Every Florida GOP Congressional member voted for the House tax version of the “big, beautiful bill”.
Inside the bill, it extends the current Trump tax cuts, which are applauded by many conservatives. However, former Trump economist Steve Moore says that Congressional Republicans aren’t doing enough to cut government spending.
Moore praised the tax proposal from republicans in the U.S. Senate as a much better bill than the one in the House. “In many ways, this (Senate) version is a polished-up improvement from the House bill. Most importantly, it makes virtually ALL the 2017 Trump tax cuts permanent. It also weeds out some of the troubling aspects of the House bill,” said Moore.
Moore outlines the pros, cons, and drawbacks of the current GOP tax proposal.
The Good.
Restores the $10,000 SALT cap, as opposed to the preposterous $40,000 cap in the House bill.
Makes almost all 2017 Trump tax cuts permanent, including capital expensing provisions, school choice tax credits, and opportunity zones.
Limits the remittance tax to cash transactions, rather than the House approach that would tax bank transactions, which would inhibit foreign investment in the U.S.
Caps no tax on tips at $25,000 and on tax on overtime at $12,500 per year
Adopts “current policy” baseline to lower the supposed “cost” of the bill.
The Bad and the Ugly.
No cut in corporate tax rate (Trump wanted 15%).
Cuts the tax on earnings from university endowments to only 8% versus 21% in the House bill
No private foundation excise tax on their investment earnings.
Excludes the Trump proposal for a 15% business tax on domestically produced products.
Eliminates the House-passed expansion of Health Savings Accounts (HSAs), which helps reduce medical costs.
Extends many Green New Deal energy giveaways past the end of Trump’s term.
Retains the unfair double tax on immigrant remittances.
Moore says the GOP failed to terminate green new policies, such as solar and wind credits, within the Inflation Reduction Act signed by President Biden in 2022.
Trump EPA transition team member Steve Milloy, who is now a Senior Fellow at the Energy & Environment Legal Institute, says there are billions the GOP is keeping around from Biden-era energy policies.
