Chuck Schumer: Donald Trump's tax reform is nothing like Ronald Reagan's

28 October, 2017, 01:13 | Author: Dustin Murphy
  • Ivanka Trump the daughter and assistant to President Donald Trump during a news conference promoting an expanded child tax credit on Capitol Hill in Washington Wednesday Oct. 25 2017

"We've been working on this all year" Ryan said at a Reuters Newsmaker event Wednesday morning, adding House lawmakers spent time on the front end to get on the same page as the Senate and the White House. "They are dedicated to keeping taxes low".

Finally, 1986 tax reform went through an extensive, bipartisan process on the road to passage by a bipartisan majority whereas Trump's tax plan has been crafted by one party, in secret, and will be rushed through Congress with hardly any debate.

Diane Oakley, who leads the National Institute on Retirement Security, says the proposal "sends the wrong signal when what we really need to do is encourage more people to save". Detractors say it amounts to a giveaway to the rich. Trump's tax proposal eschews this model, promising lavish tax cuts to corporations and the top 1% while closing hardly any loopholes or correcting any inefficiencies in the tax code.

In 1991, Trump told Congress that Reagan's 1986 tax reform bill was an "absolute catastrophe".

The resolution passed by a 216-212 vote.


But in today's juiced up political environment, where one or two nasty tweets from Trump is enough to send some screaming for their political life for fear of being primaried by a candidate even more to the political right than they are, or, in the case of Arizona Sen. Republicans are traditionally opposed to letting the deficit grow. Congressional leaders in the meantime tried to make a compromise on the local and state tax deductions. But the tax plan's popularity is not a given with voters, and fissures among Republicans already threaten to slow the measure.

The Republicans are straining to find new revenue sources to pay for anticipated tax cuts exceeding $1 trillion. "If there's not the tax cut that everyone is expecting, then the correction could be a whole lot more serious". Leveraging anger about the end of popular tax breaks is likely the only way Democrats can kill a tax cut they hate-but at least some would like to kill the same popular tax benefits should they return to power in the future. Over the years, companies realized they could save a lot of money by dropping pensions, which guarantee a certain payout in retirement, and shifting to 401 (k) plans, which require workers to shoulder the burden of saving their own money and investing it wisely. The state and local tax deduction (SALT) helps residents lower their overall tax bills. More than 10 members from Pennsylvania, New York and New Jersey, where the tax deduction is larger than other parts of the country, voted against the resolution.

The almost $6 trillion GOP plan calls for steep tax cuts for corporations and promised reductions for middle-income taxpayers, a doubling of the standard deduction used by most Americans, shrinking the number of tax brackets from seven to three or four, and the repeal of inheritance taxes on multimillion-dollar estates.

The budget plan calls for $5 trillion in spending cuts over the decade, including cuts to Medicare, Medicaid and the Obama-era health care law, though Republicans have no plans to actually impose those cuts with follow-up legislation.

Yet there are signs that the Trump administration has little room for error as it gets ready to introduce its tax legislation next week.

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