House Republicans on Monday released plans for a second round of tax cuts, which follow comprehensive tax legislation enacted in December, just two months ahead of the midterms. House Ways and Means Committee Chairman Kevin Brady (R-Texas) on Monday unveiled the package of three bills touted as a sequel to the 2017 GOP tax law.
JUST INTRODUCED: Tax Reform 2.0. Focused on permanence, retirement, and innovation. Learn more ➡️ https://t.co/3SLO4U0A42— Ways and Means (@WaysandMeansGOP) September 10, 2018
"Last year we said goodbye to America’s old, broken tax code," said Brady. "Under our new system, we’re seeing incredible job growth, bigger paychecks, and a tax code that works on behalf of families and American businesses. Now it’s the time to ensure we never let our tax code become so outdated again. We look forward to bringing these bills to the Committee soon.”
The three pieces of legislation proposed by Republicans on the tax-writing House Ways and Means Committee would make permanent lower individual rates, eliminate the maximum age for some contributions to retirement accounts and allow new businesses to write off more start-up costs, among other provisions Reuters reported.
Eager to keep the spotlight away from Trump, the GOP has struggled to keep the political focus on the booming economy ahead of November's election, where forecasters are largely in agreement that Democrats will retake the House if not the Senate.
According to the Hill, some vulnerable Republicans hoping to run on the tax cut and economy have been frustrated that scandals from the White House continue to drown out largely positive economic news.
Others in the GOP raised concern about the new round of tax cuts, which would make permanent a $10,000 cap for deducting state and local taxes, a provision that is unpopular in high-tax states. As a result, blue-state Republicans worry that focusing on the issue ahead of the election will make their reelection bids tougher.
Predictably, democrats blasted the new initiative.
“The first Republican tax law hasn’t helped workers get ahead – wages aren’t keeping up with inflation, costs for health insurance and prescription drugs are rising, and companies are laying people off and shipping jobs overseas," said Ways and Means ranking member Rep. Richard Neal (D-Mass.). "This new tax legislation is more of the same – it disproportionately benefits the wealthiest Americans while growing the nation’s debt even more."
With the GOP set to lose a House majority, the probability of this tax package passing is slim to nil absent a pre-midterm hail mary. For those curious to read what is contained in the proposals, the bills introduced today as part of this Tax Reform 2.0 package can be found below:
H.R. 6760, the Protecting Family and Small Business Tax Cuts Act of 2018, sponsored by Rep. Rodney Davis (R-IL), and cosponsored by Rep. Mark Meadows (R-NC), Rep. Mark Walker (R-NC), House Ways and Means Committee Chairman Kevin Brady (R-TX), and all other Ways and Means Committee Republicans.
H.R. 6757, the Family Savings Act of 2018, sponsored by Rep. Mike Kelly (R-PA), and cosponsored by Rep. Paul Mitchell (R-MI), House Ways and Means Committee Chairman Kevin Brady (R-TX), and all other Ways and Means Committee Republicans.
H.R. 6756, the American Innovation Act of 2018, sponsored by Tax Policy Subcommittee Chairman Vern Buchanan (R-FL), and cosponsored by House Ways and Means Committee Chairman Kevin Brady (R-TX) and all other Ways and Means Committee Republicans.