Flawed Data from House Leadership Attempts to Hide Tax Hikes Under Proposal

GOP Tax Bill Could Pass The House By Next Week

Much of this sharp decline can be explained by the fact that almost 1.8 million New Jersey households would no longer be able to write-off their state income or sales taxes on their federal tax forms, as these deductions would be repealed entirely under the bill.

In a story published yesterday evening, Politico reported that House leaders have been "working to create customized data models" to show lawmakers that their constituents will not face a tax increase under the tax bill being debated in the House.

Senate Republicans unveiled their tax overhaul plan Thursday as the GOP races to pass President Donald Trump's top priority before their self-imposed Thanksgiving deadline.

And unlike the House version, the Senate bill would fully repeal the deduction for state and local taxes, which has become a sticking point with GOP congressmen from high-tax states like NY and New Jersey, whose constituents depend on that deduction.

Tax documents are seen prior to a House Ways and Means Committee markup of the Republican Tax Reform legislation on Capitol Hill in Washington, U.S., November 9, 2017. Their bill would leave the prized mortgage interest deduction untouched for homeowners in a concession to the powerful real estate lobby but would ignore a House compromise on the hot-button issue of state and local tax deductions. The House version would retain the deduction only for property taxes and cap that at $10,000, drawing opposition from GOP lawmakers from states with high local taxes like NY and New Jersey.

Earlier, Brady released an amendment to his own tax bill that would reduce the tax rate on the business income of small business owners. But those rules also require that the bill not raise the deficit by more than $1.5 trillion, leaving lawmakers scrapping for revenue to offset cuts.

With his revisions, Brady, R-Texas, also likely is looking to nail down Republican votes so the House can approve the legislation soon.

Democrats are strongly opposed to the GOP rewrite, so the Republicans must find agreement among themselves to have any hope of passage.

Regardless, it looks like not every Republican elected official is for the repeal, which is a good sign.

The tax bill must deepen federal deficits by no more than $1.5 trillion over the coming decade.

Senate Republicans are using special budget reconciliation rules that prevent a Democratic filibuster. It also can not add to red ink beyond the first 10 years without facing the same fate.

The Senate plan differs in some key ways from the version introduced by the House last week.

But the nonpartisan Congressional Budget Office lowered its estimate Wednesday for how much money repealing that requirement would save from $416 billion over a decade to $338 billion.

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