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Mon Oct 1, 2018, 07:57 AM

Under the Fog of Kavanaugh, House Passes $3.8 Trillion More in Tax Cuts

With attention fixed on the Brett Kavanaugh confirmation hearings, the U.S. House of Representatives passed a new $3.1 trillion tax cut on Friday. The vote was 220 to 191, including three Democrats.

The down-to-the-wire 2017 tax act passed in late December contained a mix of permanent and temporary changes that had to result in a net increased cost that fell within a structural limit of $1.5 trillion that allowed the Senate to approve the bill with a simple majority.

The House’s new bill takes effect starting in 2025, and would add $600 billion to the national debt within the next decade, and then $3.2 trillion in the 10 years after that, according to Howard Gleckman of the Tax Policy Center.

Despite the House vote, it is unlikely the Senate will take up the legislation. The first round of tax cuts landed with a thud, with even a leaked Republican National Committee poll—reported on by Bloomberg News—showing American voters thought it benefited “large corporations and rich Americans” by an overall 2-to-1 margin and the same margin among independent voters.

http://fortune.com/2018/09/28/house-3-8-trillion-tax-cut-passes/

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Reply Under the Fog of Kavanaugh, House Passes $3.8 Trillion More in Tax Cuts (Original post)
Miles Archer Oct 2018 OP
Achilleaze Oct 2018 #1

Response to Miles Archer (Original post)

Mon Oct 1, 2018, 08:27 AM

1. "Yay! More tax cuts for rich republicans! Yay!" - rich republicans

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