Posted on 10/20/2017 9:00:15 AM PDT by SeekAndFind
Senate Republicans approved a $4 trillion budget measure Thursday, taking a crucial step toward their goal of passing a tax plan this year.
The chamber approved the budget resolution by a 51-49 vote. Sen. Rand Paul, R-Ky., was the only GOP senator to vote against it.
Senators will now have to reconcile their budget resolution with a separate one passed by the House. The other chamber could simply choose to pass the Senate budget blueprint.
Passing a budget unlocks reconciliation, which enables the GOP to pass a tax bill with a simple 51-vote majority in the Senate. Using the tool removes the need for winning Democratic support, which would likely sink a GOP tax measure.
Republicans have described overhauling the American tax system as crucial to achieving campaign promises and avoiding an electoral setback next year. Disagreements within the party already derailed one key campaign plank, repealing the Affordable Care Act.
President Donald Trump, Senate Majority Leader Mitch McConnell, R-Ky., and House Speaker Paul Ryan, R-Wis., contend tax cuts will unlock economic growth.
Lawmakers have differences to hash out before they can approve a joint budget and move toward passing a tax bill. If lawmakers choose to go to a conference committee, it could take Congress until late October or early November to clear a budget.
Among the variations, the Senate version would allow for tax cuts to add $1.5 trillion to the deficit over a decade. In contrast, the House called for a revenue-neutral proposal.
(Excerpt) Read more at cnbc.com ...
Good questions.
1. If you eliminate a deduction, and hence have to pay much more in Federal taxes, that is a "tax increase" - any way you slice it. There is no defense on arguing this, unless you are completely without reason.
2. I never said they were Trump's tax increases, but I said he never campaigned on raising my taxes. Agree on both of those statements?
3. I am with Trump 100%. I love the man, truth be told. And I know he is trying to lessen the blow with this state and local tax deduction, but the latest I have heard is that is he ready to be rolled by Paul Ryan and Mitch McConnell because he is so desperate for a Congressional victory.
What else would you like to know? I am not being flippant, I really want to answer your questions. Thanks.
Except these are not "tax cuts" on millions of middle class Americans who will have to pay more taxes in order to "pay for" the cuts for corporations, who are making out like bandits in this deal.
I am not making this up: corporations are getting a HUGE tax break, and middle class Americans are going have to "pay for" that. Over 44,000,000 Americans claim the state and local tax deduction.
If this passes, the GOP and millions of us can say "good bye."
Do you realize this?
Say good bye to what?
Fun to play these games. Isn't it?
“And I know he is trying to lessen the blow with this state and local tax deduction, but the latest I have heard is that is he ready to be rolled by Paul Ryan and Mitch McConnell because he is so desperate for a Congressional victory.”
Yeah, that’s what I’m worried about too.
My secret fantasy is that the usual suspects do screw up this budget, but Trump counters with a flat 10% (including Social Security) and all deductions eliminated. True, folks in high-tax states would have to pay local taxes on top of that, but that’s incentive to vote the Dems out.
The worst outcome would be the usual suspects screw up without Trump having a cunning plan to have the voters punish the ones actually responsible.
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