GOP set to unveil more tax cuts before midterms

Mar 2012
49,546
32,631
New Hampshire
#1
Republicans in the U.S. House of Representatives plan to unveil another round of tax cuts this week, hoping to draw a sharp contrast between themselves and Democrats ahead of the Nov. 6 congressional elections.

Republican lawmakers and strategists say a new tax debate should amplify the party's upbeat economic message, touting a report by the nonpartisan Tax Foundation that forecast the creation of 1.5 million jobs and wage increases if individual tax cuts in last year's tax reform bill were made permanent. But experts say House Republican leaders could have trouble mustering the 216 votes needed to pass the measure, given the prospect of widening the federal budget deficit already swollen by a round of tax cuts in December.

Aside from making individual tax cuts permanent, Republicans say the legislation will including savings provisions intended to help small businesses offer 401(k) retirement plans, allow 529 education savings plans to pay for apprenticeships and provide access to retirement savings for costs related to births and adoptions. Republicans say the legislation will also seek to encourage start-up businesses by allowing them to write off more start-up costs and add investors without limiting tax benefits, such as research and development credits.

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

House Republicans to unveil more tax cuts as midterm elections near
 

Jets

Former Staff
Feb 2011
22,014
11,590
New York
#4
Too many people are supporting tax cuts even if they do not necessarily benefit from them. It’s a unctuous way to muster support for the GOP. It’s like they just want to hear the word “tax cut” regardless of repercussions.

“Deficits don’t matter” has become the rule vs the exception. Where are the fiscal conservatives and deficit hawks!

Ok, rant over...
 
Last edited:
Jan 2014
15,780
5,966
south
#5
Republicans in the U.S. House of Representatives plan to unveil another round of tax cuts this week, hoping to draw a sharp contrast between themselves and Democrats ahead of the Nov. 6 congressional elections.

Republican lawmakers and strategists say a new tax debate should amplify the party's upbeat economic message, touting a report by the nonpartisan Tax Foundation that forecast the creation of 1.5 million jobs and wage increases if individual tax cuts in last year's tax reform bill were made permanent. But experts say House Republican leaders could have trouble mustering the 216 votes needed to pass the measure, given the prospect of widening the federal budget deficit already swollen by a round of tax cuts in December.

Aside from making individual tax cuts permanent, Republicans say the legislation will including savings provisions intended to help small businesses offer 401(k) retirement plans, allow 529 education savings plans to pay for apprenticeships and provide access to retirement savings for costs related to births and adoptions. Republicans say the legislation will also seek to encourage start-up businesses by allowing them to write off more start-up costs and add investors without limiting tax benefits, such as research and development credits.

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

House Republicans to unveil more tax cuts as midterm elections near
see how easy it is to stimulate the economy - just borrow more money to do it. works every time. but, the piper must, inevitably, be paid.
 
Mar 2012
49,546
32,631
New Hampshire
#6
see how easy it is to stimulate the economy - just borrow more money to do it. works every time. but, the piper must, inevitably, be paid.
Very true. The other thing is it continues the rebound cycle that voters fall into. Congress passes tax cuts, the opposition says they are worthless then they vote them out. Taxes get raised and voters get angry and then vote those guys out. Vicious cycle. In the end, the deficit keeps going up. We have been on this roller coaster for decades.
 
Likes: Jets
Mar 2012
49,546
32,631
New Hampshire
#8
Clinton left office with smooth sailing ahead, deficits eliminated and a surplus to pay toward the national debt, Bush destroyed that in his first year....
Voters are fickle. Thats why no party survives very long in DC. They think they want something and then when they get it, they decide they dont want it anymore. We had a colleague we always joked about, she had an Obama sticker in 2008 and then covered it up with a tea party one in 2010. We kept saying Make up your mind!
 
Likes: Jets

Devil505

Former Staff
Jan 2008
66,554
26,314
Florida
#9
Trump will try to bribe the voters with tax break scraps fallen of the plate from the rich.
Don't be fooled.......if the GOP keeps the HOR they will take SS, Medicare and dignity from all middle class voters next year.
 
Likes: Mr. Chipps
Jul 2013
45,844
48,126
Nashville, TN
#10
Trump will try to bribe the voters with tax break scraps fallen of the plate from the rich.
Don't be fooled.......if the GOP keeps the HOR they will take SS, Medicare and dignity from all middle class voters next year.
For years we have had to depend of the few sane Republicans in the House and Senate to block the most egregious of the rights efforts to remake the country into 1890 again.