Nearly one in five US households would get a tax increase under the plan, according to the JCT. Now move to the end of the decade, as credits phase out and inflation measures reduce the impact of the rate cuts. Ryan says election results put 'more pressure on us to follow through' (Photo by Chip Somodevilla/Getty Images) Chip Somodevilla/Getty Images Moments before Ryan conducted his news conference, the House passed a fiscal 2018 budget 216 to 212, beginning a process for the Senate to move forward on an overhaul of the tax code. WASHINGTON, DC - OCTOBER 26: Speaker of the House Paul Ryan (R-WI) answers reporters' questions during his weekly news conference at the U.S. But in 2019, the JCT finds 11% of households would get a tax increase of more than $100. Now, particularly in the early years, JCT projects wide-ranging cuts across income levels. That’s simply not the case, according to the JCT. No shortage of top GOP officials – House Speaker Paul Ryan, House Majority Leader Kevin McCarthy and Senate Majority Leader Mitch McConnell, for example – have at various points pledged every middle-class taxpayer would receive a tax cut. Pass-throughs, adoption deductions, SALT, excise tax, oh my! For more, see CNN’s latest story from Lauren Fox and Ashley Killough. So this is about to get significantly harder. But the real decisions will be made on both in the next 48 hours. “You really think that lasts?” he asked me, appearing genuinely curious as to whether others thought the current path toward passage is real.īottom line: As of now, both leadership and committee sources think the issues, on both the policy and politics, are manageable. “We’ve got some issues, but the blowback isn’t near what I expected.” “I’m shocked, to be honest,” one GOP lawmaker, who said he could accurately be described as traditionally a “troublemaker,” told me Tuesday. House Republicans have a math problem in their current bill, a series of analyses, including from the well-respected Joint Committee on Taxation, that appear to show they will break two of their primary promises with the proposal, and several outstanding issues that need to be solved by next week.Īnd yet they still feel like they are in a good spot, according to more than a dozen lawmakers and aides.
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