'Tax Reform 2.0' Unveiled by House GOP

Jimmy Carter

Jimmy Carter

Even if the initiative fails to pass, it could put Democrats in the position of opposing the new tax-cut plan on the House floor, which Republicans could seek to use to their advantage in the November 6 elections where control of Congress will be at stake. Republican Rep. Kevin Brady of Texas, who heads the tax-writing House Ways and Means Committee, is looking toward a vote on the legislation by the House this month.

Several Republican House members, facing tough re-election fights in high-tax, Democratic-leaning states like NY and New Jersey, voted against the tax legislation a year ago and would prefer to do without this new version as well.

The GOP's "tax reform 2.0" aims to make permanent the tax cuts for individuals that President Trump signed into law in December 2017, including the law's temporary reductions in individual filers' rates, a doubling of the Child Tax Credit, and cuts to the estate tax paid by a small fraction of the wealthiest families. The solid Republican majority in the House almost ensures passage before the November elections. And in those same suburbs, Democrats enjoy a whopping 56-to-34-percent advantage over Republicans on who Americans are more likely to vote for.

A dozen House Republicans opposed the Tax Cuts and Jobs Act last December.

Experts claim the rule affects high-tax states like California, New York and New Jersey - all which have highly contested midterm races.

There are sharp partisan splits on both questions, with about 8-in-10 Republicans calling it inappropriate for a White House official to act against the President, that drops to about half of independents and about a third of Democrats. But that has been undercut on the campaign trail by worries about Trump's policy on trade tariffs and a lack of evidence that tax cuts have delivered promised pay increases to workers.

The new legislation would add another $576 billion to the deficit, even taking potentially higher economic growth into account, the Tax Foundation said.

The bill includes several retirement-related provisions that would allow small businesses to more easily offer 401 (k) plans, as well as new individual savings accounts for education and newborns.

Critics have said the proposed changes would primarily benefit the wealthiest taxpayers, while Republicans have argued their tax cuts help fuel the American economy by putting more money in consumers' hands. That would bring the total cost of tax cuts under Trump to well over $2 trillion in lost government revenue. That's 4 points below his previous 2018 low of 35% approval among political independents in CNN polling, and 1 point below his previousall-time low among independents in CNN polling, reached in November 2017.

As on the President's approval rating, the shifts in Trump's favorability rating and attributes are driven largely by movement among independents. In July, 40 percent of registered voters in the Midwest approved of Trump's performance versus 38 percent in September, and his disapproval rating among Midwesterners jumped from 50 percent in July to 55 percent in September.

Recommended News

  • Only Man City and Liverpool are challenging for title - Sarri

    Only Man City and Liverpool are challenging for title - Sarri

    After the worldwide [break], I prefer to give the players one day off. He can have more energy in the last 25 metres. Cardiff has two points from five games .
    Hurricane Florence Pummels NC Coast With Heavy Surf, Storm Surge

    Hurricane Florence Pummels NC Coast With Heavy Surf, Storm Surge

    Five deaths in North Carolina have been linked to Hurricane Florence Friday, including a mother and baby who died in Wilmington . Authorities say at least 20,000 people have evacuated their homes and are sought refuge in shelters throughout North Carolina.
    Cuomo's vulnerabilities heading into the primary

    Cuomo's vulnerabilities heading into the primary

    Cuomo's advocacy for same-sex marriage, gun control and other progressive causes might bolster him against Nixon. Cuomo and Nixon agree that NY should adopt single-payer healthcare, but they differ on how to get there.
  • Singapore GP: Raikkonen fastest in 2nd practice session

    Singapore GP: Raikkonen fastest in 2nd practice session

    But shortly afterwards Vettel's race engineer told him: "Hamilton reports there's not a lot left of his tyres". Hamilton's teammate Valtteri Bottas will join Vettel on the second row of the grid.
    Nintendo Reveals Important Information About Switch Ahead of Online Service Arrival

    Nintendo Reveals Important Information About Switch Ahead of Online Service Arrival

    Nintendo announced new wireless NES controllers today as an exclusive for subscribers of the Switch's online service. For individual memberships, one, three and 12-month subscriptions will cost $3.99, $7.99 and $19.99, respectively.
    Apple unveils the iPhone XR, a $749 budget smartphone

    Apple unveils the iPhone XR, a $749 budget smartphone

    When will it be available? Well, both the Xs and Xs Max will launch on 21 September, with preorders starting on 14 September. Both phones will be available in Space Gray, Silver, and Gold finishes and will come in 64GB, 128GB, 512GB storage options.
  • Warframe is Launching for Nintendo Switch in November

    Warframe is Launching for Nintendo Switch in November

    Nintendo Entertainment System - Nintendo Switch Online also uses the Save Data Cloud, so the same applies. Games shown during the Direct included Ghosts 'n Goblins , Ice Climbers , and Dr.
    Dianne Feinstein refers Kavanaugh matter to federal authorities

    Dianne Feinstein refers Kavanaugh matter to federal authorities

    It also excluded any documents Democrats wanted to see from Kavanaugh's time as Bush's staff secretary. The panel's top Democrat , Sen. "It had been a chaotic morning", Kavanaugh wrote. "Mr.

    Switch version 6.0 removing ability to unlink Nintendo Account from user profiles

    Perhaps most immediately useful at launch, though, is its promise of allowing cloud saves for any games players have in progress. Are you excited for Switch Online to hit, or are you just disappointed that you'll have to pay to play online soon?
  • Sign explodes from hurricane winds

    Sign explodes from hurricane winds

    Union Point Park is flooded with rising water from the Neuse and Trent Rivers in New Bern, North Carolina on September 13, 2018. One person died at the West Brunswick High School shelter Thursday morning, according to a spokesperson for Brunswick County.
    Hurricane Helene could be unleashed on Wales within days

    Hurricane Helene could be unleashed on Wales within days

    Although the storm is expected to weaken, it has followed a wavering path and could still pose a threat to Cayman early next week. Near Hawaii, Post-Tropical Cyclone Olivia is blowing with winds of over 50 km/h, but it's moving away from the islands.
    Lexus ES will be first mirrorless production vehicle

    Lexus ES will be first mirrorless production vehicle

    The cameras transmit their images onto five-inch displays positioned inside the cabin at the base of the A-pillars. Lexus will start offering Digital Outer Mirrors, and the first vehicle to get it will be the new ES saloon .

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.