Avatar image for mattbbpl
#1 Posted by mattbbpl (16170 posts) -

Round 2:

“We’re actually going for a phase two, which will help in addition to the middle class, will help companies, and it’s going to be something I think very special,” Trump said at an event in Missouri on Wednesday. The same day, House Ways and Means Committee Chairman Kevin Brady (R-Texas) said he plans to release new proposals “this year.”

It’s unclear what the exact contents or timing of another tax package would be, but lawmakers and administration officials have signaled that it would likely include a permanent extension of the new tax law’s cuts for individuals.

“The tax cuts for families and small businesses were long term, but they weren't permanent. We think that's important for growth and certainty." He also said he wants to make tax changes that encourage people to save for retirement.

The tax law Trump signed in December permanently lowered the corporate tax rate from 35 percent to 21 percent. But most of the changes the law made to the individual tax code, including rate cuts, expire after 2025.

Besides making the individual tax cuts permanent, conservatives also said they would hope a second tax bill would lower capital gains taxes, which people pay when they sell investments. Republicans have long wanted to lower capital gains taxes, but they were largely left untouched in the new tax law.

Link

Policy merits aside, this could make for an interesting midterm twist which is probably the real goal given their performance in special elections to date.

Avatar image for piisexactly4
#2 Posted by Piisexactly4 (65 posts) -

I'm already very happy with them, they'll get me an extra 2-3k this year, and likely more in the next few years.

Avatar image for sonicare
#3 Posted by sonicare (56265 posts) -

I stand by my early statement that tax cuts with an enormous deficit are incredibly irresponsible.

Avatar image for HoolaHoopMan
#4 Posted by HoolaHoopMan (10004 posts) -

I didn't think they would be able to pass it with a simply majority. Isn't it impossible given that the previous bill was put through during reconciliation?

Avatar image for piisexactly4
#5 Posted by Piisexactly4 (65 posts) -

@sonicare said:

I stand by my early statement that tax cuts with an enormous deficit are incredibly irresponsible.

I'd like them to start cutting programs to make up for the difference.

Avatar image for sonicare
#6 Posted by sonicare (56265 posts) -

@piisexactly4 said:
@sonicare said:

I stand by my early statement that tax cuts with an enormous deficit are incredibly irresponsible.

I'd like them to start cutting programs to make up for the difference.

I've never been for crazy spending, but they'd have to cut back too many essentials to make up for the huge revenue losses.

Avatar image for lamprey263
#7 Edited by lamprey263 (35728 posts) -

I'm sure Republicans would love to pass a disastrous tax policy they can years down the line blame on Donald Trump, but yeah, they really want the reverse Robin Hood they've spent decades fighting for, shit on the poor to give to the rich.

Avatar image for mattbbpl
#8 Posted by mattbbpl (16170 posts) -

@HoolaHoopMan: They get one of those a year. It will still be hard for them to do so because it requires passing a budget which they were trying to avoid before the midterm.

Avatar image for joebones5000
#9 Posted by joebones5000 (1889 posts) -

Another republican recession incoming!

Avatar image for comp_atkins
#10 Edited by comp_atkins (35342 posts) -

@sonicare said:

I stand by my early statement that tax cuts with an enormous deficit are incredibly irresponsible.

only when the other party does it.

current cut netted me like $150 a month more. but i'm not sure how the SALT limits will **** me or not next year. so the increase is meaningless for now

Avatar image for vl4d_l3nin
#11 Posted by vl4d_l3nin (1503 posts) -

@piisexactly4 said:
@sonicare said:

I stand by my early statement that tax cuts with an enormous deficit are incredibly irresponsible.

I'd like them to start cutting programs to make up for the difference.

I doubt it's going to happen. Republicans never push for it when they're in power and neither will Trump. He's requested $1.19 trillion for discretionary spending. They're gonna be spending like it's 2009.

Avatar image for sonicare
#12 Edited by sonicare (56265 posts) -

@comp_atkins said:
@sonicare said:

I stand by my early statement that tax cuts with an enormous deficit are incredibly irresponsible.

only when the other party does it.

current cut netted me like $150 a month more. but i'm not sure how the SALT limits will **** me or not next year. so the increase is meaningless for now

SALT limit is really only going to hit the high income earners. They have some deduction or exemption that will cover most people so unless you make above a significant amount, it shouldnt affect you too much.

Avatar image for comp_atkins
#13 Posted by comp_atkins (35342 posts) -

@sonicare said:
@comp_atkins said:
@sonicare said:

I stand by my early statement that tax cuts with an enormous deficit are incredibly irresponsible.

only when the other party does it.

current cut netted me like $150 a month more. but i'm not sure how the SALT limits will **** me or not next year. so the increase is meaningless for now

SALT limit is really only going to hit the high income earners. They have some deduction or exemption that will cover most people so unless you make above a significant amount, it shouldnt affect you too much.

i had over 10K in SALT deductions last year, but yeah, if it's made up elsewhere, i should be ok

Avatar image for davillain-
#14 Posted by DaVillain- (32886 posts) -

I'm all in for Tax cuts and everything is fair game to them.