House GOP trying to fast-track tax cut bill for wealthy and corporations
The Republican majority in the U.S. House of Representatives have introduced a bill designed to turn back the Senate Democrats’ victory earlier this week on Bush-era tax cuts by extending tax cuts for the wealthy and making it harder to modify tax law. According to Think Progress, if the new GOP bill is passed, it will create “special protections in the U.S. Senate” against lawmakers’ attempts to modify and reform tax-related legislation.
Earlier this week, Democrats in the Senate scored a major coup in the fight over tax cuts. In a 51-48 vote, lawmakers passed legislation that would extend Bush tax cuts for the middle class, people making $250,000 a year or less, but not preserve tax breaks for the wealthy, which are set to expire at the end of the year. Senators Joe Lieberman (I-CT) and Jim Webb (D-VA) voted with Republicans.
Republicans in the House have responded with legislation that calls for their own version of “tax reform,” a set of regulations that would shift the tax burden down the income ladder while giving millionaires an average of $187,000 in tax cuts in 2014.
The Republican changes would encourage companies to invest overseas, reorganize tax brackets, reduce taxes on corporations and restrict them to a permanent rate of 25 percent or less. Other measures in the bill, which are also included in Wisconsin Rep. Paul Ryan (R)’s proposed budget plan, would increase taxes on families making less than $200,000 a year and repeal tax credits for low-income Americans signed into law by President Obama.
Republicans hope to bring the new bill to a vote this week.