In January 2019, the United States House of Representatives gets a new House Speaker. A new Speaker of the House is a sure thing because the incumbent, Republican Paul Ryan of Wisconsin, announced his retirement. But before he goes, multimillionaire Ryan plans to propose a few more tax cuts.
In preparation for the 2018 midterm elections, House Republicans intend to announce further tax cuts aimed at bolstering the economy, or at least the finances of the wealthy and large corporations like their previous cuts.
Despite vows the prior GOP tax cuts would filter down and create more jobs and higher wages, workers saw little or no increases in wages while corporations saw increased profits created by using their tax breaks to buy back their own stocks rather than creating new jobs or increasing worker salaries and benefits.
The previous tax cuts also put the United States on track for record setting deficits. To combat the budget shortfalls created by their cuts for wealthy citizens and corporations, Republicans
Despite their previous cuts earning the nickname “GOP tax scam” on social media, the Republican Party still sees pushing for further cuts to upper income and corporate taxes, the higher deficit and threatened cuts to veterans and social programs, as their best strategy headed into November’s midterms.
They already began their social media push touting the benefits with the hashtag #BetterOffNow.
Matt Gorman—spokesman for the National Republican Congressional Committee—said:
“Anytime we’re talking about tax cuts and the growing economy, we’re winning.”
But does the GOP have the votes they need to push through more tax cuts?
They require 216 Representatives for approval, but with everyone in the House of Representatives up for reelection in November, some GOP members may be reluctant to tow the party line. Unlike the Senate with staggered six year terms of office resulting in only a third of the chamber being up for reelection each cycle, the House’s two year terms means all 435 seats get put up for grabs every two years.
And that 100 percent turnover potential makes a difference.
Page: 1 2
And therein lies the problem.