On heels of debt fight, House GOP rolls out tax-cut package

2023-06-09 18:06:48  • 3 mins

Just days after Washingtons bitter fight over raising the debt limit, House Republicans are calling for billions in new tax cuts.

GOP lawmakers unveiled a plan Friday that would offer a range of benefits to big businesses, small firms as well as millions of average Americans. A cost estimate was not immediately available, but Republicans are sure to take slings over the likely budget impact, coming so soon after the debt battle in which they decried federal red ink.

But the package which would beef up the standard deduction and expand business research writeoffs, among other provisions is being rolled out with an eye toward a year-end tax deal, something Democrats want as well. Many are already demanding an expansion of the child tax credit as the price of any agreement, which could swell the cost.

Lawmakers had hoped to strike a similar business-tax-breaks-for-family-friendly-benefits exchange during last years lame-duck session, though that got surprisingly little traction.

But many are eager to try again and see the end of this year as their last chance to do something big on the tax front during this session of Congress.

Continue read on politico.com

Depending on who you ask, the Republican budget proposal released this week either does or does not include cuts to social safety net programs such as Social...
Logo NasdaqNasdaq
2023-09-22 14:22:08  • 1 min
WASHINGT)The White House is preparing Friday to direct federal agencies to get ready for a shutdown after House Republicans left town for the weekend with no...
2023-09-22 17:03:37  • 1 min
House Speaker Kevin McCarthy again failed Thursday to get Republican support for a defense spending bill as the possibility of a government shutdown on Oct....
RALEIGH, N.C. (AP) The Republican-controlled General Assembly began voting Thursday for a long-delayed North Carolina budget that speeds up individual income...
Logo U.S. News & World ReportU.S. News & World Report
2023-09-21 20:13:25  • 1 min
The House speaker, Kevin McCarthy, suffered his second defeat of the week as his conferencefailed to approve a proceduralmotion regarding government spending...
Logo BenzingaBenzinga
2023-09-22 03:40:02  • 1 min
U.S. lawmakers have less than ten days to come up with a spending bill to fund the U.S. government or risk a shutdown. An extended shutdown could roil the...
Logo NasdaqNasdaq
2023-09-22 15:50:00  • 1 min
By Sam Cabral BBC News, Washington With less than 10 days to go before the US government shuts down, a spending effort by congressional Republicans has...
2023-09-21 22:24:47  • 1 min
By Joshua Nevett BBC Politics A plan for free social care in England will be at the centre of the Liberal Democrats' offer to voters as the party holds its...
2023-09-22 17:55:01  • 1 min
Conservative holdouts are showing signs of movement -- but the mess over funding the government isn't nearly resolved yet.
2023-09-20 22:07:32  • 1 min
Washington and Wall Street economists spent more than a year fretting about a recession that never arrived. Now theyre barely worried about the prospect. As...
2023-09-22 09:06:51  • 2 mins
I think the way that would work is it would be an individual vote. It would be out and voted on by itself, McCarthy told reporters as he arrived at the Capitol.
2023-09-22 15:48:45  • 1 min
One idea is for Congress to cut off its own pay. Another would require the U.S. House and Senate to work continuous seven-day work weeks until a resolution....
Logo CBS NewsCBS News
2023-09-20 23:17:46  • 2 mins
Dont let the political histrionics of refusing their salaries fool you.
2023-09-22 13:02:18  • 1 min
By Christy Cooney and Nick Eardley BBC News Chancellor Jeremy Hunt has said it will be "virtually impossible" to deliver tax cuts until the UK economy...
2023-09-22 07:15:46  • 1 min
Former Vice President Mike Pence has voiced strong opposition to the proposed 10% tariff on imported goods by Donald Trump, labeling it as a middle-class tax...
Logo BenzingaBenzinga
2023-09-22 01:18:03  • 1 min
President Joe Biden has criticized Republicans for their approach to the immigration crisis, claiming they left the system in disarray during Donald Trump s...
Logo BenzingaBenzinga
2023-09-22 09:01:12  • 1 min
The shutdown clock is ticking in Congress, after progress was largely stymied last week in both chambers amid conservative opposition. And with less than two...
Washington — A group of House Republicans announced Sunday that they reached agreement on a short-term measure that would keep the government funded through...
Logo CBS NewsCBS News
2023-09-18 13:25:01  • 1 min
PORTLAND, Maine (AP) A bipartisan coalition of U.S. lawmakers has introduced a proposal designed to cut food waste in half by 2030. The lawmakers submitted...
Logo U.S. News & World ReportU.S. News & World Report
2023-09-22 15:57:05  • 1 min
After working through the weekend to bridge differences between their centrist and conservative wings, House Republican leaders announced last night that...
2023-09-18 14:55:10  • 1 min