WASHINGTON-Republicans in the U.S. House of Representatives plan to unveil another round of tax cuts this week, hoping to draw a sharp contrast between themselves and Democrats ahead of the November 6 congressional elections. This might fly if he was the president of Russian Federation but not here in the U.S.
While some of the president's advisers, Axios' source said, tried "to make the case that control of the House didn't matter", Trump has realized that it could "make all the difference in the world", not only in the context of his impeachment but also in relation to Robert Mueller's probe into Russian election interference.
Americans for Tax Reform President Grover Norquist told FOX Business that the new round of tax cuts will allow middle-class Americans to save more tax-free for their day-to-day expenditures and retirement.
The cuts passed in December are projected to add an estimated $1.5 trillion over a decade to the federal deficit, the difference between Washington's spending and the taxes it collects.
SALT's inclusion in the bill puts Republican lawmakers in high-tax states in a tricky spot: They must decide whether to vote in favor of raising taxes for their constituents or against tax cuts.
In races for the US House of Representatives nationwide, American voters back Democratic candidates over Republicans by 52 to 38 per cent, the poll showed. About half of independents and about a third of Democrats say such behavior is inappropriate. Only nine of the 35 seats that are up for election held by Republicans.
"Regardless of the merits of the House GOP plan, we view it as a political move ahead of the midterm elections that has no chance of passing Congress in the short term", the investment firm Keefe, Bruyette & Woods said in a Monday note to clients. The provisions include the so-called SALT deduction cap, which is unpopular in high-tax states such as NY and New Jersey. He came to the White House in 1976 from the moderate wing of the Democratic Party, and he clashed with party liberals, drawing a spirited primary challenge in 1980 from Massachusetts Sen.
The legislation would permanently lower the tax rates for individuals as well as preserve a larger child tax credit and the approximately $22 million estate tax exemption for couples, which was doubled in the 2017 law.