People walk by the U.S. Capitol building in Washington, U.S., February 8, 2018.
Still, Republicans are pushing ahead and portraying the legislation as a way to give American families certainty around the tax code and cement benefits for the middle class, betting that it can provide a cudgel to use against Democrats who vote against it. House Ways and Means Committee Chairman Kevin Brady (R-TX) said the Tax Cuts 2.0 package will create more than 1.5 million new jobs, raise wages and boost GDP.
Regardless if you are a Republican, Democrat or Independent, you should be deeply concerned about the rage and lawlessness of President Trump.
Tax Reform 2.0 would also waive the maximum age for certain retirement account contributions, enabling smaller enterprises to offer 401 (k) plans more conveniently.
House Ways and Means Committee Chairman Kevin Brady, the 2.0 package's main author, plans to unveil draft language for three bills early in the week and put it to a committee-level vote on September 13, with a full House vote following by Oct 1.
Rather says should the Republicans win both the House and the Senate, it would enhance the Republicans' chances of reelecting Trump or another Republican in 2020.
In a statement on Monday, House Democratic leader Nancy Pelosi said: "With version 2.0 of the GOP tax scam for the rich, Republicans want to add even more to the deficit, and even more to the bank accounts of the wealthiest 1 percent". Starting in 2026, the cuts could cost the federal government about $165 billion annually in today's dollars, according to projections by the Tax Foundation, a conservative-leaning think tank.
The president now faces accusations of incompetence and ill-preparedness to handle the top job while having put together several legal teams to handle accusations of rape and his alleged "collusion" with Russian Federation.
"He won't allow himself to get credit for the economy", said James Carville, the Democratic strategist, referring to President Trump.
The GOP's second round of tax cuts would also make permanent the new 20 percent deduction for "pass-through" entities - companies in which business income is "passed through" to an individual's tax returns - as well as reductions to the alternative minimum tax mostly paid by those earning more than six figures.
Passage in the Senate would require a 60-vote supermajority because the legislation would add to the already burgeoning federal deficit. And even some House Republicans oppose a new tax bill. Just 38% of registered voters said they would vote for Republican House candidates, while 52% said they'd vote for Democrats. Similarly, 85% of Republicans, 55% of independents and 43% of Democrats say the writer of the op-ed ought to identify themselves.
Residents in states like New York, New Jersey and California could see substantial increases in their federal tax bills next spring because of the deduction cap.