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The 2018 budget passed in the House of Representatives. 20 Republicans voted against, mostly citing a plan to eliminate the State and Local Tax deduction (SALT) in the upcoming tax reform framework. The final vote was 216-212.
Included in the budget are reconciliation rules while will allow the Senate to pass tax cuts without the possibility of a Democratic filibuster. The President is expected to sign the rules. His signature is not required for the budget.
SALT is very popular in fiscally liberal states where tax filers are most affected if it’s removed. GOP opposition to the budget came mostly from those whose constituents will be hit.
“The preference is to keep the state and local tax as is,” said Republican Rep. Tom Reed of New York. “Clearly, in my opinion, that is not going to be the case, so then the question becomes, is there a compromise position that we can live with?”
Estimates put the increased federal revenue from removing SALT at around $1 trillion which is intended to offset some of the proposed cuts overall.
What nobody’s discussing
While pundits and politicians debate the efficacy of removing SALT and other issues attached to the upcoming tax reform, most are skipping the elephant in the room. A GOP-controlled House and Senate just passed the second-largest budget in history. At #1 is the Obama-era stimulus plan budget, though this budget came close.
What happened to the party of fiscal responsibility? What happened to the party of limited government? Would the budget be even bigger if Democrats were in control?
Why is nobody answering these questions?
House Passes $4 Trillion 2018 Budget, Clearing Way for Tax Reform
Twenty Republican lawmakers voted against the bill. Most GOP opponents voted against the legislation because the proposed tax reform framework would get rid of the state and local tax deduction, which many in high-taxed states like New York, New Jersey and California heavily rely upon.
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