U.S. House panel backs bill to make Trump tax cuts permanent

GOP lawmakers may oppose tax bill 2.0 to hold onto seats

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House Republicans introduced legislation on September 10 that would lock in individual tax provisions contained in the Tax Cuts and Jobs Act that are set to expire in 2025.

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.

According to Sunday reports, a dozen Republicans in blue states may vote against Tax Reform 2.0.

Prospects for the new tax legislation in the Senate are weak, given the slim Republican majority and concern over the potential for further blowing up the deficit with a new tax cut - without corresponding new revenue sources.

"Passage is not automatic", he added. The decline in unemployment and soaring gross domestic product, along with the tax overhaul Republicans argue is fueling the growth, have been obscured by the president's inflammatory moves on immigration, Vladimir Putin and other fronts, party leaders say.

The session led by Brady was meant to finish shaping the new legislation and point it toward a vote by the House.

Democrats, who opposed last year's bill, have also cast Republican tax cuts as a giveaway to big corporations and the rich that will lead to cuts in Social Security and Medicare, claims that Republicans deny. The Committee for a Responsible Federal Budget estimates that the legislation would cost $4 trillion over the next 20 years, or $5 trillion with interest.

GOP lawmakers may oppose tax bill 2.0 to hold onto seats
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"If this were likely to be enacted in the near term, those numbers would be hard to square", said David Noren, a tax partner with the law firm McDermott, Will & Emery.

A committee-level vote is being planned by the House tax committee Chairman Kevin Brady on Thursday, Sept. 13.

The legislation would make permanent last year's tax breaks for individuals, preventing them from facing a tax increase in eight years, while boosting incentives for retirement savings and giving more lenient tax treatment to startups and small businesses.

Republicans say the legislation will also seek to encourage start-up businesses by allowing them to write off more start-up costs and add investors without limiting tax benefits, such as research and development credits.

"The economy booms, but President Donald Trump's numbers are a bust".

The President's favorability rating - a measure of whether people like him, rather than approve of his job performance - has also taken a hit in this poll, with 61% saying they have unfavorable views of Trump, up from 55% in June.

America First Action, a political committee aligned with Trump, conducted a series of focus groups over the summer and concluded the party had a severe voter-turnout problem, brought on in part by contentment about the economy and a refusal by Republicans to believe that Democrats could actually win the midterm elections. "I opened up our attractive economic engine with Regulation and Tax Cuts".

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