teknolojiarsivi.com July 16, 2018

Corporate tax reform negotiators aim above Trump's 15 percent pledge

20 July 2017, 12:53 | Floyd Cook

As Health Care Reform Crumbles, House GOP Turns to the Budget and Taxes

A New GOP Battle Begins as Republicans Look to Pass a Budget

On Tuesday, they took the first step with a budget proposal that calls for reducing tax rates for businesses and individuals.

Budget reconciliation was also the approach used to move a health care bill through the House-though it is now dead in the Senate.The House Budget Committee can give so-called reconciliation instructions to committees, but it can't dictate how the panels meet their numerical targets.

Under the budget, the committees would have until October 6 to send legislative text on its spending cuts to the Budget Committee.

The plan released Tuesday as part of the House Budget Committee's 2018 budget resolution blueprint calls for consolidating tax brackets and cutting rates, repealing the alternative minimum tax and switching the United States from a worldwide tax system to a territorial tax system, which would tax only the domestic income of corporations. "I'd like to", he said. "We can not not do our work dependent on what the other body is doing".

Unlike Mr. Trump's budget, the House spending plan imposes cuts to the safety-net programs that the president promised as a candidate not to touch. Republicans are planning a large tax cut and serious budget reductions, and all without the help of Democrats. "But you know, I'm always a proponent of ... have a Plan A but always have a Plan B. Hope for the best, prepare for the worst".

Speaker Paul Ryan, R-Wisc., has supported the inclusion of a new border-adjustment tax in the GOP reform package.

"In past years, our proposals had little chance of becoming a reality because we faced a Democratic White House", Tennessee Rep. Diane Black, chairs of the House Budget Committee, said in a statement. Members of the more moderate Tuesday Group, as the Hill reported Tuesday, oppose big mandatory spending cuts, while members of the conservative Freedom Caucus would more likely be in favor of drastic cuts.

For those wondering if North Carolina's congressional delegation has GOP members in some of these committees, the answer is yes: House Ways and Means (George Holding, 2 District); Education and Workforce (Virginia Foxx, 5 District); Energy and Commerce (Richard Hudson, 8 District); Agriculture (David Rouzer, 7 District).

As it stands now, the budget plan Rep.

"Americans don't want more tax breaks and loopholes for Wall Street while the rest of us foot the bill", said Clemente.

"I'm not sure a lot of the body completely appreciates, I didn't either until I was on the committee, the complexities that go into tax reform", he told Bloomberg BNA.

The GOP budget slashes a lot from welfare, federal employee benefits and even Medicare. The effort to write a budget has been stalled for months as defense hawks, deficit watchdogs and appropriators have sparred over where to set spending levels, and while there appears to be a working accord on the House Budget Committee, it remains unclear whether the blueprint can survive a floor vote.

The Ways and Means Committee, which is drafting the tax bill, would be instructed to find $52 billion in deficit savings over the coming decade. "You might have to do tax reform outside of reconciliation".

The budget may claim to balance in 10 years with a $9 billion surplus.

The budget projects $46.333 trillion in spending over the 2018-2027 period and revenue of $41.953 trillion. For the past eight years, the budget has only been a vision.

The proposal assumes that the Senate GOP health bill will become law, resulting in what the Congressional Budget Office estimates would be $834 billion in Medicaid cuts over the next decade.

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