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Mike Lee and Marco Rubio want an expanded child tax care credit above $1,100, Ron Johnson wants more tax breaks for businesses. All this pushes them well beyond the $1.5T threshold.
One thing for sure this is not tax simplification nor is it reform. This is just a bad idea at this time with low interest rates. low unemployment and an expanding economy. It makes absolutely no sense.
Quote:
“We’re literally trying to squeeze about $2 trillion in tax reform into a $1.5 trillion box and that’s been a problem,” Senator Ron Johnson, a Wisconsin Republican, who held out on supporting the initial version of the Senate tax bill until it gave more generous tax breaks to “pass through” businesses.
House and Senate Republicans agreed in principle on Wednesday to the framework of a consensus bill. Late changes included a slightly higher corporate tax rate of 21 percent, rather than the 20 percent in the legislation that passed both chambers, and a lower top individual tax rate of 37 percent for the wealthiest Americans, who currently pay 39.6 percent. But the bill will still scale back some popular tax breaks, including the state and local tax deduction and the deductibility of mortgage interest.
Republicans have already made inroads into cutting medicare and Social Security. If you have children you should be ashamed of yourself for being for this tax plan. They will have no safety net when they get old like you do now. Thank the Republicans for that......
Nobody has to pay for a tax cut, you simply cut spending. It’s pretty basic.
Reagan didn't include spending cuts with his reform, the GOP has not agreed to any significant spending cuts other than Medicare. We all know what happens when you cut taxes without associated cuts in spending, very large deficits.
Reagan didn't include spending cuts with his reform, the GOP has not agreed to any significant spending cuts other than Medicare. We all know what happens when you cut taxes without associated cuts in spending, very large deficits.
Lack of taxes or spending, take your pick. Regardless this will increase the deficit and will require larger spending cuts or tax increases down the road. Taxes are relatively low now, we should could well afford to increase taxes in this environment beu here we go pouring gasoline on the fire.
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