House GOP moves to lock in tax cuts

House GOP moves to lock in tax cuts

House GOP moves to lock in tax cuts

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.

House GOP moves to lock in tax cuts
House GOP moves to lock in tax cuts

"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.




Recommended News

  • Nintendo unveils $60 wireless NES controllers for the Switch

    Nintendo unveils $60 wireless NES controllers for the Switch

    For individual memberships, one, three and 12-month subscriptions will cost $3.99, $7.99 and $19.99, respectively. Afterwards, it will no longer be possible to unlink your Nintendo Account from your Nintendo Switch user profile.
    Trump signs executive order to impose sanctions against any election interference ZlotoNews

    Trump signs executive order to impose sanctions against any election interference ZlotoNews

    But the order received a lukewarm reception from bipartisan lawmakers pushing for a new sanctions law. Coats warned last month that Russian Federation is trying to interfere in the 2018 midterm elections.
    Lexus side view cameras look fantastic

    Lexus side view cameras look fantastic

    View areas around the vehicle can be enhanced manually to give the driver complete peripheral awareness. Then there are the displays: A pair of 5-inch monitors are attached to the front pillars.
  • Teenagers' use of e-cigarettes at epidemic levels - US health officials

    Teenagers' use of e-cigarettes at epidemic levels - US health officials

    If the companies do not respond to the agency's satisfaction, the FDA said , it will consider removing their products from stores. The agency also imposed fines - ranging from $279 to $11,182 - on another 130 establishments for repeated offenses.
    Browns release wide receiver Josh Gordon

    Browns release wide receiver Josh Gordon

    The Browns announced they will release wideout Josh Gordon . Josh Gordon's time with the Cleveland Browns is over. Gordon had just rejoined the team on August 18.

    Florence is now "only" a Category 2 hurricane. That won’t matter much

    While Florence is no longer considered a major hurricane , its reach has expanded, threatening residents from Georgia to Virginia. FEMA has warned that while downgraded, the storm will still generate life threatening storm surge and rainfall in North and SC .
  • NASA Satellite Finds Winds Tearing Tropical Depression Isaac Apart

    NASA Satellite Finds Winds Tearing Tropical Depression Isaac Apart

    Isaac had winds of 60 miles per hour , and the hurricane center said gradual weakening is anticipated over the next few days. Kitts and Nevis, Montserrat, Barbuda and Antigua was also expected to be discontinued by Thursday evening.
    Sarri open to Terry return in Chelsea coaching role

    Sarri open to Terry return in Chelsea coaching role

    The 27-year-old has scored 10 goals with his left foot in the Sky Bet Championship since the start of last season. For the moment, I'm really very happy to stay here.
    Hurricane Florence: What we know and what to expect

    Hurricane Florence: What we know and what to expect

    The rising sea crept toward the two-story home of Tom Copeland, who lives on a spit of land surrounded by water in Swansboro. More than 400,000 homes and businesses have lost power across North Carolina overnight, local media reported.
  • Firmino discharged from hospital following eye injury scare

    Firmino discharged from hospital following eye injury scare

    The Reds have had a sublime start to the season under Klopp and have already established themselves as leaders in the Premier League after winning all their games so far.
    Ariana Grande Posts Heartbreaking Tribute To Mac Miller

    Ariana Grande Posts Heartbreaking Tribute To Mac Miller

    The video appears to have be filmed during an intimate dinner Ari and Mac enjoyed while they were still together. Miller, real name Malcolm McCormick , was 26 when he died from a suspected overdose.
    Sex and the City star Cynthia Nixon splits NY  voters

    Sex and the City star Cynthia Nixon splits NY voters

    Nixon shot back at Cuomo's assertions, saying his claim to not know about the mailer was "patently absurd". Nixon dived into the race last March, but in the final home-stretch, the fight has been dirty.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.