Post by Sprockey on Oct 26, 2017 12:24:52 GMT -5
The House on Thursday gave a significant boost to President Donald Trump's promise to cut taxes, narrowly passing a GOP budget that shelves longstanding concerns over federal deficits in favor of a rewrite of the tax code that Republicans promise will jump-start the economy.
The 216-212 vote permits Republicans to begin work on a follow-up $1.5 trillion tax cut and move it through Congress without fear of blocking tactics by Democrats. The tax bill is the top item on the GOP agenda, would be Trump's first major win in Congress — and, Republicans hope, a much-needed boost for the party's political fortunes on the eve of next year's midterm elections.
GOP leaders scrambled in recent days to overcame opposition from House conservatives unhappy about deficits and debt, and lawmakers from Democratic-leaning high-tax states, who are upset about plans to curb the state and local tax deduction.
The Senate passed the measure last week and the House endorsed it without changes, a step designed to allow Republicans to move quickly to the tax measure in hopes of passing it into law this year. The goal is a full rewrite of the inefficient, loophole-laden tax code in hopes of lower rates for corporations and other businesses and a burst of economic growth.
"Big news — Budget just passed," tweeted Trump.
Republicans view passage of the upcoming tax measure as a career-defining dream, and its importance has only grown in the wake of the party's debacle on health care. But the tax plan's popularity is not a given with voters, and fissures among Republicans already threaten to slow the measure.
Twenty Republicans opposed the measure, a mix of spending hawks and centrists. Several lawmakers from New York and New Jersey who supported the House plan earlier this month opposed the measure over worries about the state and local tax deduction.
"This isn't over," said Rep. Tom MacArthur, R-N.J., who opposed the budget after voting for it earlier this month. House Speaker Paul Ryan, R-Wis., said concerns by lawmakers such as MacArthur about the deduction would be addressed in coming days, and it was the topic of a post-vote meeting that included top GOP leaders.
"We stood firm ... to let them know we're not kidding," said Rep. John Katko, R-N.Y., as he exited the session.
A battle over tax-free contributions to retirement accounts has also broken open, and Republican tax writers have yet to lock down dozens of crucial details on tax rates and preferences. Republicans may also drop efforts to fully repeal taxes on multimillion-dollar estates, even though the idea is a longstanding feature of the party's tax agenda.
The underlying budget measure abandons the Republican Party's longstanding promise to rein in deficits in favor of Trump's boast of "massive tax cuts." The measure drops proposed cuts to mandatory programs such as food stamps, though conservatives promise to take on spending cuts later.
The 216-212 vote permits Republicans to begin work on a follow-up $1.5 trillion tax cut and move it through Congress without fear of blocking tactics by Democrats. The tax bill is the top item on the GOP agenda, would be Trump's first major win in Congress — and, Republicans hope, a much-needed boost for the party's political fortunes on the eve of next year's midterm elections.
GOP leaders scrambled in recent days to overcame opposition from House conservatives unhappy about deficits and debt, and lawmakers from Democratic-leaning high-tax states, who are upset about plans to curb the state and local tax deduction.
The Senate passed the measure last week and the House endorsed it without changes, a step designed to allow Republicans to move quickly to the tax measure in hopes of passing it into law this year. The goal is a full rewrite of the inefficient, loophole-laden tax code in hopes of lower rates for corporations and other businesses and a burst of economic growth.
"Big news — Budget just passed," tweeted Trump.
Republicans view passage of the upcoming tax measure as a career-defining dream, and its importance has only grown in the wake of the party's debacle on health care. But the tax plan's popularity is not a given with voters, and fissures among Republicans already threaten to slow the measure.
Twenty Republicans opposed the measure, a mix of spending hawks and centrists. Several lawmakers from New York and New Jersey who supported the House plan earlier this month opposed the measure over worries about the state and local tax deduction.
"This isn't over," said Rep. Tom MacArthur, R-N.J., who opposed the budget after voting for it earlier this month. House Speaker Paul Ryan, R-Wis., said concerns by lawmakers such as MacArthur about the deduction would be addressed in coming days, and it was the topic of a post-vote meeting that included top GOP leaders.
"We stood firm ... to let them know we're not kidding," said Rep. John Katko, R-N.Y., as he exited the session.
A battle over tax-free contributions to retirement accounts has also broken open, and Republican tax writers have yet to lock down dozens of crucial details on tax rates and preferences. Republicans may also drop efforts to fully repeal taxes on multimillion-dollar estates, even though the idea is a longstanding feature of the party's tax agenda.
The underlying budget measure abandons the Republican Party's longstanding promise to rein in deficits in favor of Trump's boast of "massive tax cuts." The measure drops proposed cuts to mandatory programs such as food stamps, though conservatives promise to take on spending cuts later.
www.yahoo.com/news/house-gop-moves-pass-budget-071424465.html
