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Rep. John Katko among 18 House Republicans to break ranks on budget

06 October 2017

Republicans in Congress are in a hard spot.

"We are focused on delivering tax relief for all Americans across the country, regardless of what state they live in", Brady told reporters on Monday.

Republicans have moved on from their failed health-care attempts with high hopes that they'll be able to make their mark on taxes - the second major priority that House and Senate leaders have set their sights on. But those numbers aren't distributed evenly.

With some legislative skill, the first risk should be surmountable. As Orange County taxpayers, we should be afraid of both risks.

The tax reform framework unveiled by President Donald Trump and Republican leaders in Congress last week would eliminate all federal tax deductions except for the mortgage interest and charitable deductions. As of the time of this writing, the answer is yes. While several tax breaks would remain in place under the plan, the framework clearly states that many deductions are at risk of being eliminated.

The motivating force behind the budget measures is the Republicans' party-defining drive to cut corporate and individual tax rates and rid the tax code of loopholes.

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Fissures within the GOP have already emerged over fears that planned cuts to tax rates could add trillions to the deficit, as well as a proposal to end the deductibility of state and local taxes - a provision that could leave taxpayers in high-tax states with higher federal tax liabilities. And the politics make no sense, too.

So will Trump and his people back off and change their mind on SALT (state and local tax deductions)?

"It's a concern for every state - some more pronounced than other states", he said of the state and local tax deduction.

Tax reform should not be done in a partisan manner.

Lower The Crushing Business Tax Rates: We will cut tax rates for American business and make American business competitive again.

House Republicans say they can easily see GOP Sens. A face plant on tax reform would be an enormous political debacle.

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The Republican plan would increase the federal deficit by $1.5 trillion over the next decade, which would pave the way for cuts to Social Security, the report said. However, home-owning middle-class families in California could get hammered. "It takes a lot of nerve to propose tax incentives for offshoring and then try to fool people into thinking you're doing the exact opposite".

The criticism from the Fed was only the latest to hit the Republican plan. Consider K-1 "pass-through" income.

"That's not a very targeted way to benefit most small businesses", said John Arensmeyer, CEO of Small Business Majority. As a result of the change, he says, NY taxpayers, on average, will have to pay $5,300 more in federal taxes.

In 2015, Americans deducted more than $200 billion in other taxes paid.

"I believe we could do better working together, Republicans and Democrats, and have not yet really tried", McCain said in a statement on September 22.

One, the myth that this is somehow not going to benefit the wealthiest in this country - in reality this could be the Trump family tax plan in how it actually operates. However, more than one in four Republicans think the President's taxes will decrease under his plan, only a few points lower than believe the amount they pay in taxes will decline. This week, they are as likely to have an unfavorable opinion as a favorable one about their own party's legislators in general. And the claim that income tax cuts themselves boost growth was tested by President Reagan's famous 1981 tax cut, which lowered top marginal rates by a far greater degree than the GOP is planning now.

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Rep. John Katko among 18 House Republicans to break ranks on budget