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 ...
What about the primaries? We primary the RINO out of the way then run a MAGA candidate and let the chips fall where they may.
"Excellent plan", say Democratic Senators, "Uniparty forever!"
Our government has become totally dysfuncional. It is not responding to our will as expressed at the last presidential election. This ignoring of the people is the stuff of revolutions.
The standard deduction will increase (BIGLY!) and offset the loss of property tax deductions for most, except the wealthy in high-tax blue states.
My son, daughter-in-law and grandson and college student nephew in D.C. might object to that plan. But then, I've said the same about NK nukes and San Freaksicko, so I can't complain...
8^(
President Trump has promised to not touch entitlements and to increase defense spending.
So, where are the cuts? 80 percent of the budget is either untouchable or set to increase.
And yes that is a damn shame. If the start of any discussion regarding government cash flow is that it needs more then we’ve already lost and conservatism as we knew it is dead
Public Law 95-435, Section 7, adopted in 1981, states that the Federal Government can not spend more than it takes in. It is still valid, so why do our elected officials in Congress not obey that law? Why is it not enforced?
Of course Conservatism is dead. Donald Trump is the President.
Conservatism - small government, low taxes, Judeo-Christian values, free trade - is out. We’re a populist, nationalist protectionist party.
Trump’s philosophy - and it’s clearly popular - is that government is good when it helps YOU, not the other guy.
That slave-owning SOB? Who cares? < /BLM speak >
I’m with you on that. Beware a Government stating we are here to help you no matter who is at the helm
That’s my fear of populism. Populism needs an enemy. It’s fun when it’s Hollywood liberals and establishment politicians.
It’s less fun when its white suburbanites - since that’s me.
Import tariffs at a moderate rate combined with a version of the FairTax and a repeal of all income taxes would work. But it would take too much power away from the political class. That can only be solved by TERM LIMITS. NO MORE CAREER POLITICIANS! Make those wannabe masters become public SERVANTS.
“and offset the loss of property tax deductions for most, except the wealthy in high-tax blue states.”
Nonsense.
The “wealthy”?
That’s Social Justice Warrior language right there.
Nonsense.
The “wealthy”?
Run the numbers. Those who pay the highest property taxes (typically the higher earners and the "wealthy") will be affected most by the loss of the deduction. They will have options; relocate to a lower tax environment or vote out the tax-and-spend liberals in their own states.
That’s Social Justice Warrior language right there.
No SJW here, just my perception of realism!
“by having across the board tax cuts to stimulate the economy”
Not even close. There are millions that will see higher taxes.
“It is the largest Tax cuts in the history of our great country and it makes a lot of sense.”
Again, not even close. At $150bil per year, net, they are the 8th largest cuts in US history.
Tariffs raise domestic prices. Review the fight over the tariff in the first half of the 19th century it was omnipresent and brutal nearly bringing the Civil War on 30 yrs earlier. It clearly discriminated against agriculture.
The jobs that have been replaced by imports are primarily jobs with no future, the worst thing a protective tariff does.
Barriers to US goods must come down, I agree. That is why Trump is in the Orient.
What world do you think he lives in? What world do you live in?
Tariffs server our country well for the first 180 years. And since we’ve lowered them we’ve seen industry after industry disappear.
It’s not simply low value jobs that went overseas. It’s High tech jobs. And design jobs and marketing jobs follwed. And with it goes the innovation. If we want to lead in Robotics, we have to have the processes to automate.
We don’t need barriers to US goods to come down. We need barriers to the US market to go up.
Our founding fathers viewed the Tariffs as a tax on foreigners wanting to sell into our markets.
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