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Yo_Mama_Been_Loggin

(108,170 posts) Wed Jul 26, 2017, 01:56 PM Jul 2017

White House, GOP close to releasing joint tax-reform principles

The White House, congressional leaders and the chairmen of the tax-writing committees may release joint tax-reform principles as soon as this week, according to lobbyists.

Speaker Paul Ryan (R-Wis.) told attendees at an event Tuesday at the Capitol Hill Club that the unified tax-reform framework would be unveiled later in the week, and that the House Ways and Means Committee would then write legislation based on the principles, according to Hadar Susskind, senior vice president of government relations at the Council on Foundations. A representative of Susskind’s group was at the event.

Tax reform is a top issue for the GOP, and policymakers have said they intend to enact legislation this year. For the last several months, a group of lawmakers and administration officials known as the “Big Six” have been meeting regularly to reach an agreement on a tax plan that the White House and House and Senate Republicans can all support.

The members of the Big Six include Ryan, Senate Majority Leader Mitch McConnell (R-Ky.), House Ways and Means Committee Chairman Kevin Brady (R-Texas), Senate Finance Committee Chairman Orrin Hatch (R-Utah), Treasury Secretary Steven Mnuchin and White House National Economic Council Director Gary Cohn. The group is expected to meet again on Wednesday.

http://thehill.com/policy/finance/343918-white-house-gop-close-to-releasing-joint-tax-reform-principles

GOP tax reform is where the 400 wealthiest families in America get big bucks and the rest of us get nothing.

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White House, GOP close to releasing joint tax-reform principles (Original Post) Yo_Mama_Been_Loggin Jul 2017 OP

It will suck Iliyah Jul 2017 #1

Let me guess...no estate tax, limited charitable deductions until repeal of Johnson amendment,... Freethinker65 Jul 2017 #2

We've already seen them. Orsino Jul 2017 #3

Basically, steal from everyone and give to the rich. alarimer Jul 2017 #4

Iliyah

(25,111 posts)

1. It will suck

Reply to Yo_Mama_Been_Loggin (Original post)

Wed Jul 26, 2017, 02:02 PM

Jul 2017

Freethinker65

(10,036 posts)

2. Let me guess...no estate tax, limited charitable deductions until repeal of Johnson amendment,...

Reply to Yo_Mama_Been_Loggin (Original post)

Wed Jul 26, 2017, 02:08 PM

Jul 2017

Reduction in corporate tax rates, reduced personal income rates (though largest reductions targeted for the wealthy), decrease in tax on investment income, increase in amount one can shield in tax saving accounts (Roth IRAs, IRAs, FSAs, HSAs, etc.), decrease in educational opportunity credits and farm subsidies, elimination of energy efficiency credits, increase in depreciation allowed for larger corporations, elimination of home mortgage deduction, etc.

Most of these will be at least partially restored to near current values during the sausage making process, but the middle class will see the biggest rise in taxes and decrease in overall services because of the overall reduced tax base.

Orsino

(37,428 posts)

3. We've already seen them.

Reply to Yo_Mama_Been_Loggin (Original post)

Wed Jul 26, 2017, 02:44 PM

Jul 2017

Tax cuts for the rich are among the few principles today's GOP could be said to live by.

alarimer

(16,245 posts)

4. Basically, steal from everyone and give to the rich.

Reply to Yo_Mama_Been_Loggin (Original post)

Wed Jul 26, 2017, 03:02 PM

Jul 2017

Fuck these assholes. In my opinion, neither the Trumps nor Congress should be allowed to benefit from these tax cuts.

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