Posted on 10/26/2017 10:10:20 AM PDT by SkyPilot
House Republicans on Thursday narrowly adopted the Senate’s version of the 2018 budget resolution, overcoming a key hurdle for the party’s tax-reform plan.
The budget will allow Republicans to pass a tax overhaul that adds up to $1.5 trillion to the deficit through a process known as reconciliation, which only requires 51 votes to pass in the Senate.
Twenty Republicans voted against the budget in the 216-212 vote, more than the 18 who voted against the original House version earlier this month.
Most of the 20 defectors were centrists hailing from populous states that could stand to lose from eliminating the state and local tax deduction.
Those lawmakers included Reps. Dan Donovan (N.Y.), John Faso (N.Y.), Brian Fitzpatrick (Pa.), John Katko (N.Y.), Pete King (N.Y.), Leonard Lance (N.J.), Frank LoBiondo (N.J.), Tom MacArthur (N.J.), Chris Smith (N.J.), Elise Stefanik (N.Y.), Claudia Tenney (N.Y.) and Lee Zeldin (N.Y.).
"We must provide middle-class tax relief and lower the burdens on job-creating small businesses. I could not, however, vote in support of a budget resolution that singled out for elimination the ability of New York families to deduct state and local taxes," Faso said in a statement.
Some Republicans, like Katko, were seen on the House floor hovering near the House GOP whip team and waited until the last moment to cast their votes. Two more votes in opposition would have doomed final passage.
A handful of conservatives also voted against the budget: Reps. Justin Amash (Mich.), Ken Buck (Colo.), John Duncan (Tenn.), Matt Gaetz (Fla.), Lynn Jenkins (Kan.), Walter Jones (N.C.), Thomas Massie (Ky.) and Mark Sanford (S.C.).
(Excerpt) Read more at thehill.com ...
Looks like many deductions will be eliminated, and many in the middle class will end up paying more in taxes.
What a joke this all is. It went from being a "Tax Cut" to "Tax Reform" because they knew it was going to raise taxes for millions of Americans.
This is a total screw job.
Be more honest to post Democrat press releases than post The Hill articles.
IDK...
We’ll see the House tax reform bill Nov 1st.
Mostly useless to say anything one way or the other until then.
-And then the Senate gets to mess it up after that.
Honestly, I doubt Trump is even aware of the shit package the Republican Congress is about to deliver to him.
The Republican Congress will raise taxes on as many as they need to so that they can drop the corporate rate, reduce taxes to those below $75k and double the EITC.
They have completely abandoned the Laffer curve and now believe they have to “pay” for cuts anywhere.
At this point I am resigned to my taxes going up. And also resigned to spending the rest of my life fighting Republicans. Trying to ensure none are ever elected again.
https://apnews.com/10a7e7d77ff442399b706ce121f8ae66/House-GOP-moves-to-pass-budget,-start-tax-debate
401K tax hike back on the agenda:
A battle over tax-free contributions to retirement accounts has also broken open, and Republican tax writers have yet to lock down dozens of crucial details on tax rates and preferences.
State and local tax deduction preserved, because it was in the Senate version:
Republicans view passage of the upcoming tax measure as a career-defining dream, and its importance has only grown in the wake of the party’s debacle on health care. But the tax plan’s popularity is not a given with voters, and fissures among Republicans already threaten to slow the measure.
They now move behind closed doors (previously called the "smoke filled rooms").
As I said, hold onto your wallets.
Ways and Means Committee Chairman Kevin Brady, R-Texas, said immediately after the vote that he’ll release the tax measure on Nov. 1 and a panel vote is expected the week of Nov. 6 in hopes of a House vote before Thanksgiving. That timetable is ambitious as numerous details, including ways to raise revenues to help finance cuts to individual and corporate tax rates, remain unresolved.
Oh well, good thing to be a corporation then. Hooray! Sorry middle class. You didn't pay off millions to K Street lobbyists. You get what you pay for.
Not useless. The House passed the Senate budget with zero changes. This helps them move it with fewer votes in reconciliation, but the screw jobs in the Senate version are now in the version passed by the House.
If you are a family who pays high property taxes, or other state or local taxes, you are in the cross hairs to be soaked, big time, to "pay for" the slashing of the corporate rate. Hey, great news for them. Bad news for many of us.
There is lots of "talk" about doing this and "talk" about doing that. But the fact that many Republican Congressmen defected means their concerns were ignored. I don't see their concerns about the tax raises being honored as we go forward, because the tax raisers won a crucial round.
That vote sure isn’t veto proof.
I think he is aware, but at this point he is desperate for a "win" - any "win." I feel for Trump, because he is not the guy writing the legislation. All he can do is lobby, and sign it. But he has to signal what he will, or will not, allow. And he is allowing massive tax hikes on many in the middle class. That, to me, is a betrayal.
The Republican Congress will raise taxes on as many as they need to so that they can drop the corporate rate, reduce taxes to those below $75k and double the EITC.
All true.
They have completely abandoned the Laffer curve and now believe they have to “pay” for cuts anywhere.
Also true.
At this point I am resigned to my taxes going up.
I am at the same point. This is going to be a big slap on the face for many taxpayers. The irony is that most of them have no idea what is coming their way.
I don't know what the veto proof majority will be in this case, because this is being pushed as reconciliation. I think all they need is a simple majority in either house.
There are NO specifics except total spending and debt in the bill.
But have a ball.
“There are NO specifics except total spending and debt in the bill.
But have a ball.”
Yes, I think you’re hinting at the question I was going to ask the disgruntled among us: how do you know it’s a “middle class tax increase”? I haven’t seen the details to indicate this. Please share where you’ve seen the specifics that will result in a tax increase on the middle class. Also, please define “middle class” in terms of family income. Thanks.
This is an entire budget. There is even specific language in the bill regarding eliminating deductions. That’s one reason why many voted against it. It’s not the final product, but the tax raisers just scored a major victory. This was not a vote over “National Pickle Month.”
Larry Kudlow needs lower taxes to buy more Saville Row suits, so they are going to get the money for Larry from some home improvement guy in Ramsey NJ who is paying five figures for his three bedroom spit level.
edit five figures is property tax
spit level + split level
I believe the budget adopted increased the deficit 1.5 trillion so I can see how you likely will not get a tax cut in this reform package.
My guess is if you currently pay taxes on your income you will get an increase, if you are not currently paying taxes on your income you will get a cut.
Did any Democrats vote for this?
Why would they, now they can win every seat north of the Potomac River.
Since the GOP controls all three branches of government this budget cuts federal spending, right? Defunds Planned Parenthood and NPR, right? Guts spending at EPA, Interior, HHS, Education, and Energy, right? Increases spending at Defence and VA, right? Fully funds Border Control and ICE, right? Eliminates matching funds for Sancutuary Cities, right?
Spit.
We need more and accurate information about the final bill before panicking.
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