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Trump's tax plan has been talked about ever since he stepped into office. However many of the proponents of his bill have met stringent resistance from members of the senate against increasing the current deficit. These "deficit hawks" as the article calls them, such as Senator Bob Corker have made their votes based on how much the deficit would increase. In this process of voting there was a customary vote of sending the bill back to the Senate Finance Committee, which was not favored by many republicans. This has led the republicans in favor of the bill to find other revenue streams in order to supplement the increases to the deficit.
Although republicans hope that the bill would pass, many remain uncertain due to this trigger voting. This relates to what we are learning as it shows the difficulty of passing a bill that everybody is satisfied with. It illustrates the back and forth discussions and even the possibility of sending bills back to subcommittees when the bill cannot obtain a majority in the senate.
A potential idea right now is to start at 20% and to increase corporate tax half a percent each year after 6 years. What are your thoughts on this idea and of Trump's tax plan? What are some other factors preventing this bill from being passed? And do you think that the plan may end up helping a majority or does it seem like it will only help a specific group of people?
4 comments:
A current CNN news report reveals that Trump's proposed tax plan will put a disproportionate burden upon graduate students, who receive federal financial aid while attending college. The scholarship money they receive will be counted as taxable income, unfortunately. Trump denies that the new tax plan will disproportionately hurt such graduate students, despite many graduate students staging protests against the new plan. The bill could pass full Senate today. One thing that could stop the passage of the bill is if one of the senate members, potentially one of the Democrats, opens up a filibuster. This could delay a vote on the bill all the way through the weekend. However, with the Senate majority they could still override the filibuster. Time will tell as hours pass today what happens to this interesting bill.
"Corker, who is plans to retire without running for re-election next year" (http://www.cnn.com/2017/11/30/politics/senate-tax-bill-vote-snag/index.html) Hmmmmm...
I'm no an expert in taxation, but I believe in passing the bill to first ascertain its
merits. Republicans won both the presidency and in Congress so they are
justifiably attempting to accomplish their platform's goals and establish their policies. I
understand that Senator Bob Corker's idea for a trigger has been prohibited by the
Senate parliamentarian. However, I believe that trigger, which would revert the
tax cuts if they proved unprofitable, is a good precaution against possible failure.
Also,the
bill may not even pass, as the article has noted that there have been
issues convincing some of the other Republican Senators such as Bob Corker to support the
law. If the bill does indeed get passed, I believe it does benefit a
larger majority, although the tax cuts are expected to shrink to normal around 2027.
Read first letter of each line :^)
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