Published: Mon, September 17, 2018
Worldwide | By Angelina Lucas

Well, House Republicans Went Ahead With Their 'Tax Reform 2.0' Legislation Anyway

Well, House Republicans Went Ahead With Their 'Tax Reform 2.0' Legislation Anyway

Voters favor Democratic candidates over Republicans 52 percent to 38 percent, according to a Quinnipiac University National Poll released this week.

Less than two months away from the November 6 elections, Republicans in the House Ways and Means Committee this week voted to move forward with a legislative effort that would ultimately bring in another round of reforms to the tax code, including making some of the previous changes permanent.

Republicans gave Congress nearly a full decade to extend these individual tax cuts before they expire, but the law's mediocre polling numbers and the hard election outlook for House Republicans have increased their sense of urgency.

But experts say House Republican leaders could have trouble mustering the 216 votes needed to pass the measure, given the prospect of widening the federal budget deficit already swollen by a round of tax cuts in December.

Even so, Republican lawmakers and strategists hope a new tax debate will amplify the party's upbeat economic message.

The new Republican proposal also calls for new tax incentives for savings by creating a "universal savings account" for families that could be used for a range of purposes and would allow the tax-free earnings to be more easily withdrawn than is the case with existing retirement accounts. The legislation would also allow startups to write off more of their costs.

"Last year, we said goodbye to America's old, broken tax code", Brady said in a news release.

Samsung announces mysterious October 11 Galaxy event
The smartphone packs 1GB of RAM and 8GB internal storage which can be expanded further by adding a microSD card. The Galaxy Note9 features a 6.4-inch Super AMOLED 1440p display and is powered by Qualcomm Snapdragon 845 SoC.

Critics have said the proposed changes would primarily benefit the wealthiest taxpayers, while Republicans have argued their tax cuts help fuel the American economy by putting more money in consumers' hands. They would make good on President Trump's repeated calls on Congress to go beyond the $1.5 trillion package he signed a year ago and give Americans more breaks.

House Republicans announced legislation Monday to permanently lock in last year's tax cuts, looking to remind voters of the surging economy - and the Republicans' role in getting it there - in the weeks before the November elections.

A dozen House Republicans opposed the Tax Cuts and Jobs Act last December. Deficit hawks as well as Democratic lawmakers - who were unanimous in opposing the tax legislation past year - are asking how the Republicans intend to pay for the extended tax cuts.

Nancy Pelosi and Chuck Schumer. "Republicans want to add even more to the deficit, and even more to the bank accounts of the wealthiest 1 percent".

The most controversial provision in the bill is SALT, which caps deductions for state individual income sales and property taxes.

[P] ermanently lower the tax rates for individuals as well as preserve a larger child tax credit and the approximately $22 million estate tax exemption for couples, which was doubled in the 2017 law.

Like this: