Tag: GOP tax cut for the rich

If The GOP Wants A More Popular Tax Plan, Minor Tweaks Won’t Be Enough

The following article by Harry Enten was posted on the Fivethirtyeight website November 17, 2017:

PHOTO ILLUSTRATION BY FIVETHIRTYEIGHT / GETTY IMAGES

Welcome to Pollapalooza, our weekly polling roundup. Today’s theme song: “You Can Count on Me” from the television show “My Two Dads.”

Poll of the week

A Quinnipiac University survey released on Wednesday found that just 25 percent of voters approved of the Republican tax plan. A majority, 52 percent, disapproved. That’s really bad and in line with prior polling.

Senate Republicans seem intent on pressing forward anyway and are now trying to include a repeal of Obamacare’s individual mandate in the bill. But while attaching a partial Obamacare repeal to tax legislation is probably a mistake politically, some of the GOP’s recent tweaks to the legislation suggest that they’re reading the same polling we are and trying to improve the politics of their tax push. Continue reading “If The GOP Wants A More Popular Tax Plan, Minor Tweaks Won’t Be Enough”

Letter: A simple tax plan isn’t always better

To the Editor:

Congressman Erik Paulsen has been urging us to support the Republican tax plan because it is simpler. He even promised we can spend more time with our families instead of having to do our taxes. However, simpler isn’t always better. Life is complex, and sometimes our tax returns reflect that complexity.

In eliminating complexity, this proposed law eliminates some important deductions. Congressman Paulsen called these “loopholes.” I call them important financial strategies to help us some of us while we are in economic hard times. Continue reading “Letter: A simple tax plan isn’t always better”

The Republican tax plan is deeply unpopular — and unimportant to many Americans

The following article by Philip Bump was posted on the Washington Post website November 15, 2017:

President Trump holds up examples of what a new tax form may look like during a meeting on tax policy, Nov. 2, in Washington. (Photo by Jabin Botsford/The Washington Post)

While President Trump was on an extended trip through Asia, Republicans on Capitol Hill were pushing forward on his top legislative priority: overhauling the nation’s tax code to reduce the burden on corporations and some American households.

On Tuesday, the Senate proposal was expanded to include a repeal of the individual mandate that’s part of the Affordable Care Act (better known as Obamacare). The effect was to create a sort of policy Frankenstein (actually, a policy Frankenstein’s monster) that combines two of the party’s biggest priorities. It’s an iffy move, given the deep unpopularity of the health-care proposals the Republicans were proposing. But, then, two new polls show the Republican tax proposal isn’t that popular, either, even before health-care reform was jammed inside of it. Continue reading “The Republican tax plan is deeply unpopular — and unimportant to many Americans”

House tax plan faces bipartisan backlash over repeal of development incentives

The following article by Peter Jamison was posted on the Washington Post website November 15, 2017:

Local officials say private activity bonds needed for affordable housing

D.C. Mayor Muriel E. Bowser (D), right, says House Republicans’ tax plan would devastate cities’ efforts to develop affordable housing. (Matt McClain/The Washington Post)

The grand opening Wednesday of Archer Park, an affordable housing complex of 190 units in a long-troubled neighborhood of Southeast Washington, had the trappings of similar ceremonies in the past.

But along with oversized ribbon-cutting scissors and celebratory speeches, the gathering had something less typical: An undertone of alarm over looming changes to the federal tax code that D.C. officials say would make developments like Archer Park impossible.

The development’s solar-paneled roof and immaculate workout room have replaced what was once a set of squat brick buildings that hosted an open-air drug market — but only with help from a system of tax-exempt financing that would be eliminated in House Republicans’ proposed tax overhaul. Continue reading “House tax plan faces bipartisan backlash over repeal of development incentives”

GOP tax plan in trouble after Republican senator says he won’t back it

The following article by Damian Paletta and Mike Deonis was posed on the Washington Post website November 15, 2017:

Follow Thursday’s updates here: House GOP poised to pass its tax bill as Senate plan suffers setbacks

Sen. Ron Johnson (R-Wis.) speaks on Capitol Hill in Washington. (AP Photo/Susan Walsh) (Susan Walsh/AP)

The Republican effort to overhaul the tax code suffered serious setbacks Wednesday after a conservative senator unexpectedly said he opposed the Senate plan and a GOP moderate raised major concerns about it. The announcements cast doubt whether Republicans would be able to quickly pass what would be their first significant legislative achievement under President Trump.

Sen. Ron Johnson (R-Wis.) said he opposed both the Senate and House versions of the tax legislation because they benefited corporations at the expense of other, typically smaller companies. Earlier in the day, Sen. Susan Collins (R-Maine) said Republicans had erred when they changed their tax bill this week to include a repeal of the Affordable Care Act’s individual mandate, which requires every American to have health insurance or pay a fine. Continue reading “GOP tax plan in trouble after Republican senator says he won’t back it”

Shocking: Erik Paulsen backs a tax plan that helps his corporate supporters

The following article by Cory Zurowski was posted on the CityPages website November 14, 2017:

The ink on the Republican tax bill blueprint was still wet when Rep. Erik Paulsen (R-Minn.) shared morning coffee with MPR’s Cathy Wurzer.

