Tag: GOP trickle down economics

The final GOP tax bill is complete. Here’s what is in it.

The following article by Heather Long was posted on the Washington Post website December 15, 2017:

After threatening to vote “no” on the GOP tax bill, Sen. Marco Rubio (R-Fla.) and Sen. Bob Corker (R-Tenn.) pledged their support when the bill was finalized. (Video: Jenny Starrs/Photo: Melina Mara/The Washington Post)

Republicans were joyful Friday as they finalized their tax plan, bridging differences between the House and Senate bills and moving another step closer to getting legislation to President Trump by Christmas.

They also appear to have locked down the votes they need to pass the measure through the House and Senate after Sens. Marco Rubio (R-Fla.) and Bob Corker (R-Tenn.) pledged their support. Continue reading “The final GOP tax bill is complete. Here’s what is in it.”

GOP Tax Bill Signed, Nearly Sealed and Delivered

The following article by Ryan McCrimmon was posted on the Roll Call website December 15, 2017:

Senate Finance Chairman Sen. Orrin G. Hatch, R-Utah, left, and House Ways and Means Chairman Rep. Kevin Brady, R-Texas, conduct the Senate-House Conference Committee meeting on the GOP tax bill. (Tom Williams/CQ Roll Call)

Republican tax writers signed off Friday on a compromise plan to overhaul the tax code, bringing House and Senate negotiations to a close and setting up final votes on the legislation early next week.

The tax conference agreement was set to be released Friday at 5:30 p.m. Some key details are already known, like a proposed corporate tax rate of 21 percent; a top individual rate of 37 percent; and a 20 percent deduction for “pass-through” business income.

Sen. Rob Portman, R-Ohio, said the proposed tax changes for individuals will expire after 2025, as in the Senate-passed version. Continue reading “GOP Tax Bill Signed, Nearly Sealed and Delivered”

The Finance 202: Rubio’s last stand highlights tax bill’s corporate skew

The following article byTory Newmyer was posted on the Washington Post website December 15, 2017:

Credit: Sen. Marco Rubio (R-Fla.). (Aaron P. Bernstein/Getty Images)

At worst for Republicans, Sen. Marco Rubio’s opposition to their tax package sinks the bill. If he remains opposed, as does, say, Sen. Bob Corker (R-Tenn.), only one more Republican defection would mean failure. Much more likely, leaders reach an accommodation with the Florida Republican that satisfies his demand for expanding the child tax credit.

But at best, Rubio’s last stand is ensuring the tax debate concludes on a politically sour note for his party. His gripe, after all, is with the measure’s stinginess toward the working class even as it strains at the seams with goodies for corporations and the wealthy.  Continue reading “The Finance 202: Rubio’s last stand highlights tax bill’s corporate skew”

Inequality on Apple’s doorstep: how the GOP tax bill could worsen the divide

The following article by Sam Levin was posted on the Guardian website December 15, 2017:

In Cupertino, the world’s most valuable company could reap enormous benefits from Republicans’ plan – even as the measure threatens sorely needed affordable housing and healthcare benefits for local residents

Hector Chavez and Yvonne Scott: ‘Money has not trickled down to us.’
Photograph: Sam Levin for the Guardian

Yvonne Scott feels like she’s trapped in a cell. The 65-year-old and her husband, Hector Chavez, 60, have been living in their car for nearly a year since they were evicted, parking each night in church and grocery store lots in the shadows of Silicon Valley.

“It’s like being incarcerated, being enclosed. You can’t move freely. No bathroom,” Scott said. “It’s dangerous. We don’t belong in a vehicle.” Continue reading “Inequality on Apple’s doorstep: how the GOP tax bill could worsen the divide”

Republicans Continue to Neglect the Priorities of the American People To Give Tax Cuts to the Wealthy

The following is from an email update from Democratic Whip Steny H. Hoyer dated December 15, 2017:

This week, Republicans spent another week neglecting the priorities of the American people while holding secret, back-room negotiations over their bill that cuts taxes for the wealthiest Americans and corporations while increasing taxes on millions of middle-class households. This bill adds $1.7 trillion to the national debt over the next ten years and will trigger a $25 billion cut in Medicare next year. It comes as no surprise that poll after poll shows the bill is deeply unpopular, and I will continue to call on Republicans to abandon this bill and work with Democrats to write bipartisan and revenue-neutral tax reform that benefits middle-class families. Continue reading “Republicans Continue to Neglect the Priorities of the American People To Give Tax Cuts to the Wealthy”

