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Mike Emanuel reports from Capitol Hill ahead of President Trump's meeting with Republicans.
Many media outlets loudly claim that both the House and Senate versions of tax reform harm the middle class and poor. But is it true?
New - York - Times - Headline - Tuesday
A New York Times headline Tuesday blares that the Senate bill “Increasingly Rewards [the] Wealthy.”
As evidence, the Times cites a government study. “By 2027 … Americans earning $75,000 a year and below would, as a group, see their taxes increase, because individual tax cuts are set to expire at the end of 2025,” the Times reported.
Expiration - Cuts - Times - Mention - Cuts
But that pertains only to what happens after the scheduled expiration of cuts. The Times makes no mention of the cuts the middle class would see under the plan next year, or of the fact that Republicans are counting on the cuts to be extended. The expiration at the end of 2025 is widely seen as a “budget gimmick” to minimize the apparent impact on the deficit and keep the impact under $1.5 trillion over 10 years, easing the way for passage under Senate rules.
Republicans used a similar trick in 2001 and 2003, when they passed the Bush tax cuts with a 2013 expiration date. When 2013 came around, all the individual rate cuts were made permanent by then-President Barack Obama and a divided Congress, except for cuts on people making more than $400,000 a year.
Republicans - Cut - Extensions - Time - Fox
Some Republicans already are calling for cut extensions this time around. In a Fox News op-ed Monday, Sen. Rand Paul, R-Ky., wrote: “Want them to be permanent? Well, one good start is to keep extending them, every single year.”
The Times left it out. So what does happen to middle-class taxes under this bill?
Study - Times - Joint - Committee - Taxation
According to the same study the Times cited, by the Joint Committee on Taxation, all income groups would get big tax cuts....
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