House GOP unveils plans to make tax cuts stick
nent, help- and even more to the bank ing people accounts of the wealthi- save more est 1 percent,” said House Eight weeks before the for retireM inority Leader Nancy November mid-term elecment, and Pelosi, D-Calif. tions, Republicans in the spurring Some ou t side groups House have rolled out plans new eco- were also critical of the to permanently write a nomic details. series of individual tax cuts innovation. “Once again, lawmakers into law, trying to change a “This are attempting to force tax sweeping tax cut approved legislation is our com- cuts that primarily benefit in 2017 which allowed those mitment to the American the wealthy on an unwilltax cuts for individuals to worker to ensure our tax ing public,” said Alan Essig, expire in eight years, as GOP code remains the most com- executive director of the leaders labeled the effort, petitive in the world,” Brady Institute on Taxation and ‘Tax Reform 2.0.’ added in a statement. Economic Policy.
“We are providing cerNo cost estimates were With only 15 scheduled tainty,” argued Rep. Kevin released with the package legislative work days in the Brady, R-Texas, who helped of three bills, which were House before the elections, shepherd the GOP tax cut immediately denounced there is no chance any of plan through the House in by Democrats. these GOP pla n s could 2017, as he unveiled three “With version 2.0 of the become law in 2018 – but different Republican meaGOP tax scam for the rich, it could offer Republican sures dealing with making Republicans want to add leaders the chance to high- the 2017 tax cuts perma- even more to the deficit, light the issue before the mid-terms, by holding a vote on it in the House, and trying to put the squeeze on some Democrats in the elections.
“We’re not resting on our laurels,” said Rep. Steve Scalise, R-La. “We’re going to build on this economic success.”
Here’s what he GOP bills would do:
■ The first bill makes the individual income tax rates permanent, rather than have them expire in 2025, which is current law.
■ Other provisions on increased standard deductions, rates for pass-through income, child tax credit, limits on state and local tax deductions, and more are also made permanent.
■ The second bill deals with expanding retirement savings accounts.
■ The plan would also expand section 529 college savings plans, and allow pen- alty-free withdrawals from retirement accounts in order to help pay for the birth or adoption of a child.
■ The third bill is a short 15-page plan which deals with an effort simply and expands tax deductions for new start-up companies.
“It’s time to build on the undeniable success of the Tax Cuts And Jobs Act,” said Rep. Mike Kelly, R-Penn.
How Republicans do in the November elections will go a long way toward determining whether any of these plans have any chance of being approved in the Congress.