Posted on 11/11/2017 1:03:56 PM PST by Tolerance Sucks Rocks
Washington, DC – Today, Club for Growth President David McIntosh issued the following statement as the House Ways and Means Committee continues to mark up the “Tax Cuts and Jobs” bill:
“While the corporate tax cut will lead to some increase in our nation’s GDP, the rest of the provisions on individual taxpayers fails the pro-growth test,” Club for Growth President David McIntosh stated.
“Republicans must correct at least four serious shortcomings of the House bill to follow through on campaign promises and to bring our nation closer to a tax reform proposal that is truly pro-growth.
“1: millionaires’ tax rate: House Republicans are engaging in class warfare the likes of which would make Democrats green with envy. Instead of following through with the promise of taking seven brackets and simplifying them to three, Speaker Ryan and Chairman Brady added in a fourth bracket exclusively for millionaires.
“2: 45.6 percent “bubble” phantom tax increase: As The Wall Street Journal noted, some individuals and couples could face up to 45.6 percent marginal rate on earnings between $1.2-1.6 million. That’s a real tax increase on successful people who invest and create jobs.
“3: pass throughs: Once again, Republicans fail the truth in advertising test here. At first glance, the House GOP bill looks as if it introduces a degree of tax parity for small and family-owned businesses by taxing them at 25 percent. But then there’s a catch, only the first 30 percent of their income will be taxed at the 25 percent rate, the remaining 70 percent is taxed as much as 45.6 percent. The blended, real effective marginal rate is at least 35% and can even be higher. That means no tax cut at all for most small business and family-owned companies.
“4: death tax: Instead of taking this golden opportunity to rid Americans from being taxed even after they’ve died – on assets that they already paid taxes on when living – the House Republican plan waits a full six years before repealing it. Our question is, why wait?
“All in all, this bill must be changed if Republicans intend to keep their promise of real pro-growth, job-creating tax cuts.”
GOP Must Correct At Least Four Shortcomings of the House Bill to Bring Our Nation Pro-Growth Tax Reform
And the Senate bill isn’t really any better, but what do you expect with the GOP-e tards in charge of Congress?
I’m thinking the Club for Growth does not see increasing the effective tax rate of millions of middle class families as a weakness that must be corrected.
They obviously do not discern the moral superiority of extending the lowest rate to cover all income subject to FICA and then have only one higher rate for remaining income.
But then there’s a catch, only the first 30 percent of their income will be taxed at the 25 percent rate, the remaining 70 percent is taxed as much as 45.6 percent.
That will reduce jobs because I will shut down my business and lay everyone off versus working for the government. FUGOPe
And the joint committee must fix the ingest problem with the senate version.......make that corporate tax rate effective in 2018 NOT 2019
I call BS.
So much misinformation and Democrat propaganda...
I know. I know.
Democrats and special interests are hoping they can fool us conservatives and then use US to STOP President Trump’s tax decrease/job increase bill.
IMHO, most conservatives do not like being treated as “tools”...
Four shortcomings? How about 10 shortcomings? Let's just like a couple:
1) Preserve state, local, and property tax deductions (never happen because they is how they are going to "pay for" giving the huge breaks to corporations like Amazon and Facebook)
2) Get rid of tax increases in the bill for people who adopt, alimoney payments, and medical expenses (all of those are punitive and unfair - quite frankly)
Sorry. I love Trump, but I am not on the GOPe reservation on this one. This isn't a tax decrease bill. It is a tax increase via killing deductions for regular people bill.
It is a TERRIBLE bill. It is a gift to the donors and K Street lobbyists - not the people. This bill is not MAGA. Not even close.
Let it burn.
He is a weasel, isn't he?
0. Assest basis should be adjusted for inflation.
Just add a line to the current form:
Multiply total tax above by 0.9 and send that in.
Eazy Peazy
When is a “decrease” NOT a “decrease”?
When the Senate’s “Byrd Rule” requires that the total tax “reduction” over 10 ( ten!) years NOT exceed $1.5 Trillion.
This rule was passed by tricky Democrats to PREVENT Republicans from ever reducing tax rates.
I think “draining the swamp” means repealing all these nasty little “rules” as soon as we have a Conservative majority in each House of Congress.
IMHO, since we are not there yet, a little forbearance is in order.
That is an excellent point.
They have no intention of passing anything good while Trump in office.
At needs alot more than 4 corrections.
The tax code is now so complicated, convoluted, and likely contradictory it’s almost impossible to tell who will ‘win’ and who will ‘lose’.
One thing we do know is that failing to repeal 0bamacare guarantees the downward trajectory of the middle class. Recall it was designed to do just that.
A healthy middle class means a healthy and vibrant America, something the globalists cannot accept.
Flat 10% tax for ALL income (no deductions), repeal 0bamacare, and curtail, if not stop, these senseless and perpetual wars around the world.
And use the war $$$ to fix the power grid that everyone says is so vulnerable and infrastructure.
Any budget gaps just borrow. Never had a problem borrowing before.
so sick of people making a lot of money somehow are the "producers"...
the workers produce...they make everything roll...
the workers make the millionaires, millionaires...
they can't get a tax bill in for this year...
but they need to cut taxes...
so you're suggestion would be the best one at this time....
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.