Republicans move on tax reform

White House chief economic adviser Gary Cohn arrives to speak during the daily press briefing Sept. 28 in Washington

White House chief economic adviser Gary Cohn arrives to speak during the daily press briefing Sept. 28 in Washington

The House budget unlocks the option for the upper chamber to use the reconciliation process to pass a major tax bill.

"While I believe that we must get to work on tax reform, today's budget would result in billions of dollars in unfunded mandates for my district and I could not support it", he said. So it was encouraging to see the House approve its budget resolution Thursday.

And the first step in that forced march came the same day, when the House GOP majority pushed through a budget resolution for calendar 2018 - which has already begun. Republican opinion of House Speaker Paul Ryan is closely divided; opinion of Senate Majority Leader Mitch McConnell is clearly negative. Black said Thursday that she did not expect a bicameral accord until early November.

We know that the University of Chicago has said a middle class family with $50,000 in adjusted gross income - if they're a married couple with one child, they'll likely pay an additional $280 in taxes; a married couple with two children - an additional $888; three children-$1415 in additional taxes.

But Federal Reserve officials questioned the rosy Republican scenario, saying that proposed tax cuts could deliver a short-term growth surge but also bring high inflation, burdensome government debt levels and an eventual return to sub-par economic growth.

In nearly every instance this budget ignores the needs of ordinary Americans and what the American people want, while at the same time it bends over backwards to protect the interests of the wealthiest and most powerful people in this country and the largest campaign contributors. This House Republican budget is removed from the reality in cities and towns across the country.

That's why both the House and Senate resolutions include reconciliation for tax reform, and quickly moving those measures is crucial. Within the last 10 months, we have seen economic growth and consumer confidence steadily climb, and House Republicans are committed to passing tax reform that will lead to continued growth. Not only that, is anyone really surprised that the secret Republican tax reform bill would eliminate the hated Alternative Minimum Tax or "AMT?" The reason they're going after these programs that are adversely going to affect the elderly and the poor in the United States, is because they are pissed off that they were not able to repeal and replace the Affordable Care Act, because they're too incompetent to actually govern, and they don't understand what it's like to actually have to put your mind to something and write a new piece of legislation.

Instead of paying the current top rate of 39.6 percent, owners of these businesses would be taxed at 25 percent under the GOP plan.

"The fact is all that's being talked about right now is rates", Corker said Wednesday.

If you're like most Americans, you're a few years (or more) behind on your retirement savings.

Both the House and Senate GOP budgets are set to balance by 2027, largely by pursuing dramatic cuts to federal entitlement programs, but those are nonbinding proposals that would have to be implemented in future legislation.

Bob Corker said last week that he won't support a tax bill that adds to the deficit, which means that lawmakers may have to modify their cuts or find trillions of dollars in new revenues. And I appreciate that very much.

"Republicans used their Trumpcare bill to stick in tax cuts for the rich while they were officially desiccating Medicaid", Senate Minority Leader Charles Schumer, D-N.Y., told reporters.

The Republican plan would increase the federal deficit by $1.5 trillion over the next decade, which would pave the way for cuts to Social Security, the report said.

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