House Republicans move to lock in tax cuts

WT:

House Republicans announced legislation Monday to permanently lock in last year’s tax cuts, looking to remind voters of the surging economy — and the Republicans’ role in getting it there — in the weeks before the November elections.

The three bills have been dubbed Tax Reform 2.0. They would make good on President Trump’s repeated calls on Congress to go beyond the $1.5 trillion package he signed last year and give Americans more breaks.

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.

“Under our new system, we’re seeing incredible job growth, bigger paychecks and a tax code that works on behalf of families and American businesses. Now it’s the time to ensure we never let our tax code become so outdated again,” said Rep. Kevin Brady, Texas Republican and chairman of the House Ways and Means Committee, which announced the bills.

Republican leaders say they want to hold a vote in the House by the end of September, giving their members a chance to crow about last year’s tax cuts and to force Democrats to explain their opposition amid a surging economy.

The bills are likely to end up as more of a political statement than a policy accomplishment because it’s doubtful they would survive a Democratic filibuster in the Senate.

The latest package is not protected by a budget, which would have circumvented the filibuster.

The cuts would add at least $650 billion to the deficit over the next decade, according to the Center on Budget and Policy Priorities, a left-leaning think tank.  more here

SNIP: “The cuts would add at least $650 billion to the deficit over the next decade”.
That’s because the government hasn’t cut back on its frivolous spending. They never mention that part.