The Senate Tax Bill Is Even More Costly Under Current Policy Assumptions

The following article by Seth Hanlon and Alex Rowell was posted on the Center for American Progress website December 13, 2017:

Arizona Sen. Jeff Flake, a member of the Senate Appropriations Committee, takes questions from reporters as he and other lawmakers head to the Senate floor for votes on Capitol Hill in Washington, November 27, 2017. Credit: AP/J. Scott Applewhite

The tax bills that the House and Senate have passed and are now seeking to reconcile would add nearly $1.5 trillion to federal deficits over the next decade, according to the nonpartisan Joint Committee on Taxation (JCT). One of the ways in which the Trump administration and Republicans in Congress are rationalizing adding so much debt is by claiming that they are measuring the tax bill against a “current policy” baseline instead of the traditional “current law” baseline. But in applying a current policy baseline to the bill under the assumption that it reduces the cost, they are making a major error. The fact is that the Senate tax bill adds even more to deficits when using current policy assumptions. Under this approach, the bill’s many expiring tax cuts would be treated as if they were permanent, significantly raising their cost. Continue reading “The Senate Tax Bill Is Even More Costly Under Current Policy Assumptions”

Those That Shall Not Be Named: Cost Sharing Reductions

The following article by Lindsey McPherson was posted on the Roll Call website December 14, 2017:

Speaker Paul D. Ryan once panned a measure that would restore cost-sharing reduction subsidies for health insurance companies. (Bill Clark/CQ Roll Call file photo)

In Congress, where most lawmakers are hesitant to spill secrets about ongoing negotiations, answers are often found in what lawmakers are not saying. And House Republican leaders are not saying much about subsidies for health care insurers lately.

GOP leaders’ continued refusal in recent weeks to rule out funding the cost-sharing reduction subsidies, or CSRs, which President Donald Trump’s administration has stopped paying, is not a guarantee that Congress will do so. But it’s certainly a green light for negotiations to continue. Continue reading “Those That Shall Not Be Named: Cost Sharing Reductions”

Support for Tax Plan Could Hurt Candidates

The following article by Taegan Goddard was posted on the Political Wire website December 13, 2017:

A new Quinnipiac poll finds American voters disapprove of the pending Republican tax plan by a wide margin, 55% to 26%, and 43% say they are less likely to vote for a U.S. Senator or Congressperson who supports the plan.

Key finding: “Only 16% of American voters say the tax plan will reduce their taxes, while 44% say it will increase their taxes and 30% say the tax plan will have little impact.”

For members: Where’s the Political Upside in the GOP Tax Plan?

View the post here.

Senate, House Reach Tax Overhaul Agreement

The following article by Niels Lesniewski and Joe Williams was posted on the Roll Call website December 13, 2017:

Senate Finance Chairman Orrin Hatch confirms

Sen. Orrin Hatch, R-Utah, speaks with reporters as he arrives for lunch with Senate Republicans in the Capitol on Wednesday, Oct. 18, 2017. (Bill Clark/CQ Roll Call file photo)

Senate and House Republicans have reached a broad agreement on a major overhaul of the U.S. tax code, Sen. Orrin G. Hatch said Wednesday.

As he was leaving for the White House, the Senate Finance Chairman confirmed the House and Senate have reached a deal on overhauling the tax code.

“We reached the agreement,” the Utah Republican told reporters.

Hatch said he planned to update President Donald Trump on the agreement when he reached the White House, declining to answer any questions about specifics, such as the final corporate tax rate or when exactly the deal was reached. Continue reading “Senate, House Reach Tax Overhaul Agreement”

Congressional Republicans in advanced talks to reduce the tax rate for top earners to 37 percent as part of final tax bill

The following article by Erica Werner and Damian Paletta was posted on the Washington Post website December 12, 2017:

Sen. John Thune (R-S.D.) talks with reporters on Capitol Hill this month. Credit:
Katherine Frey/The Washington Post

Congressional Republicans are in advanced talks to lower the top tax rate for individuals from 39.6 percent to 37 percent as they finalize a massive $1.5 trillion tax package, said three people familiar with the negotiations.

The move follows complaints from wealthy taxpayers in New York and elsewhere that their taxes could go up under the legislation because of other changes it makes to the code.

The change, if finalized, would amount to a major tax cut for the wealthiest Americans. And it would be certain to spark a furious response from Democrats who are unanimously opposed to the legislation which they already have been casting as a giveaway to corporations and the rich. Continue reading “Congressional Republicans in advanced talks to reduce the tax rate for top earners to 37 percent as part of final tax bill”