Political Forums  

Go Back   Political Forums > Economy

We appreciate your help

in keeping this site going.
Reply
 
Thread Tools Display Modes
  #11  
Old 10-05-2017, 01:07 PM
CarlV's Avatar
CarlV CarlV is offline
Senior Member
 
Join Date: May 2009
Location: SF east bay
Posts: 4,382
The House passed its 2018 budget resolution Thursday in a party-line vote that represents a step toward its goal of sending tax-reform legislation to President Trump.

In a 219-206 vote, lawmakers approved a budget resolution for 2018 that sets up a process for shielding the GOP tax bill from a filibuster in the Senate.

A total of 18 Republicans voted against the resolution, along with all the Democrats who were present.

GOP lawmakers hailed the vote as meaningful because of the tax measure.

“We haven’t reformed this tax system since 1986. We need to pass this budget so we can help bring more jobs, fairer taxes and bigger paychecks for people across this country,” Speaker Paul Ryan (R-Wis.) said during House floor debate.

Democrats lambasted it for the same reason.

“This budget isn’t about conservative policy or reducing the size of our debt and deficits. It’s not even about American families. This budget is about one thing — using budget reconciliation to ram through giant tax giveaways to the wealthy and big corporations — and to do it without bipartisan support,” said Rep. John Yarmuth (D-Ky.), the ranking member of the House Budget Committee.

The budget reconciliation rules would allow Republicans in the Senate to pass tax reform without any Democratic votes, though Senate Majority Leader Mitch McConnell (R-Ky.) can only afford two defections.

Republicans used the same strategy for ObamaCare repeal but failed, and are hoping for a better outcome on taxes.

Yet there are already signs of trouble, with some Republicans questioning whether the tax proposal would add too much to the deficit, and others balking at plans to eliminate a deduction for state and local taxes. The tax plan is now estimated to add $1.5 trillion to the deficit over a decade, but that figure would grow if the state and local tax deduction is not eliminated.

Republicans have yet to secure a major legislative win despite having unified control of government. They hope to secure a tax win by the end of the year, which is an ambitious timeline.

The GOP tax reform framework unveiled last week would cut the top tax rate for the wealthy and lower taxes for businesses.

The proposal would consolidate the current seven individual tax brackets into three, with rates of 12 percent, 25 percent and 35 percent. Committees may choose to establish a fourth rate above 35 percent for the wealthiest Americans. The current top individual rate is 39.6 percent.
http://thehill.com/policy/finance/35...for-tax-reform
__________________
Russians who vote elect Republicans
Reply With Quote
  #12  
Old 10-05-2017, 01:36 PM
d-ray657's Avatar
d-ray657 d-ray657 is offline
Loyal Opposition
 
Join Date: Oct 2009
Location: Johnson County, Kansas
Posts: 14,340
If there is to be "meaningful tax reform" that has any lasting value, it shouldn't be something that is wholly owned by one party, which will become the target of the other party wherever there is a change in power. A bipartisan plan could gather the broad support that would make for a lasting reform.
__________________
Then I'll get on my knees and pray,
We won't get fooled again; Don't get fooled again
Reply With Quote
  #13  
Old 10-05-2017, 01:52 PM
Rajoo's Avatar
Rajoo Rajoo is online now
Senior Member
 
Join Date: Mar 2013
Location: SF East Bay
Posts: 10,197
Both parties are corrupt when it comes to money.
Quote:
Democrats seeking a deal to avert the year-end “fiscal cliff” are trying to etch into stone the signature economic achievement of Republican President George W. Bush by permanently extending tax cuts enacted during his tenure.

President Obama has put the extension of the tax cuts for most Americans at the top of his domestic agenda, a remarkable turnaround for Democrats, who had staunchly opposed the tax breaks when they were written into law about a decade ago.
And doing so, Republicans then blamed all of the budget deficit which the Bush budget deficits wrought on the nation on Obama.

https://www.washingtonpost.com/busin...=.e410a2957bc6
__________________
“Freedom of speech is a principal pillar of a free government: When this support is taken away, the constitution of a free society is dissolved” Benjamin Franklin
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 06:28 PM.



Powered by vBulletin® Version 3.8.6
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.