White House plans to release new tax cut proposal this summer

[Yo_Mama_Been_Loggin]

The White House is aiming to roll out a proposal in the coming months to make permanent the tax cuts for individuals passed in last year's Tax Cuts and Jobs Act.

White House Director of Legislative Affairs Marc Short said on Friday that his team has been working with House Ways and Means Committee Chairman Kevin Brady (R-Texas) and the Senate Finance Committee on the proposal.

He told reporters in a conference call that the White House is hoping to unveil the plan "towards the end of summer."

The signature tax measure passed by Republicans in December slashed the corporate tax rate from 35 percent to 21 percent and cut tax rates for individuals for eight years.

Republicans passed the tax law using a mechanism called budget reconciliation that allowed the bill to pass the Senate with only a simple-majority vote. But bills passed under reconciliation can't increase the deficit outside of the 10-year budget window. As a result, the tax cuts for individuals and pass-through businesses expire after 2025.

Short acknowledged on Friday that the White House had achieved many of its goals on corporate tax reform, but had work to do to cement the individual tax cuts.

He declined to speak about what else might be in the tax package besides extending the individual tax cuts, saying that he didn't want to "get ahead of our team from [the National Economic Council] and Treasury."

http://thehill.com/homenews/administration/389374-white-house-plans-to-roll-out-additional-tax-proposal-toward-end-of

Desperate attempt to get something for the mid terms.

[kimbutgar]

1. If ones household budget is run like today's rethug budget

They would be in major debt. Where is the revenue coming from to even pay for twitlers weekend golf trips and the military?

[C_U_L8R]

2. Haven't he already ballooned the deficit to astronomical levels???

Trump has proven particularly good at bankrupting things.
Unfortunately, it's us.

[D_Master81]

3. Trump doesnt care about the future deficits

He cares about power and Trump nothing more. He thinks this will be something to run on that will keep the GOP in power. They couldn't make the tax cuts permanent since it would've required 60 votes to pass that bill so only do it for 7 to make the numbers work, then come back 6 months later and demand to make the permanent. Sounds about like standard GOP operating procedure.

[Matthew28]

4. He plans to solve it

with getting rid of the safetynet and killing old people.

[workinclasszero]

5. Yup

Killing off SS/Medicaid/Medicare/food assistance etc will pay for their tax cut for billionaires.

And the republicans get the added bonus of watching the poor, the sick, and aged die like dogs in the streets which warms their black Randian hearts!

[BigmanPigman]

6. GOOD! His base is still pissed about

the last tax scam. They are aware of how it benefits the rich and not them. This will not be a sweet deal for them and will add to the anger over the ACA cuts, gas prices going up, lost jobs and tariffs that hurts farmers and other workers.

[yonder]

7. Tax cuts?

That's all they have: tax cuts, bankrupting the government and pushing around the less powerful. I'm so sick of hearing about tax cuts.

[NCjack]

8. There was a bankster left behind; so the tax law must be corrected. nt