The Briefing Room
General Category => Politics/Government => Topic started by: mystery-ak on September 14, 2018, 02:12:22 pm
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House Republicans advance second round of tax cuts
by Joseph Lawler
| September 13, 2018 04:46 PM
Republicans advanced a second round of tax cuts to the House floor Thursday, setting up a major messaging vote for the chamber before the midterm elections.
The House Ways and Means Committee voted along party lines to advance legislation, dubbed “Tax Reform 2.0†by Republicans, that would make permanent the tax cuts for individuals included in the tax overhaul signed by President Trump in December.
“Tax Reform 2.0 is our commitment to American workers that our code will remain the most competitive in the world,†said Rep. Kevin Brady, R-Texas, the committee’s chairman. “Never again will America fall so far behind.â€
The centerpiece of the legislation would get rid of the individuals' tax cuts 2025 end date that Republicans wrote into the law for procedural reasons. The bill advanced Thursday would permanently extend the lower individual income tax rates, the child tax credit, the larger standard deduction, and the new tax break for businesses that file through the individual side of the tax code. The cuts would represent around $250 billion annually for the years after 2025.
more
https://www.washingtonexaminer.com/policy/economy/house-republicans-advance-second-round-of-tax-cuts (https://www.washingtonexaminer.com/policy/economy/house-republicans-advance-second-round-of-tax-cuts)
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More two bit tinkering. How’bout abolishing the personal income tax and eliminate the IRS. The Treasury Department could just assess a tax on each state based on population using a budget requirement established by Congress.