US Senate Tax Bill: Walking a Wire Through The Swamp
WASHINGTON, D.C. – Momentum to pass the Senate’s tax legislation hit a speed bump Thursday as calls for tax hike triggers were deemed against Senate budget rules by the parliamentarian. Now, Senate leadership is scrambling to address the concerns of so called deficit hawks that may hold the future of the tax bill in their hands.
“Senate Republicans were rewriting legislation to overhaul the nation’s tax code Thursday evening in an effort to secure support from lawmakers who balked after a congressional analysis found the bill would add $1 trillion to the deficit over the next decade.
Senate Majority Whip John Cornyn, R-Texas, admitted to reporters that the bill would now have “alternative, frankly, tax increases we don’t want to do” to deal with deficit concerns.
GOP leaders had been optimistic the tax bill would pass quickly earlier in the day after Arizona Sen. John McCain and Alaska Sen. Lisa Murkowski announced their support. Republicans only have two votes to spare in the Senate, where they hold a 52-48 edge.”
So the ‘triggers’ requested by Trump critic and Establishment lame duck Sen. Bob Corker (R-TN) are now being called what they actually are – baked in tax hikes.
Deficit Hawks like Corker never seem to have the same zeal for cutting spending to address budget imbalances than they do for raising taxes on Americans in order to protect their precious government revenues. Adjustments to spending measures over the next 10 years have not even been part of this conversation.
Adding $1 trillion to the deficit over 10 years, or $100 billion a year. This imbalance cannot be addressed with cuts to the billions and billions of pure waste and reforms of the biggest revenue suckers in existence, entitlement programs?
It is sad that letting people keep more of their hard earned money becomes such an imposition for Republicans that claim to be for small government and fairer taxes.
“With the provision dead, Corker said senators would change the bill to roll back some of the tax cuts in future years, regardless of whether tax revenues meet expectations. Flake said the tax increases would take affect after six years, though he didn’t specify which taxes would go up.
The overall legislation would slash the corporate tax rate, offer more modest cuts for families and individuals and eliminate several popular deductions.”
A tax cut with built in tax increases? What?
Corker and Flake might as well be Democrats. It is a good ting they are leaving the chamber, after rightly concluding that primary voters would no longer tolerate their Big Government ways.
Again, instead of managing the spending side of the ledger, these Swamp-dwelling hacks would rather balance the reforms on the backs of individuals by moderating the tax cuts for families and small businesses.
If the Senate plan is able to clear the chamber, Americans will have to endure another round of the Swamp mucking things up to reconcile the legislation with the House before presenting a package to the president.
With any luck, Liberty Leaders like Rep. Mark Meadows (R-NC) will hold members’ feet to the fire to ensure at least some of this tax reform lives up to the promises they have all been making for years.