'Tax Reform 2.0' Unveiled by House GOP

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Rather says should the Republicans win both the House and the Senate, it would enhance the Republicans' chances of reelecting Trump or another Republican in 2020.

The proposal also calls for new tax incentives for savings by creating a "universal savings account" for families that could be used for a range of purposes and would allow the tax-free earnings to be more easily withdrawn than is the case with existing retirement accounts.

According to Sunday reports, a dozen Republicans in blue states may vote against Tax Reform 2.0. Six percent said they remain undecided, while 7 percent said they would not vote for either candidate from the two major parties.

That number could rise if Republicans made an estimated $1.1 trillion in individual tax cuts permanent, but scaled back or eliminated the SALT deduction cap, which is a revenue raiser.

Maybe Brady has chosen to ignore the fact that the Tax Cuts and Jobs Act really hasn't been too popular with voters.

Three bills make up the legislation package: the Protecting Family and Small Business Tax Cuts Act, the Family Savings Act, and the American Innovation Act.

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"He won't allow himself to get credit for the economy", said James Carville, the Democratic strategist, referring to President Trump.

House Ways and Means Committee Chairman Kevin Brady, the 2.0 package's main author, plans to unveil draft language for three bills early in the week and put it to a committee-level vote on September 13, with a full House vote following by Oct 1.

Trump often cites the tax cuts enacted by Republicans as one of the driving forces behind the economy's aggressive growth.

This marks a new low for Trump, as less than two years ago the same poll found 74 percent of voters viewed the businessman-turned-billionaire as intelligent. "A simple question every GOP candidate should have to answer: How come we can't afford cost of living raises for middle-class public employees, but we can afford trillions in new tax cuts for millionaires?" he tweeted. The unemployment rate hovered at 3.9 percent in August, the fourth time the indicator dropped below 4 percent this year. This has put Republican lawmakers in high-tax states like New York, New Jersey, California, Illinois and Minnesota in a hard position because they would either support a provision that would put their states in a vulnerable place or oppose a bill that is backed by their own party.

Trump is touting the positive impact of tax cuts on jobs and the economy as he campaigns for Republicans ahead of the 2018 midterm elections. "I opened up our attractive economic engine with Regulation and Tax Cuts. Still plenty to do!"

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