Republicans’ haste leading to flawed tax legislation

first_imgLikewise, the House version would stop allowing taxpayers to take a deduction for medical expenses that exceed 10 percent of their income.That would hurt middle- and working-class families.On matters small and large, Republican leaders have deliberately left no time for definitive congressional analysis of the economic and social fallout.Then they’ve summarily dismissed research by respected outside groups like the Tax Policy Center, which has found that the legislation decisively tilts to the well-to-do — by 2027, the wealthiest 1 percent would get 60 percent of the benefits, the group says — and that by 2027, tens of millions of middle-class families would pay higher taxes.The Senate bill has a provision for triggering automatic additional corporate tax cuts in the unlikely event that revenues exceed expectations.On Tuesday, Republicans inserted a so-called “backstop” provision that would limit tax cuts years from now if there’s a revenue shortfall.Details weren’t provided and it’s probably more of a vote-getting device than a substantive check on ballooning deficits. Sen. Ron Wyden, the panel’s senior Democrat who was amenable to a bipartisan tax-reform deal. Instead, the seven-term Utah lawmaker, under pressure to retire next year, went small, expensive and partisan.Stephen Shay, a Harvard University law school lecturer, tax lawyer and former Treasury official, has predicted that the rushed legislation “will be rife with undiscovered loopholes that increase the windfalls and scope of the deficit.”The Finance Committee did hold an Oct. 3 hearing, he noted, but it lacked substance and was “irrelevant except to permit the committee majority to say a hearing was held.”Overall, Shay writes, “There is a pervasive failing in the bill to introduce guardrails around substantial rate reductions that would effectively police the many new boundaries between rate differences that the bill creates.”Some provisions are included to score cheap political points. Conservatives targeted higher education, elite liberal institutions in their book, with taxes on the endowments of better-off colleges and on the tuition waivers graduate students receive for working as researchers or teaching assistants.There were no hearings that weighed the effect of these measures.University officials claim they would reduce research and cut financial assistance for middle-income students — at a time the federal government is cutting back in the same areas. Over the summer, Republican leaders brushed aside Sen. John McCain’s call for “regular order” to consider what soon became a failed effort to repeal the Affordable Care Act. Regular order involves dozens of hearings in which different views can be ventilated, along with deep analysis in a bipartisan spirit.Politically motivated haste has now produced an equally reckless tax effort.On a macro level, it’s not going to produce the promised economic growth.It can be expected to add at least $1.7 trillion to the deficit in 10 years and worsen income inequality.It’s no surprise the House legislated on a partisan basis; that’s long been the way it does business.But the Senate ought to be a different story.Sen. Orrin Hatch, R-Utah, who leads the Finance Committee, could have tried to work with Oregon Categories: Editorial, OpinionAny major tax bill has unintended consequences and hidden loopholes.But the current Republican tax effort just bristles with such potential miscues.It’s a slipshod product, legislated with minimal transparency and analysis and with a premium on partisan politics.The Senate is slated to vote very soon on a tax bill that’s similar to the one the House passed on Nov. 16.Both call for huge tax cuts, primarily for corporations and upper-income individuals, with little, sometimes nothing, for many middle-class taxpayers.Both parade as tax reform, but do little to reorganize the tax system as the last real tax reform did in a bipartisan measure passed in 1986.The legislation has been rushed so fast through a short-circuited lawmaking process that if it’s successful, many of the politicians who voted for it may find themselves shocked to discover what they’ve done. Sponsors contend that tax cuts benefiting the middle class that are slated to expire in 10 years actually will be extended by a future Congress.If that’s true, what they don’t acknowledge is that these future cuts would add even more to the deficit, bringing pressure for significant spending reductions.The only big available targets are entitlements like Social Security and Medicare, or military spending.That’s why there should be a clear path for deficit hawks like Republican Sens. Bob Corker of Tennessee and Jeff Flake of Arizona, or defense hawks like McCain, to send this bill back to the Finance Committee for real hearings, review, debate and analysis.That’s called regular order.Albert R. Hunt is a Bloomberg View columnist and former executive editor of Bloomberg News.More from The Daily Gazette:EDITORIAL: Urgent: Today is the last day to complete the censusEDITORIAL: Find a way to get family members into nursing homesEDITORIAL: Beware of voter intimidationEDITORIAL: Thruway tax unfair to working motoristsFoss: Should main downtown branch of the Schenectady County Public Library reopen?last_img read more

India bids to stage 2022 Commonwealth Games shooting events

first_img FacebookTwitterWhatsAppEmail分享 Loading… Promoted Content9 Facts You Should Know Before Getting A TattooCouples Who Celebrated Their Union In A Unique, Unforgettable WayWho Is The Most Powerful Woman On Earth?5 Of The World’s Most Unique Theme ParksWhy Do Americans Consider Him To Be The Best President?6 Interesting Ways To Make Money With A Drone8 Superfoods For Growing Hair Back And Stimulating Its Growth27 Breathtakingly Beautiful Albino Animals6 Incredibly Strange Facts About HurricanesThe Best Cars Of All TimeTop 10 Most Romantic Nations In The WorldIs This The Most Delicious Food In The World? Making a case for Archery at the Commonwealth Games “Key aspects of this assessment will be to ensure that the proposal conforms with our rules and regulations, is operationally deliverable, sets manageable precedents for the Commonwealth Games and ultimately adds value to athletes and the Commonwealth sports movement,” Grevemberg said in a statement. Read Also Serena powers past Giorgi for ‘solid’ start to 2020 The BBC reported on Tuesday that shooting and archery could take place four months before the Commonwealth Games begins in July 2022. The 2022 Commonwealth Games is billed for Wednesday July 27 to Sunday August 7. Officials for the 2022 Commonwealth Games are considering a proposal to stage shooting and archery in India even though the event is being hosted by the English city of Birmingham. The proposal was described on Tuesday as “innovative” by David Grevemberg, chief executive of the Commonwealth Games Federation, and will be reviewed over January and February “with the ambition of strengthening Commonwealth sport”. Commonwealth Games India put forward the idea with the support of the country’s government, along with the governing bodies of shooting and archery. India, which traditionally has a good record in shooting, threatened to boycott the games after the sport was excluded from the programme along with archery.Advertisementlast_img read more