Tag: GOP tax bill

GOP lawmaker uses fuzzy math to make case for small-business tax cuts

The following article by Nicole Lewis was posted on the Washington Post website November 27, 2017:

Sen. Ron Johnson (R-Wis.) argues cutting taxes for small businesses would bolster the economy. But it’s not that simple. (Meg Kelly/The Washington Post)

“We are $20 trillion in debt. The projected deficit over the next 30 years is over $100 trillion. Maybe as much as $129 trillion. From my standpoint, it’s not time to cut individual tax rates. What it’s time to do is make American businesses competitive globally so our economy can grow. And again, the stat that I just told you about. . . . Revenues increased to the federal government by $1.2 trillion per year even with the meager economic growth we’ve had since 2009.”

— Sen. Ron Johnson (R-Wis.), remarks during an appearance on CNN’s “New Day,” Nov. 16, 2017

Johnson has expressed opposition to the GOP tax plan approved by the Senate Finance Committee by arguing that it does not provide enough of a tax reduction for small businesses compared with big corporations. Cutting the tax rate for these businesses, Johnson argues, would boost the economy, thus increasing the amount of revenue collected by the federal government. Continue reading “GOP lawmaker uses fuzzy math to make case for small-business tax cuts”

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:

Former defense secretary Leon E. Panetta speaks during a discussion on countering violent extremism on Oct. 23 in Washington. (Drew Angerer/Getty Images)

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”

Lobbyists in ‘frenzy’ over GOP’s tax-reform push

The following article by Megan R. WIlson was posted on the Hill website November 8, 2017:

Credit: John Shinkle, POLITICO

For lobbyists in Washington, it’s all tax reform, all the time.

The GOP’s consideration of tax legislation has stirred feverish activity on K Street, with an army of lobbyists — even those who don’t specialize in taxes — swarming the Capitol to keep tabs on the bill.

The stakes couldn’t be higher, with Republicans considering a sweeping overhaul of the tax code that could affect business profits for decades to come. Continue reading “Lobbyists in ‘frenzy’ over GOP’s tax-reform push”

Two words in the GOP tax bill mean tens of billions for the superwealthy

The following article by Glenn Kessler was posted on the Washington Post website November 7, 2017:

It’s a common GOP talking point that the estate-tax hurts farmers and small businesses. The Fact Checker’s Glenn Kessler explains why this is exaggerated, at best. (Meg Kelly/The Washington Post)

“We just think it’s unfair. Death should be not a taxable event, and we should not be stopping people from being able to pass their life’s work on to their kids.”
— House Speaker Paul D. Ryan (R-Wis.), interview on “Fox News Sunday,” Nov. 5, 2017

We’re featuring this Ryan quote because it illustrates a bit of a mystery about the House GOP plan: Why does it allow the superwealthy to escape taxation on a huge hunk of capital gains seemingly forever? Continue reading “Two words in the GOP tax bill mean tens of billions for the superwealthy”

No Budget, No Tax Reform: GOP Faces Reality of Remaining Agenda

The following article by Lindsey McPherson was posted on the Roll Call website July 25, 2017:

House Republicans optimistic despite lacking votes for budget resolution

Ways and Means Chairman Kevin Brady remains optimistic that House Republicans can pass a budget resolution to set up the reconciliation process for a tax overhaul. (Bill Clark/CQ Roll Call file photo)

“Clearly, no budget, no tax reform.”
That comment made by House Ways and Means Chairman Kevin Brady on Thursday, and then again for good measure on Monday, is the primary selling point on which House Republican leaders are hoping to whip up enough support to pass their fiscal 2018 budget resolution. Yet that pitch has done little to appease the naysayers.

With the budget still lacking the needed votes, some GOP tax writers are concerned about the future of the yearslong goal to rewrite the tax code. But most of that concern remains shrouded in a cloud of optimism.

“I’m confident there are 218 Republicans in the House who came here to do bold, pro-growth tax reform,” Brady said. “And they know we can’t do it together until we have budget and reconciliation.” Continue reading “No Budget, No Tax Reform: GOP Faces Reality of Remaining Agenda”