DEMS/GOP/POLITICS/TAXES: “Senate Democrats outlined their conditions for working with the Trump administration and congressional Republicans on tax policy, and their principles didn’t seem to leave much room for common ground.
In a letter dated Tuesday [8-1-17], Democrats argued against tax cuts for the top 1% of households, declared it crucial that Republicans not use the fast-track procedures known as reconciliation and said they wouldn’t back deficit-financed tax cuts…
Each of the Democrats’ conditions will be hard for Republicans to meet in the tax bill they hope to turn into law by the end of the year, unless they alter the direction the party has been heading in or more Democrats prove willing to bend.
Republicans plan to use reconciliation, which will allow them to pass a bill without Democratic votes, though they have said they are open to working with Democrats. The GOP proposal includes rate cuts for businesses and individuals that will almost certainly lower taxes for many high-income households, though Treasury Secretary Steven Mnuchin said Monday that most households paying the top tax rate won’t get a tax cut.
And although Republicans are aiming for a plan that doesn’t increase budget deficits, they haven’t shown yet how their math adds up.”
-Richard Rubin, “Senate Democrats Lay Out Conditions for Working With GOP on Tax Policy,” The Wall Street Journal online, Aug. 1, 2017 07:00am