Hoping to Broaden Support, House Republicans Will Revise Tax Bill This Week

Tracking Taxes

A Broken Political System

When she talks about the Republican Party being "at the mercy of its financial backers and a cabal of leaders who. maintain power for themselves and those who are like-minded", she could just as easily be talking about the Democratic Party.

The measure is enthusiastically backed by Trump, House GOP leaders and many rank-and-file Republicans, who are promising a simpler IRS code, a more globally competitive business tax structure, and tax cuts for the middle class and families with children. It has a margin of error of plus or minus four percentage points. The current and former CEOs of Equifax will testify, as will Marissa Mayer, the former CEO of Yahoo, which suffered a massive hack of data.

For example, the GOP proposal eliminates the deduction for state and local income taxes, and caps the deduction for state and local property taxes at $10,000.

None of which is to say that the bill is good, per se. And there's the estimated $23 billion to $71 billion that illegal immigrants are enjoying by gaming the welfare system. In their craven appeal to the wealthy, establishment Republicans have failed these people, as the notorious but sometimes perceptive Stephen Bannon, the bane of the corporatists, has pointed out ad nauseam.

Ryan said it was 'one of the things that's being discussed'. But this leads at length to a more formal and permanent despotism.

"Most of our members are going to be fine with this", said Rep. Tom Cole, an Oklahoma Republican.

For more information on the tax cut, please visit the website for the U.S. House Speaker Paul Ryan (R-Wisconsin).

House Republicans are scrambling to modify their tax cut bill with plans to speed it to the floor to meet an ambitious Thanksgiving timetable.

When Obama was President, the Republicans opposed the Affordable Care Act (Obamacare) and they complained about it and asked for changes.

Meanwhile, Rep. Peter King, R-N.Y., told ABC's "This Week" that the tax plan as written would have "a particularly devastating" effect on New York, which has some of the highest local and state taxes in the country.

What is not complicated-and what is certainly not a variable-is that businesses will see their tax rate cut from 35 percent to 20 percent; estate taxes on large inheritances will be drawn down toward elimination; the Alternative Minimum Tax applying only to higher incomes will be eliminated; people with annual incomes between $418,000 and a million dollars will bathe in lush piles of new dollars, and those with annual incomes exceeding $1 million will still pay their 39.6 percent tax rate-on the part exceeding $1 million, after enjoying rate reductions in income categories along the way to that million.

Instead of constantly demonizing Trump, the Democratic Party needs to confront the real threat.

Donald Trump (centre), with Donald Trump Jnr and Oprah Winfrey in 2004: intuitively understood - and successfully exploited - the weaknesses in American journalism.

The $1.5 trillion proposal released last week would slash taxes for most corporations and more affluent Americans. The share of 18- to 29-year-olds goes from 21 percent among all adults to 18 percent among registered voters and 10 percent among those likeliest to vote in 2018.

The federal deficit and debt would grow. Limiting the actual mortgage deduction (and eliminating the deduction for second mortgages) has them furious.Passthrough guardrails: the long-standing question has been how the bill will calculate who does (and doesn't) get access to the new 25% pass through rate (and how much of that rate they get access to).

But Trump's campaign also benefited from another flaw in modern journalism: its slavish devotion to balance.

"Without looking forward to an extremity of this kind (which nevertheless ought not to be entirely out of sight), the common and continual mischiefs of the spirit of party are sufficient to make it the interest and duty of a wise people to discourage and restrain it". The Democrats' confidence rating is almost as poor as the Republicans' in Congress (21 percent trust) and worse than Trump's (34 percent). Unless you're an insider who feeds off the system, why would you pledge your loyalty to these people?

The Senate is poised to release its own version of a tax overhaul in the coming days, possibly as early as this week.

Then you have the scandals. But expect to hear a lot about this one before it's all said and done.

Nothing's going to change until you make it change. It is not an empirically established effect. Being a loyal member of either of these parties only reinforces a failing system.

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