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 ...
The 1.5 trillion is actually supposed to all go to tax cuts.
In other words the tax cuts are not offset with spending cuts. It’s like a stimulus by tax-cut instead of by spending.
There’s a site people interested in this tax reform can get more information than the media gives: http://www.taxanalysts.org/
Better than the media but early days to say whether they’re ‘fair and balanced’.
Unless they change this current tax increase to those making 70-200K a year who live in Maryland and all points north, then the GOP will lose every seat they hold in the suburbs in the Northeast.
Ah...don’t you think hyperventilating is so much fun?
The House margin would not be reached in the Senate. You don’t think it will get 51 or even 50?
I honestly do not know what you are asking. Flesh it out a little and I will answer.
I’m curious where everyone is getting their facts from because I cannot find the text of the actual bill just passed by both houses. Anyone have a link?
Isn’t this the first time in eight years that the US has had a budget?
If so, why aren’t the republicans talking about that?
Here is the text of the bill passed by the House. If you make baseless allegations about it I will ask you where in the bill said allegation is located.
https://www.congress.gov/bill/115th-congress/house-concurrent-resolution/71/text
Good, bad or indifferent, there is finally a budget passed for the first time in 8 years!
Ok. See Sec. 3024. The language there is deliberately misleading mistates fiscal reality. Eliminating SALT deductions will absolutely raise taxes on millions of middle class Americans, not “ensure relief for middle-income taxpayers.” This specific language was objected to by many Republican congressman. In fact, many of them said it should not have even been included. But it was. And it passed. We are still awaiting the final final final product. But this is not a good sign. In fact, is it a terrible sign.
thanks for posting.
No wonder no one reads these bills. What an utter mess. Whoever edited this document apparently is not able to insert spreadsheets or tables of numbers. In Sec 1102 functional categories - they use paragraphs to denote the amounts for each year. :-) Maybe that is intentional to make one get tired of scrolling or paging through the document to find something.
I don’t think any details on changes to the tax code are included in the budget document or at least I didn’t see it.
Well to be fair it’s says they may. It doesn’t say they will. That’s left up to the tax bill itself and final arbitration in committee if it passes both houses. I guess we have to wait and see.’
So they are only getting rid of the state and local tax deduction and making no other changes that would compensate for the loss of that deduction? Is that what you are claiming?
We’re still possibly losing local tax deductions.
SEC. 3024. Deficit-neutral reserve fund relating to tax relief for hard-working middle-class americans.
The Chairman of the Committee on the Budget of the Senate may revise the allocations of a committee or committees, aggregates, and other appropriate levels in this resolution, and make adjustments to the pay-as-you-go ledger, for one or more bills, joint resolutions, amendments, amendments between the Houses, motions, or conference reports relating to changes in Federal tax laws, which may include reducing federal deductions, such as the state and local tax deduction which disproportionally favors high-income individuals, to ensure relief for middle- income taxpayers, by the amounts provided in such legislation for those purposes, provided that such legislation would not increase the deficit over either the period of the total of fiscal years 2018 through 2027.
Patriots are reminded that POTUS is constitutionally “married” to Congress. So one of constitutionally low-information Trump’s campaign mistakes imo was getting likewise low-information patriots’ hopes too high about what he would actually be able to accomplish in his first two years since he has to work with a corrupt Congress left over from the lawless Obama Administration.
In other words, the 2016 elections are arguably not over yet, patriots needing to finish the job that they started by electing Trump, Trump’s first two years in office arguably for practice because of the uniparty Congress that wants to get rid of him.
In other words, it is uniquely up to us patriot voters to first make sure that there are plenty of Trump-supporting, state sovereignty-respecting, patriot candidates on the primary ballots for 2018 elections, and then pink-slip career lawmakers by sending patriot candidate lawmakers to DC on election day.
Regarding tax reduction, since repealing the ill-conceived 17th Amendment (17A) is the ultimate tax-reduction plan imo, 17A helping to foster unconstitutional federal taxes, taxes that Congress cannot justify under its constitutional, Article I, Section 8-limited powers, patriots need to consider qualifying primary candidates by getting them to commit to express-laning a ConCon for the sole purpose of repealing 17A.
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States."—Justice John Marshall, Gibbons v. Ogden, 1824.
For those patriots concerned about a possible overthrow of the country by a pirated ConCon, note that the product of a ConCon is never a new amendment to the Constitution, but a proposed amendment that the states can either ratify or reject.
After 17A has been repealed and patriots support Trump in working with federal and state lawmakers to put a stop to unconstitutional federal taxes, then the following will hopefully happen.
The states will find a tsunami of new revenues that they won't know what to do with. For starters, each state could establish its own healthcare and retirement programs, increase funding for public schools, police and fire departments, and repair infrastructure.
Corrections, insights welcome.
So you know everyone’s property tax bill, everyone’s state and local tax bill, and everyone’s deductions, and know what such crumbs thrown such as doubling the standard deduction will “compensate” for those losses and their taxes won’t rise significantly? You know that to every nickel? For every taxpayer? Wow.
I know that. But it’s not looking good, is it? Last week the Senate failed to protect those deductions. This week the House passed the Senate version of the bill in a massive $4 trillion budget outline. So I’m not hopeful.
I know we are supposed to hate him now, but Senator Sasse basically announced yesterday that President Trump really doesn’t care about any of the details in pretty much any of the bills that are passed.
He wants to sign something that he can call the biggest tax cut in history.
It’s pretty clear now that it’s the corporate rate that everyone cares about, and the trick is how to make that cut revenue neutral so it can be passed via reconciliation.
Exactly. Right now, the budget train is headed for higher taxes for millions of middle-class families because those deductions are being targeted for elimination to “pay for” slashing the corporate rate. I’m not making this up. It’s even what the GOP leadership and the Ways and Means Commitee said. The Feds want $1.5 trillion more in revenue by eliminating those deductions. That’s a lot of money. Where are they getting that from? From our wallets.
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