Federal lawmakers face a challenge in acting on the tax reform bill outlined this week, since President Donald Trump has said he wants to sign the measure into law by the end of the year.
But some groups that line up on the GOP side of most issues, and some Republican lawmakers, are criticizing the measure in its present form.
The National Federation of Independent Business, which represents thousands of small businesses in the U.S., said the plan leaves too many of its members behind.
NFIB President Juanita Dugger said tax reform “should provide substantial relief to all small businesses so they can reinvest money and create jobs” and the group will work with Congress on changes to a final measure.
A statement from the National Association of Home Builders was more emphatic, criticizing the impact of the measure on middle income taxpayers — especially homeowners.
Granger McDonald, NAHB chairman, said the plan “abandons middle-income taxpayers in favor of high-income Americans and wealthy corporations.”
He said the bill drastically reduces the number of homeowners who can take advantage of mortgage and property tax incentives. He said his organization favored a plan bill drafters considered that would have helped up to 37 million more homeowners — most low- and moderate-income Americans who do not itemize their tax returns.
“Meanwhile, corporations receive a major tax cut, but small businesses which generate the lion’s share of job growth, get limited relief,” Granger said. “Congress is ignoring the needs of America’s working class families and businesses.”
The current code allows those who itemize returns to deduct state and local taxes on their federal returns. It’s eliminated in the proposal and that is attracting criticism from lawmakers — even some Republicans — from states like New York, Connecticut and California.
The plan also is being questioned by some lawmakers — though not many — who previously were deficit hawks.
The Tax Policy Center estimates the proposal would raise federal deficits by $1.5 trillion over a decade.
William Gale, center co-director, said the plan “showers benefits on the wealthy” while many low- and middle-income taxpayers will not receive much, if any benefit, and some will face higher taxes.
The plan also targets the estate tax, which is applied to inherited money and is often referred to by GOP lawmakers as the “death tax.”
Currently, inheritances of $5.45 million or more are impacted. The GOP plan would double the amount and repeal the tax entirely in 2024.
Staying healthy would be more expensive, since the plan eliminates medical expenses as a deduction.
U.S. Sen. Roy Blunt, a member of GOP leadership, said the changes will grow jobs and boost middle-class income. Sen. Claire McCaskill said she favors a fairer, simpler tax system, but not one that would benefit primarily the wealthy.
Ham and Bean Feed
Reservations are still being accepted for the annual GOP ham and been feed set for Friday in Neosho.
David Wasinger, of St. Louis, a candidate for state auditor, will be a featured speaker at the event to be hosted by Newton County Republicans. Other speakers will include three U.S. Senate candidates — Tony Monetti, of Warrensburg; Courtland Sykes, of Springfield; and Austin Peterson, Kansas City.
The Neosho High School FFA chapter will cater the meal, to be served in the cafeteria at Neosho Middle School, 1400 Hale-McGinty Drive. Doors will open at 5 p.m. and serving will start at 5:30 p.m. Republican Women of Newton County will hold a silent auction featuring a number of hunting-related items, including a Remington rifle and Make American Great Again hats in camouflage.
The meal is free but those planning to attend are asked to register by calling 623-2214 or via email at newtoncountyrepublicans.org.
Susan Redden is a former reporter for The Joplin Globe.
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