Republicans, desperate for a win, already face setbacks as they prepare to unveil tax bill this week

The Washington Post via AP via the Reading Eagle ^ | October 30th, 2017 | Unattributed

[Mariner]

WASHINGTON - The Republican effort to overhaul the tax code suffered a bruising setback over the weekend when a powerful corporate interest group came out against the proposal just days ahead of House leaders' planned release of the legislation to the public.

President Donald Trump and GOP leaders are casting the measure as a once-in-a-generation rewrite of the federal tax code, one they say will stimulate the economy, create millions of jobs and give voters a reason to stick with their party in next year's midterm elections. Rep. Kevin Brady, R-Texas, the chairman of the House Ways and Means Committee, is scheduled to reveal the House version of the bill on Wednesday.

A discouraging clue emerged for House Republicans on Saturday, when the National Association of Home Builders came out against the bill after Brady informed the group's chief executive about key details.

"We will do everything we can to defeat this thing," said Jerry Howard, chief executive officer of the National Association of Home Builders.

For Trump and House Speaker Paul D. Ryan, R-Wis., the stakes couldn't be higher. With the approach of the end of their first year controlling the White House and Congress, and the failure of health-care legislation still fresh, Republicans are desperate to post a win before next year's midterm election cycle begins in earnest. By many of their own accounts, failure to pass tax legislation could lead to an electoral bloodbath, and the end of Ryan's political career, in 2018.

Much of the pressure, and spotlight, will fall on Brady. A bare-pated, unfailingly sunny former Chamber of Commerce executive who is largely unknown outside of Washington after 20 years on Capitol Hill, Brady's challenge is to build consensus while fellow Republican lawmakers, corporate lobbyists and perhaps even Trump himself pick the bill apart.

[Mariner]

Republicans seeking to replace the Mortgage Interest Deduction AND the SALT deductions with a Homeowner Tax Credit.

In addition to reducing the 401k exemption.

A tax hike on anyone over $100k/yr who itemizes today.

Stupid Republicans DESERVE to face electoral annihilation for this farce.

Let's help 'em out.

[HamiltonJay]

This tax “break” for the middle class is just as much WHOOEY as “If you like your doctor, if you like your plan you can keep it and save $2500 a year”...

There is NOTHING that has been made public so far that remotely qualifies as a middle tax cut.

Doubling the standard deduction won’t remotely make up for the itemized deductions they are talking about removing.. and I am not a 1% in the least.

Now I don’t take the press at their word either, but its pretty damned clear from the Republicans out there doing the press tour trying to push this thing, that the press isn’t making it all up.

[billyboy15]

Link to reliable source?

Thanks

[Parley Baer]

The RINO’s are not desperate for a win. They want to sink the Trump agenda.

[Mariner]

“They want to sink the Trump agenda.”

It’s either that or Trump is stupid for playing with these assh)les.

It appears the Trump is the one desperate for a win.

This bill is a political disaster because it’s a tax hike on the Middle Class. And everyone is trying to spin the middle class ever downward to hide that fact.

[Mariner]

Nothing but InfoWars for you...

Did you even bother to read the direct quotes?

Whatever. I’m pretty sure nobody cares if you believe it or not.

[billyboy15]

There is NOTHING that has been made public so far that remotely qualifies as a middle tax cut. ****************†*****≠;************************ So of course that means there will not be one....right? You negative Nellie's slay me. Not even 10 most in office and already the economy is on fire with consumer confidence and financial confidence at 16 and 14 year highs. We also see new unemployment claims at a 43-year low. For the first time in over 8 years we had seen back-to-back GDP quarterly growth at 3% or more. But some people are never happy. Especially never trumper's

[billyboy15]

There is NOTHING that has been made public so far that remotely qualifies as a middle tax cut. ****************†*****≠;************************ So of course that means there will not be one....right? You negative Nellie's slay me. Not even 10 most in office and already the economy is on fire with consumer confidence and financial confidence at 16 and 14 year highs. We also see new unemployment claims at a 43-year low. For the first time in over 8 years we had seen back-to-back GDP quarterly growth at 3% or more. But some people are never happy. Especially never trumper's

[grania]

Assume the money comes back from overseas. So what? There are no guarantees that it will be used for anything except lining the pockets of the best-paid employers and for dividends that will mostly benefit share holders with a lot of stock. There are no strings attached to how the money will be used, just as there wasn't with money handed to banks that were "too big to fail".

