Conservatives are asking Trump for another big tax cut Fresh off passage of the “One Big Beautiful Bill,” some anti-tax advocates hope to push the administration to change how taxable capital gains are calculated.

Via @jeffstein.bsky.social @washingtonpost.com anti-tax interests want the Trump IRS to give an unlawful tax cut to wealthy people by executive fiat.

Just the tip of one of two big icebergs of tax cuts for special interests coming for the tax system. www.washingtonpost.com/business/202...

This suggests that Republicans may add yet another deeply harmful health care cut to the Senate bill – a cut that would take health coverage away from even more people, shift massive, unaffordable costs to states, & could even lead some states to end their #Medicaid expansion.

Meanwhile, House Republicans are doing nothing about the Trump tariffs & going out of their way to deny any of their Child Tax Credit increase to 17 million kids, many of whose parents likely shop at Walmart- families they voted to help last year, but not now when it counts- why?

The IRS has the fewest auditors who have expertise to audit sophisticated tax returns — since the 1950s

For those who care about the Child Tax Credit - this from my colleague Kris Cox is a must read:

This is an upside-down plan that walks away from campaign promises to serve those at the margins of the economy.

The tax cuts will be partly offset by taking away/cutting food assistance, health coverage, income assistance, & college aid, making it harder for people to afford their basic needs and limiting opportunity.

Meanwhile, the Ways and Means bill does nothing about the elephant that is going to be in their hearing room on Tuesday: the Trump tariffs --- which would erase much of the small working-class gains from their skewed tax bill while risking recession.

And for all of the feigned concern about budget deficits, the House bill likely costs hundreds of billions more than a full extension of the already bloated 2017 tax law. (More to come when JCT scores are released.) The ultimate cost would be much higher without budget gimmicks.

No tax on tips barely registers b/c it affects a tiny share of workers. (Chart is from an older bill but same story here.) And deductions for overtime & seniors add to the cost but don’t fundamentally change the story either (& leave out lower income filers).

And none of the much-touted new tax exemptions change the picture.

And while Republicans left out 17 million children in low-income families from their Child Tax Credit proposal, they increased to $30 million per couple the amount that can be bequeathed tax-free to trust fund kids.

These new corporate tax cuts come on top of the already permanent corp tax cuts – which delivered an eye-popping 83% of benefits to the households with incomes in the top 1%.

While House Rs excluded critical improvements to the #ChildTaxCredit that 169 of them voted for last year (Smith-Wyden bill), they included ALL of the add’l corporate tax cuts that were in that same bill, plus permanent lower tax rates on corporations’ foreign income.

While 3 million small business owners will see their health insurance premiums skyrocket, wealthy partnerships will receive an even larger pass-through deduction – rising from 20% to a 23% deduction.

While ignoring small biz health care needs & leaving millions of working-class fams behind, the bill throws a gold-plated kitchen sink of tax cuts at high-income ppl – incl expanded discounts for wealthy partnerships, tax-free millions for heirs, & new windfalls for shareholders.

Sarah Lueck on X: "The House W&M bill includes a slew of tax cuts for wealthy ppl. One glaring omission: an extension of enhanced premium tax credits. And that's a major reason 13.7M would be uninsured per CBO's early look at proposals in the House E&C bill. https://t.co/baMbr67eoN" / X The House W&M bill includes a slew of tax cuts for wealthy ppl. One glaring omission: an extension of enhanced premium tax credits. And that's a major reason 13.7M would be uninsured per CBO's early look at proposals in the House E&C bill. https://t.co/baMbr67eoN

For all the rhetoric we will hear about small businesses at the markup on Tuesday, it’s notable that House Rs propose to do nothing but watch the health premiums of 3 million small businesses owners – and 21 million low/middle inc people overall – skyrocket:
x.com/sarahL202/st...

None of these 17 million kids from low-income families will get a dime of the Republicans’ proposed increase in the #CTC as Kris Cox explains here ⬇️
bsky.app/profile/kris...

Let’s start w/ the bill’s failure to deliver for families on the #ChildTaxCredit – 17 million kids today do not get the full $2,000 max credit b/c their families don’t earn enough – these are parents who drive delivery trucks, clean offices, care for the elderly, etc.

The House Ways and Means tax bill released today is skewed in favor of rich people, is even more costly than the original 2017 law, and fails to deliver for working-class families and small businesses.
A thread 🧵

in the gop tax plan, the top 0.1% gets more than all the households in the bottom half of america combined

To get an idea of Republican tax bill on the Child Tax Credit:

Picture a couple with 2 kids living in a fancy suburb, making $400k. A thousand $ more for them.

For the kids of the people who cut their grass, deliver their packages, watch their kids, clean their house: Nothing

So tonight we’ve learned – despite all the Trump bluster – House Republicans are proposing more tax cuts for the wealthy, increasing its already bloated costs, while harshly failing to deliver for millions of families he promised to help.

Even with the tax provisions rumored to cost $4T – $700b more than a straight extension – they are hiding the true costs again by loading the bill up w/ temporary provisions that policymakers will surely want to extend down the road.

It also looks like House Republicans are repeating a brazen pattern from 2017: make the provisions for rich people permanent (recall the 2017 massive corporate rate cut) while making the broader provisions temporary – backwards priorities.

On Tuesday, House Republicans in one committee will be taking away people’s health insurance and in another taking away food assistance, while in a third they will be permanently increasing the amount the wealthiest heirs in the country can inherit tax-free.

House Rs are also expanding the most skewed provision of the 2017 law: increasing the estate tax exemption by more than $1 million to $30 million per couple – this only affects the wealthiest 0.1% of estates & a large share of this money has never been taxed

The initial House Republican text increases the passthrough deduction to 22% -- a provision that skews overwhelmingly in favor of millionaires. So millionaire owners will pay a top tax rate of 28.9% while their highest paid employees pay 37%.

The Pass-Through Deduction Is Skewed to the Rich, Costly, and Failed to Deliver on Its Promises | Center on Budget and Policy Priorities The 2017 Trump tax law was skewed to the rich, eroded the revenue base, and failed to deliver its promised economic benefits. Few provisions of the law exemplify these flaws better than the 20 percent...

& talking about failing to deliver, the passthrough deduction in the 2017 law was an economic bust w/a huge cost. Treasury & Fed economists found no real evidence of increased investment, jobs, or wages for employees – & yet, Rs want to increase it
www.cbpp.org/research/fed...

Plus the bill would take the #ChildTaxCredit away from 4.5 million U.S. citizen kids if either of their parents file taxes w/o an SSN – making it harder for these kids to succeed.
bsky.app/profile/shel...