Trump sees momentum for tax cuts after Senate okays budget

Trump sees momentum for tax cuts after Senate okays budget”

Some moderate Republicans, however, are expected not to support these figures in a truly binding bill, as McCain couched his support in assuring constituents that these cuts will not make it to the actual spending bill later this year. The administration has said it would deliver up to $6 trillion in tax cuts to businesses and individuals.

But Sen. Heidi Heitkamp, D-N.D., a member of the Senate Agriculture Committee who has been courted by Republicans including President Donald Trump to be an ally on tax reform, said she voted against the resolution because it "would gut Medicare and Medicaid by nearly $470 billion and $1 trillion respectively, and make deep cuts to critical programs North Dakotans depend on to obtain affordable housing, heat for their homes, early education, Pell Grants, and more". It's only an outline, with Congress left to put meat on the bones as lawmakers turn it into complex legislation. A restive rump of House Republicans from high-tax states like New York, New Jersey, Illinois and California staunchly oppose the tax plan's proposed elimination of the federal deduction for state and local taxes.

The GOP has also yet to decide on exactly what income levels would correspond to the three tax brackets laid out by the party of 12%, 25% and 35%. Speaking on "CBS This Morning", Ryan said Republicans are working on the tax rate for "the fourth bracket that the president and others are talking about that we're going to do".

It would bring far-reaching changes for businesses large and small, with fallout too for American companies beyond US borders. The American middle-class family could take advantage of a heftier child tax credit and the extra money that could come from the bigger standard deduction. His biggest tax cut in history will put $4,000 to $9,000 in the pockets of average families, spur massive economic growth and lead to a balanced budget within eight years.

That might sound like the pledge of "a chicken in every pot" that's been attributed to President Herbert Hoover in the 1920s.

The budget plan, which passed on a near party-line vote late Thursday, includes rules that will allow Republicans to get tax legislation through the Senate without Democratic votes and without fear of a Democratic filibuster. If passed, the tax cuts would add $1.5 trillion to the deficit over the coming decade, critics say.

But the work won't be quick. Strap in for a long slog in separate House and Senate committee hearings, drafting meetings and closed-door negotiations. And a feast for lobbyists descending on lawmakers, especially members of the two tax-writing committees.

When will Republican leaders unveil a full tax bill?

He's uncomfortable with the budget resolution because of the amount it sets aside for the "Overseas Contingency Operation" (OCO), originally a War on Terror supplemental defense package which has essentially become a way to get around the spending caps on the Pentagon.

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