Tuesday, 17 October, 2017

House approves 2018 budget outline, takes first step for tax reform

White House chief economic adviser Gary Cohn right talks to U.S. President Donald Trump prior to a working session at the G-20 summit in Hamburg Germany. Trump and his Republican partners in Polarization Deepens in American Politics
Vera Richards | 07 October, 2017, 00:15

Republicans controlling Congress have no plans to actually implement those cuts while they pursue their tax overhaul. And last week, White House economic advisor Gary Cohn replied just as cagily when asked a similar question.

The final tally was not a slam dunk for the GOP, as 18 Republicans voted against the budget plan, as some more conservative lawmakers anxious that it won't do enough to rein in spending, or bring down the national debt, while a number of moderates expressed displeasure about possible details in the GOP tax bill. The data belie the rhetoric.

The state and local deduction: The Republican framework calls for eliminating this tax break, a change that would raise $1.3 trillion in revenue over 10 years. One possible result is that Republicans will embrace a more modest plan that provides smaller tax cuts, mostly to businesses.

We are well aware that anti-tax advocates will cry foul and claim the rich deserve a bigger tax cut because they pay more in taxes (as they should since they earn far more than average). Look how bad they're failing you. This is also a major tax break for many Americans. No other group would enjoy such a bonanza.

"Eliminating the personal exemption" from individual income taxes, which all taxpayers now take, "will hurt middle-class families the most", added Rep. Rosa DeLauro, D-Conn.

So we get endless promises for plans that always turn out to be little more than glorified bullet-point memos. "Because this budget doesn't do almost enough to end the tax and spend status quo, fails to adequately protect Florida's seniors and will drive us deeper into debt, I had no choice but to vote no".

Ayers petitioned the donors at the meeting to form a coalition of donors to offer an ultimatum to McConnell and his allies: get President Donald Trump's agenda through by year's end or "we're going out, we're recruiting opponents, we're maxing out to their campaigns, and we're funding super PACs to defeat all of you". He said a typical family with two kids earning $100,000 could, "renovate their kitchen, they can buy a new vehicle, they can take their family on vacation, they can increase their lifestyle".

Just because they have a political construct that they ran on - with all due respect, if you are not willing to tackle Social Security, Medicaid, and Medicare, you are not ever getting a balanced budget, and to pretend otherwise is a fantasy. Consumers can not purchase a new auto, let alone a decent used vehicle for $1,000, and they certainly can not remodel an entire kitchen for that sum.

If tax rates are cut across the board, richer people will mathematically keep more of their money than middle class and lower middle class people. Median household income is $59,000 per year. "He has written fourteen books, including the best sellers "Aftershock", "The Work of Nations", and" Beyond Outrage", and, his most recent, "Saving Capitalism".

Fourth, American corporations are now paying less in taxes than they have in 65 years. "The tax reform element of this appears to be collapsing before the process even gets started". There's at least a coherent rationale here: The desire for higher profits is supposed to drive investment, which in turn drives job creation and wage growth.

It's a priority the GOP hasn't been eager to surrender.

So how do these unfair and terribly unpopular policies come about? But this is not intention of their plan. Meanwhile, the top 10 percent of income earners pay 71 percent of the federal income taxes If you want to cut taxes just for the middle class, there's not so much "there" there. The two chambers have each rolled out tax outlines, which they'd have to eventually merge.

Tax reform should not be done in a partisan manner.

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