The Tax Reform Blueprint is going to be released tomorrow! Our President will unveil it in Indiana. Our President is brilliantly discussing his Tax Reform Bill in the 10 states he won that Democrat Senators are up for reelection in 2018. He has already spoken in Missouri and North Dakota. Tomorrow you can add Indiana to the list. He plans on visiting the other seven states plus states that the Republicans think they can win in that our President lost; NJ, VA and Maine over the next seven weeks.
The good 😊 news is that 3 Democrats refused to sign the Democrat Party Pledge that if the bill lowers the individual tax rate on the top 1%, none of them would vote in favor of it. Those three Democrats are Heidi Heitkamp of ND, Joe Donnelly of IN and Joe Manchin of WV.
This allows us to have a margin of 5 votes against the bill and it still passing in the Senate through reconciliation. There is also the very good chance that Democrat Senator Menendez from NJ will be found guilty in his trial that will end sometime next month. USA Today had a poll out that said 84% of NJ residents would want him to resign immediately which would allow Chris Christie to appoint a Republican to replace him. That would increase our margin to six possible NO votes and the bill still passing in the Senate.
From the article linked above:
New Jersey voters overwhelmingly want Sen. Bob Menendez to resign if he is convicted of bribery charges, and those with an unfavorable opinion of the Paramus Democrat outnumber those with a favorable view by more than 2-to-1, a Suffolk University poll conducted for the USA TODAY Network in New Jersey found.
If Menendez is convicted, 84 percent of likely voters said he should resign, while just 10 percent said he should not. Public opinion of Menendez is negative overall, with 20 percent having a favorable view while 46 percent have an unfavorable view of him.
Here is some information that has leaked out in reference to the Tax Reform Blueprint that will be released tomorrow.
From the article linked above:
President Trump and Republican leaders plan to cut the top tax rate for the wealthiest Americans to 35 percent and dramatically reduce taxes on big and small businesses.
The GOP leaders and the White House plan to cut the top tax rate for “pass through” businesses from 39.6 percent to 25 percent. (Most businesses in America do not pay the corporate tax. Sole proprietors and other mostly smaller businesses see their profits “passed through” to their owners and taxed at the individual income rate.)
Most Democrats have already drawn a red line on tax reform: 45 out of 48 Democratic senators signed a letter saying they wouldn’t support any tax bill that adds to the deficit or offers new tax breaks to the wealthiest Americans.
But Republicans are desperate for a win and appear on course to fund tax cuts with a blend of deficit spending and the closing of loopholes. They will dare Democrats, especially the 10 senators up for re-election in states Trump won, to vote against tax breaks for their constituents.
– Top individual tax rate cut from 39.6 to 35. The current seven income tax brackets collapsed to three, as part of simplification. (Axios hasn’t obtained the other two rates.)
– Axios can confirm that the Big Six agreed to cut the corporate tax rate from 35 percent to 20 percent. That key detail leaked last night to the Washington Post. (Trump has said he wants the corporate rate to be 15 percent.)
– The Big Six framework is also expected to include guardrails to prevent wealthy people from artificially lowering their income taxes by rearranging their affairs to get taxed at the small business rate.
– We can confirm, too, WashPo’s reporting that Republicans plan to double the standard deduction — a boost for the middle class and a key component of simplification.
The Trump tax plan will likely add to deficits, at least in the short term, which will bother some deficit hawks. But tax reform advocates were heartened when, just this week, Senate Republicans on the Budget Committee cut a deal that would reduce government revenue by as much as $1.5 trillion over 10 years. Republicans argue that, with economic growth spurred by the tax reform, there’ll be substantially less lost revenue than $1.5 trillion.