Category: US Senate
Senate tax bill would cut taxes of wealthy and increase taxes on families earning less than $75,000 by 2027
The following article by Heather Long was posted on the Washington Post website November 16, 2017:
Senate Majority Leader Mitch McConnell (R-Ky) said Nov. 14 that he was “optimistic” about adding the individual mandate repeal to the tax bill. (The Washington Post)
The tax bill Senate Republicans are championing would give large tax cuts to millionaires while raising taxes on American families earning $10,000 to $75,000 over the next decade, according to a report released Thursday by the Joint Committee on Taxation, Congress’s official nonpartisan analysts.
President Trump and Republican lawmakers have been heralding their bill as a win for hard-working Americans, but the JCT report casts doubt on that claim. Tax increases for households earning $10,000 to $30,000 would start in 2021 and grow sharply from there. By 2027, most Americans earning $75,000 a year or less would be forced to pay more in taxes, while people earning more than $100,000 a year would continue to get substantial tax cuts. Continue reading “Senate tax bill would cut taxes of wealthy and increase taxes on families earning less than $75,000 by 2027”
Republicans May Use Cuts in Entitlement Programs to Reduce Deficit
The following article by Alan Rappaport was posted on the New York Times website November 15, 2017:
WASHINGTON — Republican lawmakers have largely dismissed concerns about how their $1.5 trillion tax cut would add to the federal deficit. Now, some Democrats are warning that the tax rewrite would ultimately be financed by gutting entitlement programs like Social Security and Medicare.
The possibility of cuts to safety net programs appeared more likely on Tuesday, as the Congressional Budget Office warned that the tax bill could set off an arcane budget rule that would make deep cuts to Medicare over the next decade.
Republican lawmakers have turned a blind eye to the effect of the tax bill on the deficit, saying the tax cuts would essentially pay for themselves through increased economic growth. Continue reading “Republicans May Use Cuts in Entitlement Programs to Reduce Deficit”
The Republican tax plan is deeply unpopular — and unimportant to many Americans
The following article by Philip Bump was posted on the Washington Post website November 15, 2017:
While President Trump was on an extended trip through Asia, Republicans on Capitol Hill were pushing forward on his top legislative priority: overhauling the nation’s tax code to reduce the burden on corporations and some American households.
On Tuesday, the Senate proposal was expanded to include a repeal of the individual mandate that’s part of the Affordable Care Act (better known as Obamacare). The effect was to create a sort of policy Frankenstein (actually, a policy Frankenstein’s monster) that combines two of the party’s biggest priorities. It’s an iffy move, given the deep unpopularity of the health-care proposals the Republicans were proposing. But, then, two new polls show the Republican tax proposal isn’t that popular, either, even before health-care reform was jammed inside of it. Continue reading “The Republican tax plan is deeply unpopular — and unimportant to many Americans”
Former Pentagon chiefs to Congress: If you’re serious about defense, don’t pass current GOP tax bill
The following article by Ed O’Keefe and Karoun Demirjian was posted on the Washington Post website November 15, 2017:
Three former secretaries of defense are warning lawmakers not to enact proposed Republican tax restructuring plans, arguing they will jeopardize future military spending.
Former defense secretaries Leon E. Panetta, Chuck Hagel and Ash Carter told senior congressional leaders in a letter Wednesday that because the tax plan is expected to increase the debt, passing it will probably mean future cuts to Pentagon budgets “for training, maintenance, force structure, flight missions, procurement and other key programs.”
“The result is the growing danger of a ‘hollowed out’ military force that lacks the ability to sustain the intensive deployment requirements of our global defense mission,” the secretaries wrote. They cited two recent accidents involving U.S. Navy destroyers that led to the deaths of 17 sailors as evidence that cuts in military spending can lead to a “lack of adequate training.” Continue reading “Former Pentagon chiefs to Congress: If you’re serious about defense, don’t pass current GOP tax bill”
Roy Moore’s attorney offers bizarre defense of Roy Moore
The following article by Aaron Blake was posted on the Washington Post website November 15, 2017:
News anchors appeared to be offended by attorney Trenton Garmon while discussing the allegations of sexual harassment against his client Roy Moore. (Patrick Martin/The Washington Post)
First there was the Alabama state auditor whose biblical defense of Roy Moore suggested that he hadn’t read the Good Book in some time. Then we had the Moore-supporting journalist who compared the sexual touching of a 14-year old to stealing a lawn mower.
