House panel advances key bill in new round of GOP tax cuts

The House Ways and Means Committee on Thursday advanced legislation to cement the individual tax changes in President Trump’s tax law as House Republicans seek to shine a light on their biggest recent legislative accomplishment ahead of the midterm elections.

The bill, part of a package Republicans are calling “Tax Reform 2.0,” passed the committee on a party-line vote of 21-15 after hours of debate between Democrats and Republicans over the value of the measure and the 2017 tax law.

The bill is expected to get a vote on the House floor later this month but isn’t expected to be taken up by the Senate, where it would need 60 votes to pass.

The individual tax changes in the 2017 law — which include the lower tax rates, larger standard deduction, deduction for income from noncorporate businesses and the $10,000 cap on the state and local tax (SALT) deduction — are currently set to expire after 2025. GOP lawmakers made these tax changes temporary in order to pass the 2017 measure under budget rules that allowed the bill to pass the Senate with a simple-majority vote.

http://thehill.com/policy/finance/406570-house-panel-advances-second-round-of-gop-tax-cuts?userid=229233

Trillion dollar deficits here we come.