The following is a newsletter from the Center for American Progress sent November 8, 2017:
Last week, House Republicans released their new tax legislation, which gives massive tax cuts for millionaires and wealthy corporations, threatens priorities such as Medicaid, Medicare, and education, as well as raises taxes on many struggling and middle-class families. In addition, the bill would eliminate a deduction that helps people cover high health care bills and increases costs for student loans and nursing homes. Not only does this tax bill break several of President Trump’s campaign promises, but would further enrich the president, his family, and several of his top campaign donors.
The following article by Megan R. WIlson was posted on the Hill website November 8, 2017:
Credit: John Shinkle, POLITICO
For lobbyists in Washington, it’s all tax reform, all the time.
The GOP’s consideration of tax legislation has stirred feverish activity on K Street, with an army of lobbyists — even those who don’t specialize in taxes — swarming the Capitol to keep tabs on the bill.
The following article by Glenn Kessler was posted on the Washington Post website November 7, 2017:
It’s a common GOP talking point that the estate-tax hurts farmers and small businesses. The Fact Checker’s Glenn Kessler explains why this is exaggerated, at best. (Meg Kelly/The Washington Post)
“We just think it’s unfair. Death should be not a taxable event, and we should not be stopping people from being able to pass their life’s work on to their kids.” — House Speaker Paul D. Ryan (R-Wis.), interview on “Fox News Sunday,” Nov. 5, 2017
The following article by Lindsey McPherson was posted on the Roll Call website November 7, 2017:
The House Ways and Means Committee began consideration of the tax package on Monday. (Tom Williams/CQ Roll Call)
Tax cuts are not cheap, so when closing so-called loopholes left House Republican tax writers short of their budget target, they dipped into their grab bag of budget and timing tricks.
“Once you set that cap in reconciliation instructions, it has to fit,” Ways and Means member Carlos Curbelo of Florida said. “So the entire bill is designed to meet the instructions that both chambers passed.”
Republican congressional leaders are using the budget reconciliation process to consider the tax package, which allows them to bypass Senate procedural roadblocks. The catch is the legislation must adhere to parliamentary budget rules. Continue reading “Delays, Caps and Chains, Tax Bill Gimmicks Explained”
The tax bill he and his Republican comrades are pushing through Congress was drafted behind closed doors, with no hearings and no input from Democrats.
Paulsen, Trump and the other Republicans have forgotten that trickle-down economics have not worked in the past and certainly did not work in the 1980s when Reagan foisted them upon the country. Reagan’s own budget director, David Stockman, even authored a book admitting they do not work. Continue reading “Letter: Trickle-down doesn’t work”
The following article by Alexander Bolton was posted on the Hill website November 5, 2017:
Credit: AP/Evan Vucci
The House GOP tax-reform package has put Senate Republicans in a tough spot, much like the House-passed ObamaCare repeal bill did earlier this year.
The legislation is expected to pass the House, starting a tougher battle in the Senate, where Republicans control 52 seats and can’t pass a bill if they suffer more than two defections and Democrats remain unified.
At least a half-dozen Senate Republicans have already raised concerns about various proposals in the tax measure, setting the stage for arduous negotiations in the upper chamber. Continue reading “Tax bill raises red flags for Senate GOP”
The following article by Maya Rao was posted on the Star Tribune website November 3, 2017:
Credit: Jacquelyn Martin, AP
WASHINGTON – Minnesota Republicans in Congress enthusiastically pitched their tax proposal to voters back home Thursday, vowing it would jump-start the economy while reducing the cost of living.
“It’s going to help small business, it’s going to increase paychecks, and it’s going to make sure we have a growing competitive economy so our American headquarters can also stay in Minnesota and hire more people,” Rep. Erik Paulsen said. A member of the tax-writing Ways and Means Committee, Paulsen went all in on what his office touted as a “once-in-a-generation tax reform bill.” Continue reading “Paulsen, Lewis tout GOP tax plan as good deal for Minnesota”
The following article by Patricia Cohen was posted on the New York Times website November 2, 2017:
Representative Paul D. Ryan, the House speaker, at the unveiling of the House Republican tax plan at the Capitol on Thursday. Credit Al Drago for The New York Times
With the release of an ambitious overhaul of the tax code, House Republicans are moving to fulfill a long-held desire of corporate America: a large and audacious tax cut.
Yet economists are divided over whether the plan is likely to revitalize the economy or merely bestow a windfall on the wealthiest investors.
Even before President Trump vowed as a candidate to sharpen America’s competitive edge, Republicans led by the House speaker, Representative Paul D. Ryan of Wisconsin, were arguing that large tax cuts would unleash a hurricane of economic activity. Continue reading “A Tax Cut That Lifts the Economy? Opinions Are Split”
The following article by Alicia Parlapiano was posted on the New York Times website November 2, 2017:
House Republicans released a bill on Thursday that would make major changes to the tax code. Some key elements of the proposal:
Lower Rates for Households
The bill would reduce the current marginal income tax brackets to four from seven — 12, 25, 35 and 39.6 percent — and lower taxes by increasing the income ranges affected by each rate.
The following article by Jim Tankersley was posted on the New York Times website November 2, 2017:
The Republican tax plan would make it difficult for middle class people looking to buy starter houses in high-priced, economically vibrant areas such as Silicon Valley and New York. Credit Jim Wilson/The New York Times
WASHINGTON — The House Republican tax bill is a clear windfall for corporate America and a roll of the dice for the middle-class families that President Trump promised would be the centerpiece of his economic agenda.
Early projections suggest the bill would cut taxes for an average middle-class family. But the typical cut could be relatively modest, compared with the benefits for businesses and high earners. More important, the myriad changes in the code would actually raise taxes on nearly 13 million tax filers who earn $100,000 a year or less, according to preliminary calculations using the open-source economic modeling software TaxBrain.
Those changes also include limits on, or the elimination of, what might be called tax breaks for middle-class aspirers. The bill would no longer allow Americans to deduct interest on student loans they took out to attend college. It would limit mortgage interest deductions to $500,000 on newly purchased homes, a provision that would hit middle-class teachers or office workers looking to buy starter houses in high-priced, economically vibrant areas such as New York City and Silicon Valley.
One of the bill’s biggest lifts to working families would vanish after five years — though Republicans would certainly push to extend it — and another would be diluted by the bill’s changes to how the tax code calculates inflation. Continue reading “Major, Major’ Tax Cut May Not Be in Store for Middle Class”
