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house panel backs bill to make trump tax cuts permanent

by:Dolight LED Panel     2019-10-02
WASHINGTON (Reuters)-A Republican-
Led panel in USAS.
On Thursday, the House voted to permanently cut personal taxes from President Donald Trump\'s 2017 tax reform, a move widely seen as a partisan strategy to help Republican candidates in November.
Congressional elections.
Member of the tax department-
Method of Writing House committee vote 21-
According to the party\'s line, the measure was sent to the house and a full vote is expected by October 1.
But tax cuts are likely to be passed in the Senate, and they need Democratic support to pass.
Trump signed into law tax reform in last December, the Tax Cuts and Jobs Act, to provide companies with permanent tax breaks, but set individual tax cuts that will expire after 2025.
As part of three-
A package of legislation known as tax reform 2.
Republicans have also approved two other bills.
On the one hand, it will make the tax rules for managing retirement and education savings more flexible, and on the other hand, it will provide greater tax incentives for starting a business. up companies.
Republicans are likely to lose control of Democrats in the house in November.
According to a national poll of kunnipiac University released this week, voters supported Democratic candidates, more than 52% to 38% of Republicans.
Democrats need a net income of at least 23 seats to win a majority in the house.
Republicans insist Trump\'s tax reform will help boost the economy.
But their message has been weakened by concerns about Trump\'s trade tariff policy and the lack of evidence that the tax cuts have promised workers to increase wages.
House Republicans say legislation on tax cuts will increase economic momentum and create 1.
In the long run, 5 million new jobs cite data from the nonpartisan Tax Foundation.
But the legislation also poses a risk to Republican fiscal conservatives.
According to the joint congressional tax commission, by 2019, the individual tax cuts will permanently increase the deficit by $630 billion.
This will make the total cost of tax cuts under Trump more than $2 trillion in government revenue losses.
Democrats have condemned the legislation, saying it will mainly benefit the rich, expand the deficit and lead to cuts in social security and health insurance plans for the elderly.
Committee Republicans have rejected several Democratic amendments that will instruct Congress to obtain Trump\'s tax returns;
Provide tax relief for victims and patients;
Provision of protected benefits for the elderly;
Raise taxes on the highest income;
The cap on federal deductions for state and local taxes was lifted.
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