WASHINGTON (AP) — Senate Republicans have unveiled a budget plan that’s the first step to overhaul the nation’s tax system. An overhaul is the top legislative priority for President Donald Trump and the GOP.
House and Senate passage of the budget blueprint would allow Republicans to pass follow-on tax legislation later this year.
The ambitious tax plan would lower rates for businesses and tax plans, and Trump is promising Americans it will be the biggest tax cut ever.
The Senate Budget Committee release on Friday comes in advance of a committee vote next week. In the House, a companion measure is headed for a floor vote next week as well.
The new budget plan permits the upcoming tax measure to add $1.5 trillion over the coming decade to the $20 trillion national debt.
Leave it to Republicans to blow a huge hole in the deficit—and not care.
It’s a huge tax cut for some people, but if you’re middle class or upper-middle class you could end up paying hundreds more in taxes AKA Paul Ryan can’t do math.
Lawrence O’Donnel pointed out last night that the lowest earners will actually have their taxes raised from 10% to 12%.
This ought to be very popular with the hoi polloi. They will no doubt be forever *indebted to Congress for doing the right thing and cutting taxes 4.2% for the most deserving (millionaires and billionaires). Oh, how they suffer so.
*pun intended
Cohn at Press conference: “Guys like myself should not be allowed to move our assets…and lower our tax rate from 35 to 25”,
“unless they can afford to pay accountants and lawyers like mine”, he continued.
</snark>
Jim Stewart, Pulitzer business journo, was on this morning excoriating the tax scam. I just found out that they are proposing eliminating the personal exemption, which along with the State tax deductibility makes the idea of it helping the Middle Class a total joke. Furthermore it looks like all the guys my wisecrack above talks about can become LLCs and dodge the taxes. Meanwhile a lot of the realtors are dreading what the scam will do to first-time homeowners. Cohn’s answer to this was bullshit.
So if we join the chorus of the un-fooled we can scuttle this POS.
Oh. Does it lower rates for itself?