Skip to content
Search AI Powered

Latest Stories

House to Vote on Permanent Tax Cuts: Speaker Paul Ryan Solidifies Legacy of Tax Relief for the Rich & Trillion-Dollar Deficits

House to Vote on Permanent Tax Cuts: Speaker Paul Ryan Solidifies Legacy of Tax Relief for the Rich & Trillion-Dollar Deficits
Matt McClain/The Washington Post via Getty Images

His plan may end up helping Democrats.

House Speaker Paul Ryan is hoping to pass another tax cut this summer in order to boost Republicans' standings in the polls leading up to November's midterm elections.


Originally hailed as a boon for working families, the Tax Cuts & Jobs Act has flopped as a popular tax plan, with more than 80 percent of the benefits going to the top one percent of Americans.

Under this plan, corporate tax rates were reduced from 35 to 21 percent permanently, while individual rate cuts are set to expire at the end of 2025.

House Republicans are reportedly aiming to make all the cuts permanent, a move which they hope will generate more voter enthusiasm for the party. According to a Tax Foundation analysis, a permanent tax cut will cost an additional $1.5 trillion in the decade after 2025. This is in addition to the more than $1 trillion price tag of the temporary cuts.

Even without a permanent extension, the current tax cuts are expected to inflate the federal budget deficit to over $1 trillion, nearly double what it was when President Donald Trump took office.

"Tax certainty is very important for keeping this good economic news going, so obviously we believe that's necessary for economic growth," Ryan told reporters Tuesday. "We fully intend to make these things permanent, and that's something we'll be acting on this year."

Republican Senate hopefuls have expressed hesitation on bringing a permanent tax cut vote to the floor of Congress' upper chamber, due to concerns that red state Democrats could campaign on supporting the cuts, undermining Republican's chances of holding on to the Senate.

Republicans hoping to unseat vulnerable Democrats in states like Indiana, Montana, Missouri, and West Virginia say that holding such a vote may backfire if their opponents are able to run on lower tax rates.

"That's a very serious concern, and Senator McConnell is going to have to decide what happens in the Senate," said Ryan Ellis, senior tax adviser with the conservative Family Business Coalition.

"Holding another vote would take away one of the bigger hits we have against Democrats for this fall and gives them a chance to take credit for work and progress made by President Trump and Republicans," said one Senate Republican campaign official, who spoke on the condition of anonymity.

Senator Joe Manchin (D-WVa) supports cutting taxes permanently. "Oh, I've always been for the middle class getting a permanent tax cut. Absolutely," Manchin said. "[Republicans have] thrown caution to the wind about anything being fiscally responsible, but these are the people who should have gotten that [tax cut]." Montana's Jon Tester said "I'm absolutely open to it."

But McConnell's seat is pretty safe in Kentucky, and he has said that making the tax cuts permanent is something he is interested in doing. "Of course we would like to make the individual tax cuts permanent," McConnell said. "We may. We'll take a look at it, yes."

Senator Ted Cruz (R-TX), who himself is facing a tough reelection battle, strongly supports a permanent extension of last year's tax cuts, and has sponsored the Senate legislation to do so.

More from Trending

Martin Scorsese
Daniele Venturelli/Getty Images

People Are Loving Martin Scorsese’s Emotional Reaction To Receiving His First Acting Emmy Nomination

Martin Scorsese is a household name for a reason. He's been a multifaceted actor, an Oscar-winning director, and a multi-Emmy-winner for his directing and production.

But for the first time ever, Martin Scorsese has been nominated for his acting chops in Apple TV's The Studio, in which he played himself, for this year's Emmy awards.

Keep ReadingShow less
Anna Camp
Araya Doheny/Getty Images for SAG-AFTRA Foundation

Anna Camp Hilariously Uses Still From 'You' To Respond To Emmy Nomination Snub

Entertainment industry awards can feel unfair at times, with some works winning perhaps more than they should, and others being snubbed when they should have at least been in the running.

Actor Anna Camp, who wrapped up five seasons of audience-favorite You, showed her complicated feelings on the show—and not being nominated for an Emmy—in a post on Instagram.

Keep ReadingShow less
Billy McFarland
Theo Wargo/Getty Images

Billy McFarland Just Auctioned Off The Fyre Festival Brand On eBay—And McFarland's Reaction Says It All

You know Billy McFarland, the supposed impresario who went to jail when his tropical Fyre Festival music bash went up in flames and stranded hundreds of people on a completely deserted Caribbean island?

Well, the ultimate grifter is out of jail, and after yet another failed attempt at scamming people with a reborn Fyre Festival in 2024, he's now conned someone into buying the fest's brand—by auctioning it off on eBay.

Keep ReadingShow less
Barack Obama; Michelle Obama
IMO with Michelle Obama & Craig Robinson/YouTube

Barack And Michelle Obama Shoot Down Divorce Rumors: 'Don't Make Me Cry Now'

On Wednesday, former Democratic President Barack Obama appeared on the IMO with Michelle Obama and Craig Robinson podcast. In the almost one and a half hour episode, the former POTUS, FLOTUS, and Mrs. Obama's elder brother covered a number of topics.

But one that drew considerable attention was when the former first couple addressed rumors of a possible divorce in their future.

Keep ReadingShow less
Nick Offerman
Jeff Kravitz/FilmMagic for HBO

Nick Offerman Explains Why Ron Swanson Would Have 'Despised Trump' In Response To 'Dumb' Fan Theory

Speaking to IndieWire, actor Nick Offerman, best known for playing Ron Swanson on Parks and Recreation, put to rest "dumb" fan theories that the iconic character, a proud libertarian, would have backed President Donald Trump and his administration.

Offerman portrayed Ron on all seven seasons of the NBC sitcom, which aired 126 episodes from 2009 to 2015. He is protective of the character and has pushed back against efforts to co-opt Ron Swanson for causes the character would not endorse.

Keep ReadingShow less