Posted on 11/04/2017 1:53:36 PM PDT by Mariner
House Republicans on Friday quietly made changes to their far-reaching tax overhaul: Now its tax cuts would be less generous for many Americans.
A day after the GOP unveiled its plan promising middle-class relief, the House's top tax-writer, Rep. Kevin Brady, R-Texas, released a revised version of the bill that would impose a new, lower-inflation "chained CPI" adjustment for tax brackets immediately instead of in 2023. That means more income would be taxed at higher rates over time — and less generous tax cuts for individuals and families.
The change, posted on the website of the Ways and Means Committee, reduces the value of the tax cuts for ordinary Americans by $89 billion over 10 years compared with the legislation released with fanfare Thursday.
As wages rise, middle-class taxpayers would have more of their income taxed at the 25 percent rate instead of at 12 percent, for instance.
"The bill's like a dead fish: The more it hangs out in the sunlight, the stinkier it gets," Senate Democratic Leader Chuck Schumer pronounced after word of Brady's change. "The more people learn about this bill, the less they're going to like it."
House Minority Leader Nancy Pelosi blasted the tax bill unveiled by House Republicans as "a terrible assault on opportunity for the middle class" and said her GOP colleagues are "taking American people for suckers."
The change to the plan frees up money for Brady, the committee's chairman, to use to address concerns by lawmakers when changing the bill further next week. The Ways and Means panel begins work on Monday, a final bill-writing process expected to take four days.
(Excerpt) Read more at cbsnews.com ...
Well, since this now isn't the bill they supported, what does it matter? Are they supposed to defend something they didn't support?
I think it sucks even more than it did the last time we talked. 12% on FICA-taxed income, 25% on the rest, get rid of most of the goodies, get rid of corporate SALT and tax corps and pass-thru at 15%. Or else it’s just rearranging the deck chairs on the titanic.
The gang who couldn’t shoot straight.
The GOP really, really, really wants Trump to start his own party... and at least half of the voters will go with him.
What’s wrong with spending less on progressivism?
“The gang who couldn’t shoot straight.”
Hell, they’re worse than that. They’re shooting themselves in the foot.
And we’ll get another Wilson ... just with no honor, morals, integrity, and likely some Muzzie loving secret faggot commie douchebag to boot.
Why are they attacking the middle class?
The GOP Congress won't spend less on anything.
So when you make more money, more goes into the 25% bracket. Well duh....
If you can’t cut spending, any tax bill is rearranging deck chairs on the Titanic, IMHO.
Sure, you might get a burst of growth or squeeze out some efficiency savings, but the current political culture is to spend any growth dividend as soon as it shows signs of materializing. What happened to the “peace dividend” of the Clinton Era? It slipped through everyone’s fingers.
The one big positive, though, is allowing trapped offshore earnings to come back with a minor penalty. THAT could be immensely stimulative. Otherwise, the money stays overseas to be reinvested there.
LOL!
Big change coming Monday. Brady has a replacement to offer.
But feel free to hang on Chuck and Nancy’s every word.
I think the congressional establishment Swampcritters GOP can take their entire program of deception, capitulation anD failure and Go P!
“Why are they attacking the middle class? “
Because, like the democrats, they HATE the middle class and want it destroyed.
Looking on the positive side, what they need to see is the tax cuts actually produce the huge revenue they know it will once it passes. And if this gets the reluctant congresscritters to cross the line and vote yes, then there can be a strong reason to vote to change the law back to the way it should have been. Because only if the tax cut passes will we be guaranteed to keep congress.
My tax on those would be only 5%. The bill has it at 12% for cash (too f-—ing high!) and 5% for other assets.
It’s See BS, official media source for the radical left. I’ll wait until someone credible like the Tax Foundation comes out with their analysis before I have a conniption.
As of Thursday, it looked like an OK plan. The devil is always in the details.
Maybe the corporate scum want us all for cheap labor. The fewer assets we can hold onto, the more likely we will be to accept such just to survive.
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.