Yet the Obama administration, back when it was pushing tax reform in 2012, said that cutting the corporate rate "creates good jobs with good wages for the middle-class folks who work at those businesses." Sen.
The White House adviser and presidential daughter appeared at a Capitol Hill press conference Wednesday with Tenney, R-22, New Hartford, and other GOP lawmakers.
The measure makes massive cuts to valuable social and economic programs to offset huge tax cuts for the wealthy, according to one report from one Ohio Congressman who was present for the vote.
Washington Free Beacon reporter Elizabeth Harrington discussed the prospects for passing tax reform this year in the wake of Thursday's House vote to pass the 2018 budget in an appearance on "Fox News Tonight".
On the Senate side, Tim Scott, a Republican on the chamber's tax-writing Finance Committee, said Thursday, Oct. 26, that they're making progress on the Senate's version of a tax bill and hope to introduce it "in a couple of weeks".
"He wants to increase the amount saved in 401 (K) s, lift the limit, so do I. We want to encourage more people to save sooner in life and save more".
The 401 (k) is hardly a ideal retirement savings vehicle.
In order to help pay for Trump's tax plan, Republicans are considering limiting the maximum amount of money Americans will be able to deduct from their taxes for 401 (K) contributions. "All the focus is on can we help people save more".
Because of its importance to areas with higher state and local taxes, members from those areas are resistant to repealing the SALT.
Passage of the $4 trillion measure would pave the way for Republicans controlling Washington to pass a 10-year, $1.5 trillion tax cut measure later this year. Twelve Republicans from the high-tax states of New York, New Jersey and Pennsylvania, where many voters stand to be hit hard if the deduction were eliminated, voted against the budget.
"We don't know the brackets", Representative Chris Collins of NY, a Trump ally, told reporters after a Republican conference meeting Tuesday. "If the deductibility of SALT is just wholesale gone, I don't think it can pass the House", he said.
With Republican leaders battling to show themselves as true standard bearers for the middle class, eyeing next year's midterm elections that are deemed essential to retaining their majority, the 401 (k) issue has become a flashpoint. Whether more revenues to bring members on board will be needed and where they'll come from is still an open question.
"Passing tax reform is critical, but we must stop spending more money than we take in", she said.
If Republicans in Congress really want to get Americans to save more, there are three easy changes the government could make that are widely endorsed by many experts, including Richard Thaler, victor of this year's Nobel Prize in economics.
The almost $6 trillion GOP plan calls for steep tax cuts for corporations and promised reductions for middle-income taxpayers, a doubling of the standard deduction used by most Americans, shrinking the number of tax brackets from seven to three or four, and the repeal of inheritance taxes on multimillion-dollar estates.