GOP predicts few defections on tax vote

Pictured: Rep. Dave Brat (R-Va.)

ㅤ”Even members of the GOP caucus who often are at odds with leadership were pleased with the bill.
ㅤ’Leadership did a great job on this thing,’ said Rep. Dave Brat, a member of the hard-line House Freedom Caucus. ‘It’s pro-growth, there’s middle-class tax cuts for real.”

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Will you pay less or more? House GOP to introduce ‘tax calculator’ next week

Pictured: Rep. Chris Collins, R-N.Y.

ㅤ”We are convinced middle-income people whether from New York or Alabama, are going to save money,’ said Rep. Chris Collins, R-N.Y. ‘It will be helpful when this new tax calculator shows up next week. When people actually run the numbers… the bottom line is they are going to see they are going to pay less taxes under this plan than they were paying.'”

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NY, NJ Republicans show early opposition to tax bill

Pictured: Puppets of the Privileged

ㅤ”House Republicans from New York and New Jersey came out in opposition to the GOP’s long-awaited tax-reform bill on Thursday, citing the proposed elimination of the popular state and local tax deduction.”

ㅤô¿ô …Per-capita federal funding of the big blue states is currently double that of other states.

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Trump applauds House GOP tax bill: ‘We are just getting started’

ㅤ”I applaud the House Ways and Means Committee for introducing the Tax Cuts and Jobs Act, which is another important step toward providing massive tax relief for the American people,’ the President said in a statement shortly after lawmakers announced the specifics of the long-awaited tax bill.
ㅤ’My tax reform priorities have been the same since day one: bringing tax cuts for hardworking, middle-income Americans; eliminating unfair loopholes and deductions; and slashing business taxes so employers can create jobs, raise wages, and dominate their competition around the world,’ the President said.”

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Wealth gap grows after recession as minorities struggle to recover

ㅤ”Most Americans are still struggling to recover wealth lost during the worst recession in modern history, but those on the higher end of the economic spectrum are rebounding much faster, according to new government data.
ㅤThe rising inequality is most pronounced along racial lines. White households, especially wealthier whites, have recovered well. Black and Hispanic households are taking far longer to recover, however, fueling a growing chasm between those with financial means and those without.”

Full story at The Hill, image from thehill(.com) • african american, black, economy, household income, jobless claims, jobs, labor force, middle class, racism, tax break, tax cut, tax cuts, tax plan, tax rate, tax reform, taxes, taxpayer funds, workforce, working class • Go here to reblog this post (browser only).

GOP releases details of plan to cut corporate, individual taxes

“For individuals & families…
ㅤ• The new individual income tax rates are 0 percent, 12 percent, 25 percent, and 35 percent.
ㅤ• The standard deduction goes from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married ocuples.
ㅤ• Special-interest deductions that complicate taxes are eliminated so the form can be ‘as simple as a postcard.’
ㅤ• The bill establishes a new Family Credit, which includes expanding the Child Tax Credit from $1,000 to $1,600, and gives a credit of $300 for each parent and non-child dependent.
ㅤ• The bill preserves the Earned Income Tax Credit.
ㅤ• The deduction for charitable donations is continued.
ㅤ• The home mortgage deduction is maintained for current mortgages, but is capped for new homes at $500,000.
ㅤ• It allows people to write off state and local property taxes up to $10,000
ㅤ• The bill doesn’t touch 401(k)s or Individual Retirement Accounts.
ㅤ• The Alternative Minimum Tax is repealed.
ㅤ• The exemption for the Estate Tax is doubled and the tax will be repealed in full in six years.”

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Tax reform bill doesn’t include repeal of Obamacare mandate, sources say

ㅤ”The President touted the idea in a tweet on Wednesday, and the concept is still being toyed with in the Senate Republicans’ version of tax reform.”

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Republican Tax Plan Cuts Middle Class and Corporate Taxes, Leaves Retirement Savings Safe

ㅤ”Here are the highlights.”

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Democrats are lying about the GOP tax plan, says Washington Post fact checker

ㅤ”The Washington Post’s fact-checker said Thursday that Democrats aren’t telling the truth when they say the Republican tax plan would raise taxes on most middle-class families.
ㅤIn an early Thursday morning story, fact-checker Glenn Kessler gave Democrats four Pinocchios for making that claim. According to the Post, four Pinocchios are reserved for claims that are ‘whoppers.'”

ㅤô¿ô …A democrat is often a liar. But always a jackass.

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House Republicans delay tax reform rollout

Pictured: House Ways and Means Committee Chairman Kevin Brady

ㅤ”As late as Tuesday afternoon, as members returned to Washington for votes, House Ways and Means Committee Chairman Kevin Brady, R-Texas, said that he planned to introduce the bill Wednesday. That plan was delayed later Tuesday evening, at least until Thursday, according to several reports.”

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Here’s How Mike Pence Could Pass Tax Reform Without A Single Concession To Democrats

ㅤ”Congress adopted the ‘Byrd Rule’ in 1985, which bars any ‘extraneous measures’ that do not directly change revenues or expenditures from getting included in a reconciliation bill. Typically, the Senate parliamentarian makes a judgment on each provision of a bill to see if it has a direct impact on the federal budget.
ㅤCustomarily, before leadership moves forward with a bill under reconciliation rules, the Senate’s parliamentarian analyzes any objections that senators raise to provisions in the bill they feel do not meet reconciliation requirements. All provisions have to be germane to the bill and have a direct impact on the budget. The Senate parliamentarian typically makes a ruling on whether or not each provision meets those requirements and advises the presiding officer (Pence or another senator in his absence) on which provisions should stay.
ㅤPence has the ability to work around the parliamentarian. It is the President of the Senate, not the parliamentarian, who makes the ruling on what is permissible under reconciliation and what is not, a historian at the U.S. Senate Historical Office told The Daily Caller News Foundation. The parliamentarian has a purely advisory role.”

