Crowley: Republicans Increasingly Opposing GOP Tax Reform Bills

Copies of the 429-page GOP tax overhaul plan are carried by House Ways and Means Committee staffer Thomas Kutz before the start of the committee's markup session on Capitol Hill Monday. The House tax-writing committee passed an amended version of the bill

President Donald Trump on Monday weighed in via Twitter on the latest GOP tax plans.

Trump and the Republicans have promoted the legislation as a boon to the middle class, bringing tax relief to people with moderate incomes and boosting the economy to create new jobs.

If the Senate bond provisions are adopted by the full Senate in their current form, the divergence between House and Senate versions on three categories of municipal bonds creates the opportunity for the municipal bond community to work toward moving the reconciliation process to accept the Senate version and retain the ability to issue private activity, tax credit and stadium bonds; however, this result can not be presumed and continued engagement by this community is critical.

Trump also said, "Now how about ending the unfair & highly unpopular individual mandate in (Obama) care and reducing taxes even further?"

The Senate bill would phase-in the lowering of the maximum corporate tax rate from 35 percent to 20 percent over two years whereas the House bill would make the change retroactively. That group, about 10 percent of all taxpayers, would face tax increases of $100 to $500 in 2019, the nonpartisan Joint Committee on Taxation found. Trump tweeted from Asia, where he is attending an economic summit in the Philippines.

The chairman of the House's tax-writing committee is expressing confidence that his chamber won't go along with the Senate's proposal to eliminate the deduction for property taxes. Identifying other sources for the estimated $17 billion price tag for advance refundings would greatly strengthen the other merit-based arguments for the value of permitting state and local governments to continue to refinance outstanding bonds at lower rates to realize savings for taxpayers.

House Ways and Means Committee Chairman Kevin Brady, R-Texas, left, calls for a short recess to consider his manager's amendment, to the objections of Rep. Richard Neal, D-Mass., right, the ranking member, as the GOP tax bill debate enters a final day, on Capitol Hill in Washington, Thursday, Nov. 9, 2017.

Meanwhile, Crowley has said he believes Democrats have a better than 50 percent chance of retaking the House in 2018, and on Monday he said the politics of impeachment are already becoming a campaign issue.

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