Congressional Republicans are rapidly planning to push “Phase Two” of President Trump’s recently passed tax cuts; signaling a new fight with liberal legislators as the GOP seeks to make the individual and corporate rates “permanent.”
“We’re actually going for a phase two, which will help in addition to the middle class, will help companies, and it’s going to be something I think very special,” said the President during an event last week.
“I am 100 percent behind that and would support it and even help promote it,” added Rep. Mark Walker.
While the lawmakers behind the renewed push for even greater tax reform haven’t outlined a clear timeline for the legislation, Capitol Hill insiders believe a second tax bill could reach the floor by this summer.
“It will lead with permanence,” said the House Ways and Means Committee Chairman Rep. Kevin Brady. “The tax cuts for families and small businesses were long term, but they weren’t permanent. We think that’s important for growth and certainty.”
The comments come just days after Democrat leaders Nancy Pelosi and Chuck Schumer called on Congress to repeal the tax cuts; arguing the US government should raise taxes on corporations and wealthy Americans to finance a $1 trillion infrastructure bill.
h/t The Hill
ARMAGEDDON? Federal Government Sees RECORD SURPLUS Following GOP Tax Cuts
The liberal predictions of “doom and gloom” and “death and destruction” continued to crash and burn this week, with the Treasury Department confirming the US government saw record surpluses in the first full month under the recently passed GOP tax cuts.
According the official report, the federal government collected roughly $361 billion in tax revenue this January but spent only $312 billion; posting a budget surplus of approximately $49 billion.
The strong economic data matches similar upticks in other indicators, signaling the US recovery continues to soar under President Donald Trump and the GOP-controlled Congress.
Earlier this year, dozens of massive American corporations -such as AT&T, Walmart, Disney, Starbucks, American Airlines, UPS, Home Depot, and others- raised wages and paid out big bonuses after President Trump signed the sweeping tax reform into law.
The news comes as leading Democrats continue to trash the GOP tax cuts.
This week, House Minority Leader Nancy Pelosi blasted the GOP legislation, saying “we must continue showing the public how unfair the GOP Tax Scam is to the middle class and halt the GOP assault on the Affordable Care Act.”
ARMAGEDDON CONTINUES: Pfizer to REINVEST BILLIONS in US Following GOP Tax Cuts
The liberal predictions of “doom and gloom” and “death and destruction” in the aftermath of the GOP tax cuts continued to evaporate on Tuesday, with pharmaceutical giant Pfizer announcing its plan to reinvest billions of dollars in the US economy following the sweeping tax legislation.
Pfizer now plans to repatriate tens of billions of dollars in profits back to the United States after the GOP plan slashed taxes on overseas holdings; finally allowing the New York-based corporation to bring those funds back to America.
“The drugmaker said Tuesday that it would pay $15 billion in so-called repatriation taxes over the next eight years to shift foreign earnings back to its home market. The exact amount the company plans to bring back was not immediately clear,” writes USA Today.
“The aspects of most importance to us were addressed in the new tax code, strengthening our ability to make capital allocation decisions that maximize patient benefit and enhance shareholder value,” said Pfizer’s Chief Financial Officer.
The announcement comes as other giant American-based companies -such as Walmart, AT&T, Disney, American Airlines, Starbucks, Home Depot, and more- unveil their plans to raise wages and pay big bonuses in the immediate aftermath of the GOP tax overhaul.