riponadvancespecial.com

World

Comprehensive Tax Reform In The News: The Republican Framework Released

Share
Analysis: Why some middle class families could face a tax increase under the GOP plan

The House passed Black's resolution on a 219-206 vote.

Across the Capitol, meanwhile, Senate Republicans cleared their own version of the 2018 blueprint through the Budget Committee, setting up a floor fight later this month and an eventual meeting to work out differences with the House.

The House passed a budget resolution on Thursday that served as the first step toward Republicans passing a massive tax reform plan.

Democrats unanimously opposed the resolution, which House Minority Whip Steny Hoyer, D-Md., labeled "a vehicle for achieving partisan tax reform".

House Republicans are planning a vote Thursday on a budget that sets the stage for action on a GOP overhaul of the US tax code.

In a stunning demonstration of misdirection, Trump has claimed the tax plan, if approved, would cost him millions. "We are determined to provide tax relief to every American, regardless of where they live". And a vote against the budget resolution is a vote against tax reform.

The final tally was not a slam dunk for the GOP, as 18 Republicans voted against the budget plan, as some more conservative lawmakers anxious that it won't do enough to rein in spending, or bring down the national debt, while a number of moderates expressed displeasure about possible details in the GOP tax bill. This includes expediting debate and allowing for passage of tax reform with 51 votes in the Senate.

"In the meantime, we are working with them, listening very closely to all our lawmakers, Republicans and Democrats alike, who are in high-tax states", he said. That comes to $90,000 apiece, compared to an average tax cut of $240 for the bottom 60 percent of Americans. "The vision in there, if we were to follow it, really could change the trajectory of this country".

The budget would cut $1 trillion from Medicaid and $473 billion from Medicare over the next decade, HuffPost reporter Jennifer Bendery tweeted Tuesday, which she said she confirmed with Democratic leadership.

Meanwhile, Ryan said, his tour of factories is aimed at promoting ideas to help businesses compete and expand, so that they can raise wages and hire more people.

"This budget, for the fiscal year that began a week ago, is being rammed through the House just so Republicans can move forward with their tax plan that could save President Trump up to $1.1 billion while making middle class families pay more", Deutch said in closing. Of the Fortune 500 companies, 258 paid no corporate income taxes a year ago.

The budget is particularly important this year because it is the prerequisite to using reconciliation for a major tax bill.

"If a significant number of them lose to Republicans, it's hard to see how Democrats could make up that ground in 2020 or 2022 based on the seats being contested".

Both the House and Senate GOP budgets are set to balance by 2027, largely by pursuing dramatic cuts to federal entitlement programs, but those are nonbinding proposals that would have to be implemented in future legislation.

Share