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GOP scrambling to finalize tax bill hours before rollout

Pictured: Rep. Doug Collins (R-Ga.)

ㅤ”The next several hours will be critical, GOP sources say. Should progress be made, Republicans will continue as planned and introduce their bill Wednesday around noon after briefing the entire House Republican conference at 9 a.m. Should they falter, tax reform may have to wait another day.
ㅤ’I would say there is a lot of Red Bull and Monster being drank in there right now,’ said Rep. Doug Collins (R-Ga.), vice chairman of the House Republican Conference. ‘The whole Ways and Means crew knew this would be a tough lift — and we’ve not even gotten to the rollout of the actual details yet.”

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House GOP tosses conservative playbook in bid for tax reform

Pictured: Rep. Mark Meadows, head of the House Freedom Caucus

ㅤ”We’ve got to get the economy going — it’s all about wages going up — and if I can endure some short-term pain for long-term benefits, I’m willing to do that,’ said Mark Meadows (R-N.C.), head of the chamber’s staunchly conservative Freedom Caucus.”

ㅤô¿ô …Precisely.

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Jerry Brown Warns California Republicans Not to Vote for Tax Reform

ㅤ”Brown is primarily concerned with Trump’s proposed repeal of the state and local tax (SALT) deduction, which would provide $1.8 trillion in revenue that could be used to grant tax cuts in other areas.
ㅤWealthier taxpayers in high-tax states, which tend to be governed by Democrats, use the SALT deduction to lower their overall federal tax liability. As a result, state lawmakers and local officials who raise taxes to fund additional spending are somewhat insulated from the political consequences of doing so, since voters can shift the burden of higher taxes to federal taxpayers elsewhere.”

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State and Local Tax Deduction May Be Road Block to Tax Reform

ㅤ”Republicans from high-tax, Democrat states may create a roadblock in tax reform through their opposition to the repeal of the state and local tax (SALT) deduction as Republicans remain desperate to pass a significant piece of legislation before the 2018 midterm elections.”

Story at Breitbart, image from heritage(.org) — #california #irs #new jersey #new york #new york city #salt #state and local tax deduction #tax break #tax cut #tax cuts #tax deductions #tax plan #tax rate #tax reform #taxes #chris smith #pete king #kevin brady — Visit the post page to like, share or reply to this post.

House adopts Senate budget, takes step toward tax reform

ㅤ”Twenty Republicans voted against the budget in the 216-212 vote, more than the 18 who voted against the original House version earlier this month.
ㅤMost of the 20 defectors were centrists hailing from populous states that could stand to lose from eliminating the state and local tax deduction.
ㅤThose lawmakers included Reps. Dan Donovan (N.Y.), John Faso (N.Y.), Brian Fitzpatrick (Pa.), John Katko (N.Y.), Pete King (N.Y.), Leonard Lance (N.J.), Frank LoBiondo (N.J.), Tom MacArthur (N.J.), Chris Smith (N.J.), Elise Stefanik (N.Y.), Claudia Tenney (N.Y.) and Lee Zeldin (N.Y.).”

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Republicans threaten to block budget passage over local deductions


Rep. Peter King, R-N.Y.

ㅤ”Reps. Peter King, R-N.Y., Tom MacArthur, R-N.J., and others from high-tax states say they will not vote for the Senate budget resolution this week because the GOP tax reform outline would eliminate the state and local tax deduction that brings huge savings to their constituents at tax filing time.”

ㅤô¿ô …Establishment politicians defending America’s privileged class. #draintheswamp !!!!

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House Republicans Might Add Millionaire Bracket in Tax Plan

ㅤ”Those who make more than $1 million per year will not receive a tax cut.”

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What Trump gets wrong about 401(k)s

ㅤ”Retirement savings plans, though pitched as policy for everyone, aren’t very evenly distributed throughout the income ladder. According to a 2009 survey, most workers in the bottom quarter of the income distribution don’t even have access to workplace retirement benefits. In the top quarter, 73 percent of them do. And the rich are more likely to participate in those plans: 94 percent of high-income workers who have access to workplace retirement benefits use them, compared to just 72 percent of low-income workers. In turn, the rich receive most of the benefits from retirement tax breaks.”

ㅤô¿ô …My company’s plan was irresistible because of matching payments.

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House to take up Senate budget on Thursday


Republican Study Committee

ㅤ”The House is expected to vote on the Senate-amended 2018 budget resolution on Thursday, according to a leadership aide, moving ahead the Trump administration’s tax reform efforts.”

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Freedom Caucus will back Senate budget — in exchange for tax promise


ㅤFreedom Caucus Chairman Mark Meadows

ㅤ”In exchange for their votes, the Freedom Caucus wants a promise that GOP tax writers will hold their first committee markup the following week, with a House floor vote on the tax bill in the second week of November.”

Story at Politico, image from politico(.com). #budget #congress #conservatives #freedom caucus #house of representatives #mark meadows #paul ryan #senate #senate republicans #spending cuts #tax cut #tax cuts #tax plan #tax rate #tax reform #taxes #u.s. congress — Visit the post page to like, share or reply to this post.

Ryan: Tax plan will include higher bracket on the rich

ㅤ”The Wisconsin Republican declined Friday to get into the specifics of how it would work, saying lawmakers are still hashing that out, but said Republicans don’t want their plan to be a windfall for the rich.
ㅤ’That’s why we’re introducing the fourth bracket, so that high-income earners do not see a big rate cut and that those resources go to the middle class,’ he said on ‘CBS This Morning.’ ‘Once we get that budget resolution that tells us how our numbers will work, then we’ll introduce the bill which will have that fourth bracket.'”

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