Giant shitty tax package that will only help the rich...

House Republicans unveil giant tax package

By BRIAN FALER

House Republicans on Monday evening unexpectedly released a 297-page tax bill they hope to move during the lame-duck session of Congress.

The legislation would revive a number of expired tax provisions known as “extenders,” address glitches in the Tax Cuts and Jobs Act and make a range of changes to savings- and retirement-related tax provisions.

Other parts of the bill would revamp the IRS, provide new tax breaks for start-up businesses and offer assistance to disaster victims.

The measure amounts to House Republicans’ opening bid in negotiations with the Senate. They’ll need Democratic support there to move any changes, and it’s unclear lawmakers will agree to any of the provisions before adjourning for the year.

The bill’s unveiling came only hours after Sen. Ron Wyden (D-Ore.), the ranking Democrat on the Finance Committee, complained the House GOP had provided little inkling of what exactly they want to do on taxes in the lame duck. His spokesperson later gave the measure a frosty reception.

“The first time Finance Committee Dems saw Brady’s legislation was in his press release,” Wyden spokeswoman Rachel McCleery tweeted Monday evening. “There was no communication from his staff, including a heads up that something was coming. That is not how you negotiate.”

In a statement, Ways and Means Chairman Kevin Brady (R-Texas) said, “This broad, bipartisan package builds on the economic successes we continue to see throughout our country.”

“The policy proposals in this package have the support of Republicans and Democrats in both chambers,” he said.

House Republicans may vote on the proposal as soon as this week. They did not release a detailed summary of the plan, or an official estimate of how much it would cost.

Earlier today, Wyden had complained of his House counterparts: “They are not negotiating with Democrats.”

“They are not having conversations with Democrats and to have an extenders package or a technical corrections package, at some point the majority has got to come to the minority and talk about plans,” he said.

The bill’s release comes as lawmakers returning from their Thanksgiving recess already face a crush of demands to move other last-minute legislation — dealing with everything from farm subsidies to protecting special counsel Robert Mueller’s investigation of the Trump administration to funding federal agencies beyond Dec. 7.

Most of the extenders included in the bill deal with energy, though House Republicans also added other temporary provisions lawmakers have long rolled over, such as one killing the tax triggered when people have mortgage debt forgiven.

The measure also addresses some glitches in last year’s tax law rewrite H.R. 1 (115), including ones related to Real Estate Investment Trust dividends and to certain residential rental projects.