October 25, 2017

Republican tax cut work is progressing nicely thank you.

Setting aside the slow-brewing Clinton-Fusion GPS-Russia scandal, there's actual work going on regarding tax cuts and tax reform.  And while the mainstream media are angling to tell the story as Trump meddling interfering with progress, if you dig, you'll find out that things seem to be progressing.

Firstly, president Trump had a real reason to interfere, as CNBC reports;
The American people were treated today to another example of the congressional Republicans' contortionist act. This time it was over 401(k) plans. But the real story is how much the GOP congressional leaders will twist and turn and basically make themselves into a pretzel all to avoid one thing: Cutting the spending.

First, let's look at the most recent details. A report surfaced late Friday that the Republican tax-reform bill may include a provision that would limit tax-free contributions to 401(k) plans to $2,400 per year. An understandable howl went up over that one, as 401(k)s have become a major staple of retirement savings for millions of Americans, a key benefit employers offer via matching contributions, and a big money maker for Wall Street firms.
In another report, CNBC points out that the tax bill is expected to be delivered next week.
House Republicans aim to introduce their tax bill on Nov. 1, a Capitol Hill source tells CNBC.

The plan's release will follow an expected House vote on the Senate-approved budget plan on Thursday. The Senate resolution unlocks a tool that would allow the tax bill to pass with only a simple majority of Republican votes in the Senate.

The GOP wants to approve a plan by the end of the year to dramatically lower individual and corporate tax rates, double the standard deduction and scrap certain taxes that largely affect wealthier Americans.
Doesn't seem the media are really drilling down but just looking for reasons to continue to go after president Trump, spurious though those reasons might be.

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