The Politics Of The Republicans’ Tax Cut Bill

According to President Donald Trump, the tax bill passed by Congress is “an incredible Christmas gift for hardworking Americans.” We discuss what’s in the package and examine the political fallout. We also look at the possibility of a government shutdown this weekend.

House Republicans passed the legislation Wednesday afternoon by a vote of 224-201, sending the measure to Trump’s desk. The Senate approved the package hours earlier, 51-48, along party lines.

The plan lowers the corporate rate from 35% to 21%, lowers rates for most individual brackets and nearly doubles the standard deduction for individuals. It also repeals Obamacare’s individual mandate.

A CNN poll released Tuesday shows that 55% of Americans oppose the plan. Only one in three say they support it. Senate Minority Leader Chuck Schumer on Wednesday predicted Republicans will “rue the day” they passed the bill.

Meanwhile, the clock is ticking toward an 11:59 p.m. Friday deadline for Congress to pass a spending bill, averting a federal government shutdown. House Republican leaders have scrapped plans to combine a short-term funding bill with billions of dollars in disaster aid and defense spending. Senate Republicans have dropped a demand to add health insurance subsidies for the poor.

In addition, Democrats have walked back a threat to withhold support for a GOP spending bill if Republicans refused to allow a vote on a plan to protect so-called Dreamers, or undocumented immigrants who were brought to the U.S. as children.

How do you feel about the Republican-passed tax plan? Will the tax cuts spur economic growth or are they a giveaway to the rich? Will America be better or worse off without Obamacare’s individual mandate? How do you feel about the possibility of a government shutdown? Let us know at 1-800-642-1234 or ideas@wpr.org. You can also tweet us @wprmornings or post on the Ideas Network Facebook page.