Posted on 11/08/2017 7:28:05 PM PST by Mariner
As they prepare to unveil their own sweeping tax plan, Senate Republicans are revisiting key provisions of the GOP House proposal, including possibly eliminating property tax deductions as well as state income tax deductions, increasing the size of child-care credits, offering more help to small businesses and having corporate tax cuts phase in or expire, according to those familiar with the negotiations.
The final outline of the Senate plan, scheduled to be released Thursday, remained a work in progress, officials cautioned.
“Everything is on the table,” said one Republican official Tuesday evening, who did not want to be identified discussing the talks.
House and Senate Republicans agreed on an early framework for the tax overhaul — lowering corporate rates to 20% and consolidating individual brackets.
But as House Republicans push ahead with a vote next week on their bill, Senate Republicans are constrained by Senate rules that require their package not increase the federal deficit by more than $1.5 trillion over a decade.
Core to the Senate’s dilemma is how to make the corporate tax rates immediate and permanent — as President Trump wants — which has left them searching for revenue streams so they don’t add to the deficit.
They are considering various options: Fully repealing state and local tax deductions that are important to California and other high-tax states, including property taxes; adjusting individual tax brackets so higher-income households that earn less than $1 million fall in the top 39.6% rate; retaining some type of estate tax; or repealing parts of Obamacare.
(Excerpt) Read more at latimes.com ...
Some analysts are calling Tuesday’s election results a “blue shift”.
As more and more taxpayers awaken to the fact that this tax package is not just a tax shift but a tax SHAFT expect that trend to continue.
The GOP can kiss the midterms goodbye if they pass any version of these bills. And expect a 1-term Trump Presidency.
And I write this as a MAGA Trump supporter.
lol
Why don’t they just reinstate the Bush tax cuts that were allowed to expire?
They act like all we want is a simple postcard when all we really want is an actual tax cut.
{Senate Republicans are constrained by Senate rules that require their package not increase the federal deficit by more than $1.5 trillion over a decade.}
The stupidity of the stupid party is astounding.
Mitch LOVED being Senate Minority Leader; all the perks, with none of the responsibility. After the 2018 elections, when the Democrats take over again, Mitch can go back to his tried-and-true mantra, with a slight change: “If y’all just give us the House and Senate, and the RIGHT kind of man in the White House, why, we can REALLY get things done!”
“Why don’t they just reinstate the Bush tax cuts that were allowed to expire?”
They did, for the most part.
This was the “fiscal cliff” fiasco of 2012. Remember the ridiculous CNN countdown clock in Dec of that year?
What ultimately happened was that most of the Bush cuts were made “permanent” except for a 39.5% marginal rate for highest earners so Obozo could claim he raised taxes on the rich.
Mitchie and his fellow swamp creatures are employing and old chinese strategy - Death By a Thousand Cuts to kill Tax Reform.
[Exactly. For the most part, the repugs are incapable of governing, especially in the Senate. They are neither conservative nor courageous enough to move off their calcified, frozen inertia.]
Spot on. We are seeing first hand a party that “governs” by the status quo.
Tax reform isn’t going to happen. They simply have no coherent plan and they have a lot of poison pills in their proposal. I’d give it a zero percent chance of passage.
[Mark my words: Trump will ask Democrats “What do you need in return for the Corporate Cut”?
He is going to bypass the Republicans on this.
He has to. They’re a bunch of incompetent, corrupt, anti-American buffoons.]
Spot on, Trump needs to stake out his own position and run against both parties. Work with whoever gets off their ass to do so.
“Juan McCain will screw this up somehow.”
How could it be worse?
[All the time I accuse the democrats of having nothing. Republicans are no better.]
The GOP is committing suicide right along with the Dems. The only difference is Democrat constituents will still vote for them.
They'll lie and say it is and run on that in 2017 knowing that people won't file for 2018 until after the elections, in early 2019. Then they'll be like "WTF, I pay MORE now? They said they cut taxes!" but it will be too late for that election.
Ohhhh - ok. Thank you. I had forgotten how that all played out.
At this point I’d be happy if they left well enough alone.Lol!
Sheesh!
I’d love to see significant cuts in business taxes. But the reality is if you raise the taxes on individuals to “pay” for cuts in business taxes, you’ll have 300 million PISSED taxpayers - including family members and those who file but don’t pay anyways.
Passing “tax reform” this year was a stupid goal. Rewriting the tax code is a project that would take 2-3 years. And without significant cuts in spending, it just won’t work. That is what caused the Reagan deficits. Tax revenue went up after the tax cuts, but spending went up even faster.
And...the truth is, I don’t know anyone (and most people I know have family incomes in the 40K-75K range) who rates tax reform as important.
As much as I want business tax cuts - not because it would help me directly, but because I think it would help America compete - I don’t want them if people making 50K/year have to pay more. Right now, people in that income range are looking at increased taxes if they have kids.
And no, that will not pass. Even I wouldn’t vote for it. And I probably am part of the 1-2% who genuinely want to see business tax cuts. Most people do not, and no one has made a public case to sell them.
If they pass tax reform, he’ll sign it and call it great legislation and a huge tax cut.
I don’t think he knows or cares what’s in it as long as he can sign something.
Same with Obamacare repeal. He was going to sign ANYTHING they sent him - up to and including single payer.
>
“If you don’t currently pay taxes, you still won’t.”
They need to add a minimum rate of 3 or 5 percent for all income.
Bring EVERYONE into the Income Tax
>
True that NOBODY should pay $0% (or ‘less’ IE: EITC), but that still doesn’t cover ‘under-the-table’, retired, etc.
Kill 16th, put in a 10% NRST and start from there...when EVERY @ss has skin-in-the-game.
If you look at the size of our exports relative to our imports, you’ll realize that imports dwarf exports and it would be net gain in jobs for us. We’ve already been in a trade war, we just haven’t been fighting. It’s time for us to retaliate.
Our tariffs are already lower than the restrictions many countries apply to our goods.
Unreal, I think the GOP wants to lose. Eliminate the property tax deduction, and 2018 and 2020 will be huge blow out wins for the Democrats. And I am starting to think the Democrats are notbas bad as the Republicans.
We really need a new party.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.