February 19, 2018

House passes 2018 budget, taking a crucial step toward tax overhaul

06 October 2017, 06:14 | Christie Tate

Polarization Deepens in American Politics

I-Vt. the ranking member of the Senate Budget Committee is joined at right by Chairman Mike Enzi R-Wyo. as members vote on amendments during the markup of the Senate's fiscal 2018 budget resolution Thursday on Capitol

Katko, a second-term congressman, has long promised that he would not vote for any measure that repeals Obamacare without simultaneously passing a viable replacement.

The House's American Health Care Act would have reduced Medicaid spending by $880 billion and the Senate's Better Care Reconciliation Act would have chopped off about $750 billion over 10 years.

All of these specific disagreements, however, are just expressions of a more fundamental problem: Republicans want to cut tax rates on corporations and individuals, but they don't want to deal with the consequences of doing so.

The Senate Budget Committee is expected to pass a similar bill later in the day, with the resolution due to be brought to the Senate floor in two weeks.

House Republicans passed crucial budget legislation Thursday, setting aside months of intraparty squabbles to set the stage for an ambitious tax-overhaul bill they are planning to pass without Democratic help.

Sen. Bob Corker, R-Tenn., one of his party's budget hawks, warned that while he's supporting deficit-financed tax cuts for now as a way to deal with arcane Senate rules, he won't vote for the subsequent tax legislation if it blows a hole in the deficit.

"The Republican budget takes a shot at once in a generation tax reform", said Rep. Rob Woodall (R-GA), as Republicans noted that Congress has not approved a major tax reform bill since 1986. More oppose the tax plan than support it based on what they know now, though Republicans favor it by seven to one. The White House has said it would not negotiate its proposal to reduce the corporate tax rate to 20% and the top rate on so-called pass-through businesses to 25%.

The Boston Red Sox Clinch the AL East
This will be the Red Sox final chance to get back in this game as the Astros are three outs away from taking home a win in Game 1. Keys for the Red Sox on the series for the offense should be ambush early and don't let the starter settle in.

Matthew Gardner, a senior fellow at ITEP, says that backpedalling on SALT shows that Republicans are not willing to answer the "thorny questions" of how to fund tax reform.

This year, Republicans are using "budget reconciliation" to pass tax reform with a simple majority in the Senate.

"In the meantime, we are working with them, listening very closely to all our lawmakers, Republicans and Democrats alike, who are in high-tax states", he said. "If we simply look at this as being deficit-neutral, you're never going to get the type of tax reform and tax reductions that you need to get to sustain three percent economic growth", Mulvaney told Fox News. "The vision in there, if we were to follow it, really could change the trajectory of this country".

As he travels around the United States, let's hope Trump hears from the majority of Americans who reject the "trickle down" theory that tax cuts grow the economy and create jobs. "The trillions of dollars in tax cuts to corporations and the wealthiest Americans will be paid for on the backs of millions of hard-working Americans".

A spokeswoman for the Finance Committee said, "Chairman Hatch recognizes that every major provision within the tax code has an important constituency and effect".

Democrats blasted the sweeping spending cuts proposed by Republicans - more than $5 trillion over 10 years in the House plan and somewhat less in the Senate GOP measure - as an assault on middle-class families and the poor. The middle class is going to get it.

The Senate Budget Committee is marking up the 2018 budget resolution and, as those hearings continue this week, ranking Democrats say it would slash billions from Medicare and Medicaid. In order to pay for these huge tax breaks for millionaires and billionaires, this Republican budget makes savage cuts to the life and death programs that mean so much to ordinary Americans - above and beyond the disastrous cuts to Medicare and Medicaid.

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