Permanent tax cuts sought by House GOP as elections loom

As part of a three-pronged legislative package dubbed "Tax Reform 2.0", Republicans also approved two other bills.

Trump is touting the positive impact of tax cuts on jobs and the economy as he campaigns for Republicans ahead of the 2018 midterm elections.

"Anytime we're talking about tax cuts and the growing economy, we're winning", said Matt Gorman, a spokesman for the National Republican Congressional Committee, the party's main campaign support for House Republican candidates.

There are sharp partisan splits on both questions, with about 8-in-10 Republicans calling it inappropriate for a White House official to act against the President, that drops to about half of independents and about a third of Democrats.

"Last year we said goodbye to America's old, broken tax code".

House Republicans bracing for November's midterm elections unveiled a second round of tax cuts on Monday that could add more than $2 trillion to the federal deficit over a decade, aiming to cement the steep cuts they passed last fall despite criticisms of fiscal profligacy and tailoring their policies to help the rich.

The provision would make $10,000 annual cap for SALT a permanent one, according to The Republican Standard.

GOP lawmakers may oppose tax bill 2.0 to hold onto seats

For context, let's look at some history to see where that ranks and what it could mean for the GOP's chances in two months.

The vulnerability of a critical bloc of GOP lawmakers presents an opportunity for Democrats, who are looking to recapture a majority in the House. Vastly more Democrats and independents say it is inappropriate for officials to act against the President than approve of Trump (36% of Democrats say it is appropriate to act against a President but just 5% of Democrats approve of Trump's performance).

If that happens, it would be the first time since 2012 the US economy would have to support such a large deficit, highlighting a basic shift for the Republican Party, which once prided itself on fiscal conservatism. Also, workers would be able to tap their retirement savings accounts without tax penalty to cover expenses from the birth of a child or an adoption.

Rep. Ron Kind, D-Wis., called the session "strictly a political exercise" with an eye to the coming elections. And in those same suburbs, Democrats enjoy a whopping 56-to-34-percent advantage over Republicans on who Americans are more likely to vote for. This has put Republican lawmakers in high-tax states like New York, New Jersey, California, Illinois and Minnesota in a hard position because they would either support a provision that would put their states in a vulnerable place or oppose a bill that is backed by their own party.

Experts claim the rule affects high-tax states like California, New York and New Jersey - all which have highly contested midterm races.

And a dozen high-tax states have taken or are considering measures to get around the cap.

Also until 2026, the tax law ended the $4,050 personal exemption for individuals and capped at $10,000 the amount of property taxes or state or local taxes that consumers can deduct on their federal returns.



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