He would pay for it by repealing the corporate deduction for state and local taxes. Michigan Gov. Rick Snyder (R) said through a spokesman that he makes a practice of not signing on to multi-governor letters like this one. The Senate version remains at $1 million. They know that now they have just barely enough of a Senate majority to pull that off. They avoided the risk of achieving fewer cuts if they proceeded more carefully.
Dozens of impartial experts laugh at the fanciful Republican predictions about the "benefits" of the tax bill, citing historical evidence, and the existing economic growth, enabled by low inflation and low interest rates. Kentucky happens to be the home state of Senate Majority Leader Mitch McConnell, who shepherded the bill through Congress. Wisconsin, Pennsylvania, Michigan and Ohio all rank in the top 10 states with the highest property taxes. For years, privatizing Social Security and Medicare, the great liberal creations of the New Deal and the Great Society, and radically downsizing Medicaid, another Great Society innovation, have been their primary goals.
In the event that you're hoping Ryan is alone in his crusade to crush health care and welfare programs, ThinkProgress points to fellow Republicans who are also talking openly about the next steps.
CNN found that only six of the 107 Congressional Districts in critical swing states - Ohio, Michigan, Wisconsin, Pennsylvania, North Carolina, Florida and Virginia - pay above the national average in state and local income or sales taxes per return.
What the legislation's drafters anticipate, indeed proclaim, is that Congress will not allow to happen what the legislation says, with a wink, will happen. Both reduce corporate income tax rates, repeal various specific deductions and exemptions, increase the standard deduction and encourage capital investment.
An aide to Brownback attributed the absence of his signature to a focus on preparing for a Trump administration position.
This is how we arrived at a situation on the national level where an old pedophile who sent a graduation card to a high school girl he now claims he never knew, who signed the high school yearbook of a girl he now claims he never knew, who was banned from a Gadsden, Alabama, shopping mall because he trolled the parking lot for high school girls, who invokes God and the American Way in the face of women who claim he assaulted them as children, is somehow preferable to a Democrat for the U.S. Senate for one reason and one reason only: he's a Republican. Republicans are already on the record promising to make those cuts permanent in future years.
Unprofitable polluting robots - quite a legacy for the disastrous GOP tax plan.
"To be clear, this is not a tax reform bill", he said. That change would amount to a tax hike that would help pay for cutting corporate taxes permanently.
Without the deduction, Collins said, it would be "very problematic for me" to vote for the bill. This is belied by experience-witness the rise in deficits after the tax cuts of 1981 and the early 2000s (see article).
Los Angeles Times: "The Treasury Department's inspector general has launched an inquiry into whether the department hid an analysis of the Republican tax bill - or even did one at all". This tax "reform" bill received even less scrutiny. And there are those who like big government and frankly oppose the idea of letting people and, most especially, companies keep more of the money they earn. Each version of the new proposed bill raises those totals to $12,000 if you are single and $24,000 if you are married.
Reuters reported last month that the provision had initially covered derivatives transactions, but such trades were later exempted in the bill passed by the Senate.
On top of that, the GOP tax bill will mean our health insurance premiums will go up.
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"New Jersey is a target of the worst effects of this act", said Gordon MacInnes, NJPP's president. If my mother tells me she is baking a cake for me, but most of the cake she gives to someone else, and in a short while, I end up having to pay for that cake for that someone else, something does not smell right.