What’s in the GOP tax plan for you? According to Rep. Paulsen, it’s making filing returns so simple you will “complete it on a postcard.” Credit: Star Tribune/Glen Stubbe

It was late September. GOP leaders had unveiled what could become the most significant tax code overhaul in generations, the centerpiece of which is slashing the corporate rate by around 43 percent.

Paulsen, who represents a district that wraps around the western metro from Chanhassen to Wayzata to Coon Rapids, sits on the House Ways and Means Committee, the body tasked with banging out the bill’s details.

“That’s a great question,” Paulsen told Wurzer after she asked how “big tax cuts for everyone” would benefit low-income and middle class earners. Continue reading “Shocking: Erik Paulsen backs a tax plan that helps his corporate supporters”

Senate GOP changes tax bill to add Obamacare mandate repeal, make individual income cuts expire

The following article by Mike DeBonis and Damian Paletta was posted on the Washington Post website November 14, 2017:

Senate Majority Leader Mitch McConnell (R-Ky) said on Nov. 14, he was “optimistic” about adding the individual mandate repeal to the tax bill. (The Washington Post)

Senate Republican leaders moved Tuesday to include a repeal of the Affordable Care Act’s individual mandate in their tax bill, a major change of strategy as they try to accomplish two of their top domestic priorities in a single piece of legislation.

They also announced that the individual tax cuts in the plan would be made temporary, expiring at the end of 2025 to comply with Senate rules limiting the impact of legislation on the long-term deficit. A corporate tax cut, reducing the rate from 35 to 20 percent, would be left permanent. Continue reading “Senate GOP changes tax bill to add Obamacare mandate repeal, make individual income cuts expire”

How Could a Tax Change Affect You? This Is What the Senate and House Propose

The following article by Ron Lieber and Tara Siegel Bernard was posted on the New York Times website November 10, 2017:

Treasury Secretary Steven Mnuchin speaking during a Senate news conference this week. House and Senate tax plans differ on a number of important issues. Credit Tom Brenner/The New York Times

On Thursday, Senate Republicans unveiled their tax bill. It differs from last week’s version in the House of Representatives on a number of important issues. For instance, the Senate plan would completely eliminate the ability to deduct state and local taxes; there is no exception for up to $10,000 in property taxes each year, as there is in the House bill.

It’s too soon to predict what, if anything, will come of all this. In the coming days and weeks, we will see which proposals survive as Congress moves toward possible full votes on these or modified bills. In the meantime, here’s a guide to some of the consumer-facing issues under consideration.

Tax Brackets

What’s in place now:

Seven brackets, with a top rate of 39.6 percent, which people pay on income they earn beyond $480,050 for couples filing their taxes jointly. Continue reading “How Could a Tax Change Affect You? This Is What the Senate and House Propose”

House Panel Approves GOP Tax Measure

NOTE:  Rep. Erik Paulsen serves on the U.S. House Ways and Means Committee.

The following article by Ryan McCrimmon was posted on the Roll Call website November 9, 2017:

Chamber’s version differs markedly from Senate proposal

From left, House Ways and Means Chairman Kevin Brady, ranking member Richard E. Neal and California Rep. Mike Thompson attend a committee markup of House Republican tax bill on Thursday. (Tom Williams/CQ Roll Call)

The House Ways and Means Committee on Thursday approved the Republican tax plan after making key changes such as raising repatriation tax rates on corporate cash held abroad, restoring the adoption child credit and changing the bill’s treatment of “pass-through” businesses.

Committee members voted along party lines, 24-16, to approve the legislation setting up a likely House floor vote next week. The substantive changes Thursday came in a so-called manager’s amendment from Chairman Kevin Brady who unveiled the package less than an hour before the panel took it up, prompting an outcry from Democrats.

After the four-day Ways and Means markup, the legislation will next head to the House Rules Committee — likely early next week — where any final changes could still be made by Republican leaders before the bill goes to the House floor later in the week. Continue reading “House Panel Approves GOP Tax Measure”

Senate GOP to Delay Corporate Tax Cut, Repeal ‘SALT’ Deduction

The following article by Joe WIlliams and Niels Lesniewski was posted on the Roll Call website November 9, 2017:

White House counselor Kellyanne Conway and North Dakota Sen. John Hoeven at a news conference in the Capitol on Tuesday. (Tom Williams/CQ Roll Call file photo)

Updated 5:25 p.m. | Senate Republicans proposed Thursday to delay a corporate tax cut for one year and fully repeal the deduction for state and local taxes, taking a different approach than the House on overhauling the tax code.

The plan highlights released by the Senate Finance Committee show shared goals with the House bill advanced by the Ways and Committee on Thursday. Both would provide tax cuts at all income levels, slash the corporate rate from 35 percent to 20 percent, and expand benefits for families with children. For multinational companies, the proposals would shift to a new territorial tax regime.

But the mechanisms for achieving such goals are different.

Unlike the House bill, the Senate proposal would keep seven tax brackets for individuals. The brackets would be adjusted to 10 percent, 12 percent, 22.5 percent, 25 percent, 32.5 percent, 35 percent and 38.5 percent, according to Sen. John Hoeven of North Dakota. The House bill has four brackets of 12 percent, 25 percent, 35 percent and 39.6 percent. Continue reading “Senate GOP to Delay Corporate Tax Cut, Repeal ‘SALT’ Deduction”