|HOUSE MEETS AT:||FIRST VOTE PREDICTED:||LAST VOTE PREDICTED:|
|9:00 a.m.: Legislative Business
Five “One Minutes”
|11:00 – 11:30 a.m.||11:30 a.m. – 12:00 p.m.|
|Complete Consideration of H.R. 6760 – Protecting Family and Small Business Tax Cuts Act of 2018 (Rep. Davis (IL) – Ways and Means) (One hour of debate). H.R. 6760, House Republicans’ “Tax Scam 2.0,” would make permanent the major individual and pass through business provisions from the 2017 Republican Tax Scam, which overwhelmingly benefit wealthy Americans and leave the middle class behind while jeopardizing Medicare and Social Security. In order to skirt Senate budget rules and ensure a partisan path to passage, these tax cuts were written with an expiration date at the end of 2025.
H.R. 6760 makes permanent several of the expiring provisions of the individual tax code included in the 2017 Tax Scam, such as the lower top tax rate for the wealthy, lower taxes on so-called “pass through” income that will primarily benefit wealthy Americans, the doubled estate tax exemption to $22 million per couple, the cap on the deduction for state and local taxes (SALT), the cap on mortgage interest deduction, and several middle class tax deductions.
Less than one year after Republicans exploded the deficit by $1.8 trillion in order to give tax cuts to the wealthiest Americans, they continue down the path of fiscal irresponsibility, leaving future generations to carry the load. The Joint Committee on Taxation (JCT) and Congressional Budget Office (CBO) estimate Tax Scam 2.0 will add $631 billion to the debt over the next ten years. However, the vast majority of this bill does not take effect until 2026 – at which point it will add over $3 trillion to the debt in its first ten years of implementation, according to the nonpartisan Tax Policy Center (TPC).
Just like the 2017 Republican Tax Scam, the benefits of Tax Scam 2.0 are also skewed toward the wealthy and large corporations. The JCT reports that 58% of the tax benefit from making the Tax Scam’s pass through business deduction permanent will go to the wealthiest 1.7% of Americans. All told, TPC estimates Tax Scam 2.0 will give the top 0.1% of Americans with average incomes over $4 million per year an average tax cut of $105,000 in its first year alone. That $105,000 tax cut exclusively for the 120,000 wealthiest Americans would be larger than the entire annual income for more than 120 million individual American households – before taxes – in that same year.
A recent survey commissioned by the Republican National Committee reveals just how unpopular the 2017 GOP Tax Scam is with the American people, leading the RNC to conclude: “we’ve lost the messaging battle on the issue.” By a 2-to-1 margin, respondents said the tax plan benefits “large corporations and rich Americans” over “middle class families.” The study also shows that “most voters believe that the GOP wants to cut back on [Social Security and Medicare] in order to provide tax breaks for corporations and the wealthy.”
While Democrats are For the People – focusing on legislation to lower health care costs and prescription drug costs, raise wages, and clean up Republicans’ culture of corruption – Republicans are once again jamming partisan legislation through the House that benefits the wealthy, leaves the middle-class behind, and puts Medicare and Social Security at risk. Members are urged to VOTE NO.
The Rule, which was adopted yesterday, provides for one hour of debate equally divided and controlled by the Chair and Ranking Member of the Committee on Ways and Means.
Bill Text for H.R. 6760:
Suspension (1 bill)
|THE DAILY QUOTE|
|“In a vote timed for the November midterm elections, GOP leaders plan to push to passage the centerpiece of their effort to build off of last year's tax code overhaul… As they did last year, GOP members from high-tax states such as New York and New Jersey oppose a $10,000 cap placed on state and local tax deductions for calculating federal income tax. The new bill would make that cap permanent… The bill up for a vote Friday would cost $630.9 billion over 10 years, by conventional scoring… [I]n the long term, the [Joint Committee on Taxation] said, the tax cuts could become a drag on the economy as debt increases.”
- CQ, 9/28/2018