Posted on 10/30/2017 12:16:50 PM PDT by 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.
(Excerpt) Read more at readingeagle.com ...
I live in NYS. Combined my wife and I make 120-130 K per year before taxes deprnding on how much my wife substitue teaches. My house cost 88 K in 2001. Mortgage has beeen paid off for several years. I was never able to beat the standard deduction with itemization, even in NY. Now they are talking about doubling it, which would net me 6K per year, but I doubt it would happen.
Agree with what you say but the great, GREAT majority of people do not have Napa Valley expenses.
I believe the average wage in America is just over $40,000 annually.middle class married couple at about $100,000 sounds about right.
I think you are probably pretty representative of the middle class in terms of income. The proposed tax plan at least starts to simplify the tax code and the vast majority of middle class tax payers will benefit with lower federal tax obligations. But the truth is, we don’t actually have the tax plan yet. And I don’t believe this congress is capable of passing anything legislatively.
It’s well known that 0bamacare was not only designed to fail, but to destroy the middle class.
Without repeal (so far no repeal), the middle class now needs a significant bone thrown at them with tax reform, or else the downward trajectory will continue.
America as we’ve known it will not survive a crippled middle class.
The mean (average) is about $73k.
Median (50-50) is about $60k.
Again, region matters.
And that includes everyone on welfare and social security and bums on the street.
Whatever it takes to starve the liberal governments of CA and NY. Let the big city liberals pay those HIGH taxes with no help from the hardworking conservatives in flyover country!
My apologies.
Folks at the higher end of middle class...over $100k and itemizing, contributing to the 401k etc. are the ones who will take the hit.
ESPECIALLY, ESPECIALLY if single.
Here we go again.
California subsidizes your state and your retirement payments.
That would be the California Taxpayers.
Dimwit.
“Let the big city liberals pay those HIGH taxes with no help from the hardworking conservatives in flyover country!”
In other words you have less than $60k in total household income and you’re totally OK with raising taxes on those who make more.
I’m just saying screw the big city liberals as much as we can.
Big city liberals wouldn’t be able to pass those high taxes if nobody could deduct them.
Median wage is $45,000
Negative Nelly? I really think you should go search my postings if you think O am a negative Nelly....
I can tell you this, it looks like the republicans just want to fail.. if they truly want to remove SALT, mortgage interest deductions and cap retirement contributions.... because they are non starters, especially when you take into account absolutely zero spending cuts will be part or it.
I know the press spins, but it’s pretty obvious from the dog and pony show by republicans in the press circuit that these are not fake news claims.
We’ll see how it all plays out, but it seems to me R’s are trying to feed Trump a poison pill they know will fail hoping Trump will sign, and be the motivation for voters to kick him out in. 2020.
If Trump signs anything with half the crap they are pushing, he will be committing political suicide.. might as well be Geoge Bush saying read my lips, if this sort of crap becomes law.
How did we build homes before tax credits?
If you think this sort of nonsense isn’t the GOPe hoping to pull a fast on on Trump, I think you are naive. You think folks don’t vote with their pocket books? Pass this nonsense and say hello to Democrats returning to power rapidly.
Trump brought in disenfranchised and new voters to win the White House by fighting for them.. if you think raising their taxes while not cutting 1 penny from spending is going to get them back in the voting booth for you, you are beyond foolish.
Argue what you want to about ideology, that won’t change it. republicans selling this crap as middle class tax cuts is as big a lie as “if you like doctor, if you like your plan, you can keep it”. And republicans will face the exact same backlash the Dems did for it.
I know Trump wants a legislative win, and cutting the corporate taxes rate will create GDP growth, but these things are non starters and Trump would be beyond foolish to sign on to them. If he does, he literally will have his “read my lips” moment
I was using this data...
https://en.wikipedia.org/wiki/Household_income_in_the_United_States
I don’t know which is right.
Since NOTHING has been released except a few throwaway talking points from both sides why not simply wait until Wed ,when details are released.
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