Congressional Democrats hate the Tax Cuts and Jobs Act.
Not one single Democrat in the U.S. House of Representatives or the Senate voted for the law which reduced taxes on average for all income groups. Democrat leadership has already threatened to repeal the tax cuts, should they win in the November congressional elections.
In fact, one Democrat congressman is already moving to repeal the law.
As Business Insider reports, Democratic Congressman Jared Polis is set to reveal a bill which would repeal the tax cuts, taking specific aim at one of President Trump’s key legislative achievements.
Polis’ bill, the Students Over Special Interests Act, instead would direct taxpayer dollars towards fighting student loan debt in the form of Pell grants. Per the report, the bill “would repeal the new tax law and redirect the taxpayer dollars toward erasing the $1.4 trillion in student-loan debt and investing in Pell grants. It will be the first piece of legislation aimed at unraveling the new tax law.”
“The Republican tax plan was all about special interests cashing in at the expense of everyone else. My plan shows what a difference we can make for middle-class Americans for even less cost,” Polis said, per Business Insider. “So many people go to school, get a job, and work hard but still struggle to get ahead because they are weighted down by student loans. It’s time to help them get out from the mountain of debt they are under.”
And, “The good news is if we repeal the Republicans’ sweetheart deals for corporations, we can cancel out all student-loan debt, make college more affordable for future students, and still have money left over to reduce our deficit.”
According to the report, the bill may fail to launch:
The bill is highly unlikely to advance with Republicans in control of the House and the Senate. Further, even if Democrats retake majorities in the November midterms, Polis will not be in Congress in 2019, as he is running for governor of Colorado. And even then, Trump would not sign a law overturning his administration’s biggest legislative accomplishment.
But Polis’ bill does signal that Democrats are now crafting detailed policy plans to counter the tax law. Many more proposals can be expected, which Democrats will aim to unify around in the event they gain control of the House.
Repealing the corporate tax cuts would be a lofty challenge for Democrats, as they do not sunset like the cuts to the individual rates. And Republicans are aiming to force a vote this summer that would make the individual rates permanent, potentially forcing the hand of a lot of vulnerable candidates.
As for President Trump’s reaction, Reuters reports he is planning to propose additional tax cuts ahead of the November elections:
U.S. President Donald Trump said on Tuesday he will propose new tax cuts sometime prior to November, when Republicans look to retain their control of the U.S. Congress in midterm elections.
Trump said he would meet with Republican Representative Kevin Brady, chairman of the tax-writing House Ways and Means Committee, about the proposal. He did not give any details.
“We’re going to be submitting additional tax cuts sometime prior to November,” Trump said in a speech to the Susan B. Anthony List, an anti-abortion group.
Trump signed a $1.5 trillion tax cut in December, the signature legislative achievement of his presidency.
The economy has been a bright spot for Republicans as they face voters in November, with unemployment dropping to a near 17-1/2-year low.