Saturday, August 4, 2012

House Republicans pass plan for tax reform. Except without a plan.

The word House Republicans pushed through their vision of how to pass a tax reform plan on their last day of legislative work this week before leaving for five weeks of not doing anything about jobs or the economy in their own home districts. They have a very detailed plan for how to get tax reform passed, TPM's Sahil Kapur reports, requiring a Republican Senate and White House.

It's all rather dictatorial, prescribing what the House and Senate committees must do and the deadlines by which they must do it. House Ways and Means would be required to introduce legislation by the end of April, and pass it out of committee by the end of May. It would move to the floor in June, where it would get four hours of debate. If it passed, the Senate Finance Committee would have 15 days to report it out and if it failed, it would be discharged from the committee automatically (the Senate is just going to loooove having the House dictate its procedures!). Then it goes to the floor; in July there's the conference between House and Senate, and in August, Romney signs it. Starting in January 2014, we would all live under their plan.

The details of that plan, however, remain sketchy beyond all the rich people keeping their tax cuts and the demand that it comply with this year's Ryan budget.

That includes collapsing individual tax rates in two brackets with a top rate of 25 percent or less, slashing the corporate rate to 25 percent, repealing the Alternative Minimum Tax and expanding the taxpayer base to keep revenue at 18-19 percent of the economy.
But like the Romney tax plan, there are no details of just how they manage to slash taxes so dramatically for the wealthy and also keep their pledge to maintain revenues at current levels. They've got to do away with a lot of tax credits and deductions that a lot of middle-class and working families rely on. True to form, the tax reform plan they just passed doesn't get into any detail about what those sacrificed provisions would be.

They only want you to hear "lower taxes." They're not going to tell you those lower taxes aren't for you, they're reserved for Mitt Romney and his cronies.


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