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Katko bucks GOP, votes against $4.1T budget plan

Katko bucks GOP, votes against $4.1T budget plan”

American corporations earn almost half of all global profits, even though the US economy is about a fifth the size of the world economy. However, please look at this greatly oversimplified argument for why you should pay attention and vote.

"It's one of those things that everyone can agree - that Medicare is in need of reform", a top Republican Senate aide told Vox last week when asked why the GOP plan violates President Trump's promise not to cut Medicare. In any case, for some working families, that sum would simply mean having to rob Peter a little bit less each month to pay Paul.

Generally speaking, if you have casualty and/or theft losses related to your home, its contents, or your vehicles that weren't reimbursed by your insurance, you can deduct these on your federal taxes.

Republicans powered their 2018 budget through the House on Thursday, overcoming months of disagreements and taking the first concrete step in their quest to pass a massive tax reform by year's end. But it's pretty obvious those aren't the conditions we're in now.

If they do jettison or scale back those plans, they will have to either reduce their overall tax goals or make up the money elsewhere. And meanwhile, corporate profit margins soared! It gets rid of the estate tax, which, admittedly, is better for Ivanka and Eric Trump than their father. Looking at the potential political ramifications, Yahoo Finance's Rick Newman concludes, "the biggest tax break Trump wants to kill - the deduction for state and local taxes, known as the SALT deduction - might just be impossible to kill".

About three-fourths of the tax cut will go to people making more than $149,000, and more than half of it will go to people earning more than $732,800. Though they insist that people will keep more of their tax money under the plan, it really isn't so, especially in NY.

The challenge is that the pieces of the tax plan fit together differently for each family and taxpayer.

The arguments the GOP does make in favor of these cuts are transparently silly.

A spokeswoman for the Finance Committee said, "Chairman Hatch recognizes that every major provision within the tax code has an important constituency and outcome".

Instead of paying the current top rate of 39.6 percent, owners of these businesses would be taxed at 25 percent under the GOP plan. He believes such legislation could spur economic growth and boost the region's manufacturing sector.

Slashing taxes as the GOP proposes will lose Uncle Sam a bunch of revenue.

"When you're in a business and you tell your stakeholders you're going to build a building or something, you have to follow through", said Dan Eberhart, a Houston-based energy executive. And the politics make no sense, too.

Bannon met with several GOP donors this week in Washington for an RNC gala, and he's trying to set up a donor network to help unseat Republican incumbents next year.

Leadership was able to secure the votes needed to pass the measure last week, following the release of the Republican tax reform framework. The blueprint contains a legislative tool that would let Republicans pass a tax bill by a simple majority vote in the Senate, where they hold 52 of 100 seats, allowing them to bypass Democrats.

Sanders also notes thatEnzi calls for $5 trillion in "unspecified non-defense" cuts over the next 10 years. They have a few just-so stories about taxes and government spending and supply-side rules-of-thumb. And they don't know how to negotiate between all the competing interests in their own party, never mind in the country as a whole.

The plan repeals the Alternative Minimum Tax, which requires many taxpayers to do their taxes twice.



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