Not content to let anybody else have the worst possible defense of Moore, Moore’s own lawyer stepped to the plate Wednesday. And he took a big swing. Continue reading “Roy Moore’s attorney offers bizarre defense of Roy Moore”
GOP tax plan in trouble after Republican senator says he won’t back it
The following article by Damian Paletta and Mike Deonis was posed on the Washington Post website November 15, 2017:
Follow Thursday’s updates here: House GOP poised to pass its tax bill as Senate plan suffers setbacks
The Republican effort to overhaul the tax code suffered serious setbacks Wednesday after a conservative senator unexpectedly said he opposed the Senate plan and a GOP moderate raised major concerns about it. The announcements cast doubt whether Republicans would be able to quickly pass what would be their first significant legislative achievement under President Trump.
Sen. Ron Johnson (R-Wis.) said he opposed both the Senate and House versions of the tax legislation because they benefited corporations at the expense of other, typically smaller companies. Earlier in the day, Sen. Susan Collins (R-Maine) said Republicans had erred when they changed their tax bill this week to include a repeal of the Affordable Care Act’s individual mandate, which requires every American to have health insurance or pay a fine. Continue reading “GOP tax plan in trouble after Republican senator says he won’t back it”
Repealing the Estate Tax Would Plunge Charitable Giving
The following article by Katherine Gallagher Robbins, Rachel West and Melissa Boteach was posted on the Center for American Progress website November 15, 2017:
House Republicans’ latest tax plan proposes reducing the number of estates that would pay the estate tax over the next six years and eliminating the tax entirely by 2024, giving away billions of dollars to the children of millionaires and billionaires—including President Donald Trump’s own children. President Trump has specifically highlighted the estate tax as a giveaway to the rich, reportedly saying, “The deal is so bad for rich people, I had to throw in the estate tax just to give them something.”
While President Trump’s claim that the tax plan is bad for rich people is utterly false—his tax plan is decidedly good for the wealthiest Americans—it is true that repealing the estate tax exclusively benefits them. What’s more, this handout to the ultrawealthy would not only increase inequality, it would also undermine America’s charities and faith organizations. New analysis by the Center for American Progress estimates that eliminating the estate tax would reduce the amount people give to charity in their wills by $7.8 billion in 2024. Continue reading “Repealing the Estate Tax Would Plunge Charitable Giving”
GOP will try to tack Obamacare repeal to tax reform, which would cause millions to lose health care
The following article by Emily C. Singer was posted on the mic.com website November 14, 2017:
Republicans just can’t quit their unpopular effort to repeal the Affordable Care Act.
After multiple failed efforts to repeal former President Barack Obama’s signature health care bill, Republicans announced on Tuesday they will try to tack a repeal of the individual mandate — a key pillar of the health care law — onto the GOP tax reform bill.
Repealing the individual mandate — which was part of the “skinny repeal” effort that failed in the Senate over the summer — would free up funds that Republicans could use to pay for their tax cuts. Continue reading “GOP will try to tack Obamacare repeal to tax reform, which would cause millions to lose health care”
Republican tax bill could slash $25 billion from Medicare, CBO say
The following article by Emily C. Singer was posted on the mic.com website November 14, 2017:
The House of Representatives’ proposed tax reform bill could have some major unintended consequences, including huge cuts to Medicare — the government-run health care program for seniors.
According to a new report out Tuesday from the nonpartisan Congressional Budget Office, the Republican-backed legislation would trigger an automatic $136 billion reduction in federal spending — better known as sequestration — in the current fiscal year.
The CBO said $25 billion of those cuts would come from Medicare, the popular social insurance program that provides health care to seniors age 65 and up. Continue reading “Republican tax bill could slash $25 billion from Medicare, CBO say”