collapses. I used to be a deficit hawk until I realized we are so far past where we could actually return to a balanced budget and survive economically that it no longer made any sense to pay attention to that aspect of these bills.

In reply to by The_Dude

FireBrander chubbar Mon, 12/18/2017 - 12:36 Permalink

I've said for years that "Repeal ObamaCare" ain't, gonna, happen...even if you hand 100% of the political power to the Republican Party...I was savagely down-voted...and I have been proven 100% correct...because "The economy is nothing but an offshoot of public debt spending".."Repeal ObamaCare" and tank the "HealthCare" system. The one CLOSE try to "Repeal ObamaCare" contained a "Insurance Stabilization Fund"...basically, instead of giving money to people so they could buy "insurance" with it...we would just give the money straight to the insurance companies to guarentee profits...AND all the ex-ObamaCare'ees would have to pay full price too! Even more Profits! Thank God ObamaCare wasn't "repealed"...more like, thank Rand Paul..he's the one that exposed the scam of this "repeal".

In reply to by chubbar

LawsofPhysics The_Dude Mon, 12/18/2017 - 10:53 Permalink

LOL!!!  So, you think this guy is performing real work and adding real value that justifies that compensation?!?!?I think you are missing the big picture here. Why is anybody PAYING ANY TAX WHEN THE FUCKERS IN BANKING AND FINANCE AND THEIR POLITICAL PUPPETS (LIKE BOB) HAVE ACCESS TO FREE FUCKING MONEY FROM THE FED?!?!?!?!FUCK THEM ALL!!!!Hey Bob, keep your money, we will keep ours and AUDIT THE MOTHERFUCKING FED YOU CORRUPT PIECE OF SHIT!!!

In reply to by The_Dude

NoDebt LawsofPhysics Mon, 12/18/2017 - 11:03 Permalink

Well, see, that's the problem.  On many subjects I think a lot of ZH people agree with eachother and understand the terms underlying that agreement.  On this subject I think most of us are talking right past eachother and I can't figure out whether it's a failure to define our terms or legit disagreement on whether taxes on various entities (like corporations) should be lowered at all.What is it that is pissing everyone off about this tax bill so much?  I suspect I could throw out three different reasons and they would all get about equal responses.  I'm not in "shoot my mouth off" mode here.  I'm in "listen, ask questions and try to understand" mode. 

In reply to by LawsofPhysics

LawsofPhysics NoDebt Mon, 12/18/2017 - 11:07 Permalink

Yep.  The fundamental problem being one set of accounting/tax rules for the corporatist/facist club members and another set of acounting/tax rules for small business or the citizen/slave.Hello?  Did we fix "too big to fail" yet?No matter, such "let the majority eat cake" monetary experiments always end the same way. Hedge accordingly.

In reply to by NoDebt

The_Dude LawsofPhysics Mon, 12/18/2017 - 12:20 Permalink

Those are two completely different issues and your willingness or laziness to combine them naturally conflates and muddies the discussion.  Some might claim that you intentionally do it to maintain the status quo our run cover for the money printers.My concern is that people are so willing to express how it is acceptable to steal from their fellow citizen as long as it benefits them.  We should all be upset when we see people being treated unfairly. 

In reply to by LawsofPhysics

LawsofPhysics The_Dude Mon, 12/18/2017 - 12:34 Permalink

LOL!!!Bullshit. mark your "assets" to market motherfucker and let's find out who is swiming naked.Let me guess, you think bailouts are consistent with "capitalism"!Sorry you stupid fuck, "capitalism" requires a real respect for capital and letting bad companies and bad management go bankrupt!Another disingenuous fuck. That is NOT what I am expressing at all.  My fellow citizen would benefit tremendously from the deflation in prices that accompanies the CLEARING OF BAD DEBT!!!!!!

In reply to by The_Dude

The_Dude LawsofPhysics Mon, 12/18/2017 - 13:36 Permalink

I agree with you on this.  All systems should be established through volunteerism and fairness.  Large governments encourage corruption and provide the ability for actors to exploit the system in their favor.But I don't agree to involuntary tax systems that require state force and encourage class warfare that you seem inclined to support.

In reply to by LawsofPhysics

NihilistZerO___ LawsofPhysics Mon, 12/18/2017 - 16:58 Permalink

Mark to fantasy gets you Fed Bux. But with the Fed increasing pace of balance sheet normalization yields on Treasuries will be rising. Has Blackstone finished dumping their SFH portfolio? 4-5% cap rates for the dumb money means RE is doomed in the near future. Does the Admin have a plan to issue Treasuries to an actual PUBLIC entity like the NCUA? Fed would have to accept as collateral for FRNs per their charter. Debt free money and while sabotaging the Fed's engineered takedown. Just spit balling, but Trump did sign an EO to change the NCUA logo to match the Fed's last week...

In reply to by LawsofPhysics

rwe2late The_Dude Mon, 12/18/2017 - 11:08 Permalink

 Apparently to some,those with little or no money for basic living costs should pay MOREof what they don't have!As if the regressive sales taxes, property taxes, and other government fees for utilities and fuel were non-existant. {be indignant about the taxes paid by those who have enriched themselves by tax scams, shelters, subsidies,kickbacks, and government protections. By the way, most of the big corporations pay little or no income tax) 

In reply to by The_Dude

Trader200K The_Dude Mon, 12/18/2017 - 12:14 Permalink

I would support a national sales tax to replace the income tax to solve the pbm you allude to, but we lost more than all the taxes Porker paid in one single bill where he voted to build a power grid in AFRICA while the US grid goes unprotected from a variety of serious technical threats.

Corker and his Ilk stand exactly in the way of unleashing Americans to be productive again ... on purpose.

Pull it. Go Galt.

T

In reply to by The_Dude