Latest Breaking News

Judi Lynn

(160,555 posts) Thu Sep 13, 2018, 09:15 PM Sep 2018

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

Source: The Hill

BY NAOMI JAGODA - 09/13/18 03:26 PM EDT

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.

Read more: http://thehill.com/policy/finance/406570-house-panel-advances-second-round-of-gop-tax-cuts

4 replies

= new reply since forum marked as read

Highlight:

House panel advances key bill in new round of GOP tax cuts (Original Post) Judi Lynn Sep 2018 OP

This will never get past the Senate. JohnnyRingo Sep 2018 #1

The know that what they are hoping to do is to use it to rally their base before cstanleytech Sep 2018 #2

Wait until all of those Trumpers watoos Sep 2018 #3

A Stupid Short Term Stimulus ProfessorGAC Sep 2018 #4

JohnnyRingo

(18,636 posts)

1. This will never get past the Senate.

Reply to Judi Lynn (Original post)

Thu Sep 13, 2018, 09:49 PM

Sep 2018

Unless McConnell decides to pass yet another "nuclear option" to get a 51% passage. I think with the house moving toward a blue majority he'll be hesitant to do so.

If the feds have such a surplus that we can give it away on corporate welfare, why are republicans trying to tighten spending on social programs? Typical.

cstanleytech

(26,300 posts)

2. The know that what they are hoping to do is to use it to rally their base before

Reply to JohnnyRingo (Reply #1)

Thu Sep 13, 2018, 10:17 PM

Sep 2018

the election because they know they are going to lose so they are trying to mitigate the damage as much as they can.

watoos

(7,142 posts)

3. Wait until all of those Trumpers

Reply to Judi Lynn (Original post)

Fri Sep 14, 2018, 07:28 AM

Sep 2018

who think they got a tax break do their taxes at the end of the year. Not getting that big refund they use for vacations or paying taxes isn't going to go over well. Too bad that won't hit them until after the election.

ProfessorGAC

(65,085 posts)

4. A Stupid Short Term Stimulus

Reply to Judi Lynn (Original post)

Fri Sep 14, 2018, 07:42 AM

Sep 2018

The good economy is all they have to run on, so they are trying to stimulate a bit. The problem with supply side, however, is that there is no way to actually pay it back in the future, aside from (as they did) expiring the cuts for the vast majority.

This approach is no different than running the presses overtime and just printing extra money.

Reply to this discussion