Headline Roundup • June 19th, 2023
Republicans Plan Tax Cuts Amid Democratic Opposition
Summary from the AllSides News Team
House Republicans are pushing a $237 billion tax cut package, while Democrats fight to maintain green energy priorities.
The Details: The Republican package would increase the standard tax deduction by $2,000 for single filers and $4,000 for couples in 2024 and 2025; permanently raise the threshold for businesses to claim depreciation deductions from $1 million to $2.5 million; and eliminate a requirement for third-party payment processors, such as PayPal, to report all transactions above $600. Cuts would be funded by eliminating $216 billion in electric vehicle and renewable energy tax breaks passed last year.
What the Left is Saying: "While Americans are sheltering inside to avoid the fallout of climate-spurred wildfires, Republicans think now is a good time to repeal the largest climate investment in our history to pay for their corporate handouts," said Rep. Richard Neal (D-MA), the Ways and Means Committee's top Democrat.
What the Right is Saying: "They should look at this plan as more jobs, higher wages," said Rep. Jason Smith (R-MO), House Ways and Means Committee chairman. "We are undoing bad policy and replacing it with good."
How the Media Covered It: The Associated Press (Lean left bias) said the proposed deduction increase "might sound like a lot of money, but it’s less than one might think because those totals apply to the amount of income that’s taxable rather than savings." Washington Times (Lean Right) said the GOP's plans "are intended to stimulate American manufacturing and small businesses."
Featured Coverage of this Story
AP Photo/J. Scott Applewhite, File
Just six days after the bipartisan deal on the debt limit became law, House Republicans proposed a slew of tax cuts, leading to charges of hypocrisy by Democrats in a squabble that shows two clashing visions for the U.S. economy.
GOP lawmakers are pushing deep tax cuts for companies and the affluent as the primary driver for sustaining economic growth, while President Joe Biden and fellow Democrats seek more targeted tax cuts to achieve social goals such as reducing child poverty and shifting to renewable energy that can help the economy in the long...
REUTERS/Tom Brenner
Republicans in the U.S. House of Representatives on Friday unveiled a series of new tax breaks aimed at businesses and families while proposing to reverse some of President Joe Biden's legislative victories, including credits to spur the sale of clean-burning electric vehicles.
Three related bills were introduced on Friday with the goal of moving the legislation through the House Ways and Means Committee next week. That is when the Joint Committee on Taxation also is expected to release its analysis of the package.
White House spokesperson Karine Jean-Pierre termed the...
AP Photo/J. Scott Applewhite
House Republicans have assembled a $237 billion tax cut package with a bevy of provisions to bolster the economy and offset the impact of 40-year-high inflation on Americans.
It includes increasing the standard deduction on income taxes, expanding opportunity zones, slapping an excise tax on property purchases linked to China and Russia, rolling back some requirements for reporting transactions to the Internal Revenue Service and restoring expired Trump-era business expense write-offs.
The House’s Republican tax writers face complications, including opposition from President Biden and the Democratic-run Senate. The plan lays down a...
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