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House GOP Leadership To Save Tax Reform

House GOP Leadership To Save Tax Reform”

The House vote will help Republicans advance tax reform through reconciliation, a process for considering budget legislation that requires a simple majority - in the Senate, that's 51 votes - for passage. The House is expected to consider the bill as early as Thursday, as GOP lawmakers are under pressure to approve a tax bill before the end of the year, according to The Hill. That would be the next major milestone for what's now the GOP's top legislative priority. A proposal by President Donald Trump, a Republican, cleared a critical hurdle on Thursday, when the Senate approved a budget measure that will allow Republicans to pursue a tax-cut package without support from Democrats.

The Senate last week passed a budget that includes rules that will allow Republicans to get tax legislation through the Senate without Democratic votes and without fear of a Democratic filibuster. We would have got the majority sooner but for the fact they were able to nominate people who could not win in November.

"Bob Corker, who helped President O give us the bad Iran Deal & couldn't get elected dogcatcher in Tennessee, is now fighting Tax Cuts", Trump tweeted, adding: "People like liddle' Bob Corker have set the USA way back. And in order to make policy, you have to actually win the election", he said on Fox News Sunday.

"So while we'd like to have both we got to at least get one of [them]", he said.

Both chambers' plans set 2018 discretionary spending levels at about $1 trillion and anticipate a federal deficit of at least $472 billion next year. Trump's plan promises up to $6 trillion in tax cuts but would increase the federal deficit by $1.5 trillion over the next decade. It would slash the corporate tax rate to 20 percent and double the standard deduction used by most average Americans.

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"I had hoped the meeting this afternoon with our leadership in the House would yield an actual proposal, and we're not there yet", MacArthur said. The proposal to keep the top tax rate in place for the highest earners - those making more than $1 million - is likely a good populist pitch. Does it simplify the code? Plus, the top personal rate may not matter much if many high-income workers change the way they get paid to take advantage of sharply reduced taxes on pass-through businesses.

Axing that break could generate almost $2 trillion in revenue over a decade that could pay for other rate cuts.

Reed said various possible SALT solutions are in the mix including an income cap on who can qualify for the deduction, a credit, or some other way to recognize that two-income families "are struggling".

Rand Paul of Kentucky was the only Republican senator to vote against the budget. But White House officials said later that Trump would only sign an interim bill that also lifts the tax penalties that Obama's health care law imposes on people who don't buy coverage and employers who don't offer plans to employees.

Republicans from high-tax states like New York, New Jersey, California and IL have been negotiating behind the scenes with Republican leaders, hoping to either preserve the deduction or find some sort of compromise.

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