All Florida GOP Congress members voted for the House tax edition of the “big, beautiful bill.”
Within the bill, it extends the current Trump tax cuts, which have been praised by many conservatives. But former Trump economist Steve Moore says Congressional Republicans aren’t doing enough to cut government spending.
Moore praised the tax proposal from Republicans in the US Senate as a much better bill than the House. “In many ways, this (Senate) version is a sophisticated improvement from the House bill. Most importantly, it makes Trump’s tax cuts virtually all permanent in 2017. It also eliminates some of the troubling aspects of the House bill,” Moore said.
Moore outlines the pros, cons and drawbacks of the current GOP tax proposal.
good.
Restoring a $10,000 salt cap, in contrast to the stupid $40,000 cap on the House bill.
It has made almost every Trump tax cut in 2017 permanent. These include capital costs clauses, schools’ choice tax credits, and opportunity zones.
Restrict remittance taxes to cash transactions rather than the House approach that taxes bank transactions.
Tips for a maximum of $25,000 and taxes for overtime of $12,500 a year are tax-free
We will adopt a “current policy” baseline to reduce the “cost” of the bill.
Bad and ugly.
There will be no corporate tax cuts (Trump wanted 15%).
Reduces tax on income from university contributions to just 8%, compared to 21% of the House bill.
There is no private foundation excise tax on investment returns.
It excludes Trump’s proposal for a 15% business tax on domestically produced products.
Eliminate the expansion that passes through your health savings account (HSA) at home, which helps to reduce medical costs.
Along the end of Trump’s terminology, it expands many Green New Deal energy presents.
Holds unfair double tax on immigrant remittances.
Moore says the GOP failed to terminate new green policies such as solar and wind credits in the Inflation Reduction Act signed by President Biden in 2022.
Steve Milroy, a member of the Trump EPA Transition Team, currently a senior fellow at the Institute for Energy and Environmental Law, says there are billions that GOP is protecting against energy policies during the Biden era.