Candidate Trump had the correct idea. What's needed is tariffs on merchandise that is imported. Add to that ending invader (legal and illegal) labor being stopped, and then, and only then, will US workers see any benefit and any re-emergence of the middle class.

[billyboy15]

Link me if you can. I have been following this and saw none of what you claim.

Either show me proof or be gone.

[Mariner]

“So of course that means there will not be one....right?”

Correct.

There will be no middle class tax cut under this plan, unless you scrunch down the definition of middle class to top out at $100k. In many cases, depending on the state, as low as $75k.

Nevertrumpers?

You’re showing yourself to be ignorant.

[Mariner]

“I have been following this and saw none of what you claim.”

that’s because you are not smart enough to understand itemization.

[JerseyDvl]

The media are discouraging many in our ranks but hopefully not weakening their resolve to vote. I have simply tuned out all news except for free republic and I am feeling much more optimistic and can’t wait for the midterms which is something I have never said before.

[billyboy15]

Wonderful!! So you have the hard definition of what constitutes a “middle class income”

Give us all the benefit of your brilliance, won’t you?

[joma89]

Desperate for a win? Did the GOP not just win the Presidency, keep the Senate and the House, appoint a Supreme Court judge and win over 1000 state legislators in the last 8 years?

Yeah, desperate. Typical, liberal tripe.

JoMa

[Mariner]

The given definition of moddle income, by both Republicans and Democrats...to include BHO (piss be upon his name) is as follows:

$50k - $250k

Broken into two categories “Lower middle class and Upper middle class”, with the approximate break point at about $100k.

It’s also nuanced by region. If you live in Tupelo, Mississippi $65k/yr is darn good groceries. You have a really nice house with your own catfish pond and drive a new truck.

If you live in Napa, California $250k is still pretty good, but not darn good. You’re driving a new Honda CRV and live in a nice neighborhood 3 bedroom house.

[Mariner]

“Desperate for a win?”

If they’re not, they’re crazy.

Not a single piece of legislation has passed that any person outside Washington cares about.

[JoSixChip]

There will be no middle class tax cut under this plan,

Translation: mariner lives in california under high local and state taxes due to the overall stupidity of california. So obviously the rest of us in more reasonable states should subsidize californians stupidity. Other wise it is not a real middle class tax cut. If you look at everything in givesmethat terms, you just might be a liberal.

[billyboy15]

But I do itemize.

Married filing jointly the SD is $12,700. I own two homes, one with a mortgage, pay RE taxes on both. I have a pretty substantial portfolio (we are retired)

RE taxes amounted to about $9,400 total and more. Int was about 6500. These were far and away the huge majority of what I could itemize.

Doubling the standard deduction to $25,000 would help most people. Also remember just under 50% of the folks pay ZERO fed tax too begin with. These folks would get to keep more of their check each week because of the lower withholding but would not call it a tax cut in the in the real sense.

[Da Coyote]

The thing that makes me sad is that I have absolutely no expectations that this bill (if it is even passed) will be worth caring about.

The Republicans have lost it. Yes, so have the dimbulbcrats, but who the hell are we going to vote for? I sure as hell am not voting Republican unless we get results. I will most certainly vote for Trump, but the Republicans in my state are lower than even liberals.

Yes, that portends something as vile as Hillary getting in, but perhaps we just have to face the oncoming civil war head on and get to work. And we WILL have one when the dimbulbs get back into power.