Republicans Unveil Tax Cuts Round Two On The Same Day Progressives Release Plan For Tax Increases
House Republicans announced they are working on a second iteration of tax cuts on Tuesday, the same day the Congressional Progressive Caucus announced a proposal for raising taxes.
“The tax cuts have been working incredibly well to get this economy moving, to create more jobs, to put more money in the pockets of hardworking families … we’re gonna continue building on that growth,” House Majority Whip Steve Scalise said during a Tuesday press conference.
GOP Texas Rep. Kevin Brady, the House Committee on Ways and Means chairman, went to the White House Monday to discuss a second round of tax cuts, Scalise said during the press conference.
The #TaxCutsandJobsAct has jump-started our economy, created more jobs, and put more money in the pockets of hard-working families. Americans are #BetterOffNow. And there’s still more to come—#TaxCuts 2.0 pic.twitter.com/9bigUUCtxi
— Rep. Steve Scalise (@SteveScalise) July 24, 2018
Brady released a listening session framework for the proposed round of tax cuts, which includes making the original individual and small business tax cuts permanent and new tax write-offs for startups, on Tuesday as well.
“With this framework, we are taking the first step to change the culture in Washington D.C. where tax reform only happens once a generation,” Brady said, according to a Tuesday press release. “We plan to work off this framework to build on the growing successes of the Tax Cuts and Jobs Act and ensure this energized economy continues moving forward.”
The Congressional Progressive Caucus released its “People’s Budget” Tuesday. The budget plan includes closing “wasteful corporate tax loopholes that cost billions of dollars,” “taxes [on] Wall Street to fund Main Street,” and a plan to tax investments at the same rate as income taxes. (RELATED: Taxpayer Groups Coalescing Against Carbon Tax Proposal)
The People’s Budget plan would also raise taxes on the wealthiest Americas — to 45 percent for the bracket $1 million to $10 million, and up to 49 percent for over a billion dollars. “Additional revenue can be raised by curbing new tax benefits under the Republican tax scam and limiting the value of deductions for high-income taxpayers,” the plan says.
“This would just erase all the gains we’ve had from the Trump tax cut, which has been phenomenally successful,” economist Stephen Moore told The Daily Caller News Foundation about the People’s Budget.
“If we start raising [taxes] a lot of … jobs are going to be lost … I don’t see how people are going to benefit from a massive tax increase,” Moore said. “Especially since the highest income tax rate … about half of those people are small business owners. You’re raising taxes on small business.”
“The #PeoplesBudget … creates a tax system that works for all Americans,” Progressive Caucus Co-Chair Democratic Wisconsin Rep. Mark Pocan tweeted Tuesday.
The #PeoplesBudget closes loopholes that companies and CEOs have exploited to evade paying their fair share and creates a tax system that works for all Americans. Click here to learn how the @USProgressives are standing up for working families. https://t.co/X0berl4kP8
— Rep. Mark Pocan (@repmarkpocan) July 24, 2018
“A budget is a moral document that outlines our values, priorities and commitment to our nation’s future. Our #PeoplesBudget lays out that commitment,” Progressive Caucus member and Washington Democratic Rep. Pramila Jayapal tweeted Tuesday.
— Rep. Pramila Jayapal (@RepJayapal) July 24, 2018
Democratic Minority Leader Nancy Pelosi has not weighed in on the People’s Budget.