House GOP moves to lock in tax cuts

GOP lawmakers may oppose tax bill 2.0 to hold onto seats

GOP lawmakers may oppose tax bill 2.0 to hold onto seats

The House Republican lawmakers revealed on Monday, Sept. 10, their plan to make the 2017 tax cuts for individuals more permanent with the intent to sway the voters for the upcoming elections in November, per Bloomberg.

Despite reports surfacing last week that House Republicans were having second thoughts about pushing a second round of tax cuts this month, they must have said, "Screw it, let's do it anyway". The full House vote is likely to be held on October 1.

The new package would also make permanent a number of provisions passed last fall to raise revenue and offset the cost of the cuts, including the elimination of several itemized deductions and a new $10,000 cap on how much taxpayers can deduct off their state and local taxes.

Passage in the Senate would require a 60-vote supermajority because the legislation would add to the already burgeoning federal deficit.

A dozen House Republicans opposed the Tax Cuts and Jobs Act last December. All but one were from high-tax Democratic states such as New York, New Jersey and California.

Less than two months away from the November 6 elections, Republicans in the House Ways and Means Committee this week voted to move forward with a legislative effort that would ultimately bring in another round of reforms to the tax code, including making some of the previous changes permanent.

Under the measure, federal individual income tax cuts approved on a temporary basis by the Republican-controlled Congress and President Donald Trump in December would become permanent. But their message has been undercut by worries about Trump's policy on trade tariffs and a lack of evidence that tax cuts have delivered promised pay increases to workers.

"After handing massive unpaid-for tax breaks to Big Pharma, Wall Street and the wealthiest 1 percent with the first GOP tax scam for the rich, House Republicans are here with more of the same", House Democratic leader Nancy Pelosi said in a statement Monday. Starting in 2026, the cuts could cost the federal government about $165 billion annually in today's dollars, according to projections by the Tax Foundation, a conservative-leaning think tank.

GOP lawmakers may oppose tax bill 2.0 to hold onto seats
Is Trump Honest? Vast Majority Of Americans Say No

"If this were likely to be enacted in the near term, those numbers would be hard to square", said David Noren, a tax partner with the law firm McDermott, Will & Emery.

The tax-writing House Ways and Means Committee took up the legislation, with the Republican majority prevailing to approve it in a 21-15 party-line vote.

But the legislation also carries risks for Republican fiscal conservatives. America's growth domestic product grew at a 4.2 percent rate in the second quarter of 2018, on track to grow by 3 percent this calendar year. The United States economy created 3.5 million jobs since Trump took office, according to the White House.

The president's approval rating in the suburbs is just 34 percent.

Small businesses are benefitting the most.

It is time for you to put country above political party in November.

The GOP's and the president's weaknesses continue to be in the suburbs and now with Midwestern voters. According to a RealClearPolitics average of polling, 37 percent of voters approve of the GOP's tax cuts, while nearly 42 percent disapprove.




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