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Do you think that the Trump Tax plan will help the middle class?

I have no idea

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1. Noel Meyer
     (11/30/2017 8:10:52 PM)
     Message ID #294519

This message is in response to D Robb ( message id #294517 )  Back To All Messages

G.O.P. Scrambles to Find Revenue for Tax Bill With Vote Expected Friday

Mitch McConnell, the Senate majority leader, said the Senate will not vote on its bill tonight but will reconvene at 11 a.m. Friday to begin voting on amendments before a final vote later in the day.

• Republicans are considering raising some taxes down the road to help offset the cost of their tax bill after the Senate parliamentarian rejected the idea of a trigger that would have automatically increased taxes if revenues failed to cover the cost of the cuts.

• Congress’s bipartisan tax referee said that economic growth induced by the tax cut would only offset $407 billion of its $1.5 trillion cost over the next decade. The analysis complicated the Republican argument that the measure will essentially pay for itself.

• Earlier in the day, Senator John McCain of Arizona, who had been undecided about the bill, said he would vote yes, but Senator Susan Collins of Maine said she remains undecided.
Continue reading the main story

• Though Republicans sound optimistic, party leaders still do not have firm commitments from enough senators to ensure the bill will pass.

The Joint Committee on Taxation said Wednesday afternoon that the Senate tax bill would add $1 trillion to federal budget deficits over the next decade, even after accounting for additional economic growth, a major blow to Republicans’ contention that the $1.5 trillion tax cuts in the bill will pay for themselves through growth.

Senator Ron Wyden of Oregon, the top Democrat on the Finance Committee, said the analysis “ends the fantasy about magical growth and claims that tax cuts pay for themselves.”

“What it proves is that this bill offers very little other than a holiday bonanza to multinational corporations and special interests,” he said."
How Many People In Your Income Group Would Get a Tax Cut?

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