Small business groups applaud the move to extend the 2017 Trump tax cuts. Florida Republicans champion the current tax plan, which would give more tax breaks to working families, end the tax on tips, overtime pay, and interest on car loans, and provide additional tax relief for seniors.
But some conservative groups want to “fine-tune” the GOP proposal, arguing it doesn’t go far enough in spending cuts and keeps Biden-era policies in place.
One of those is from the Inflation Reduction Act (IRA), which passed in 2022 and didn’t see a single Republican vote in favor of. Now, several Republicans want to keep IRA tax credits for EVs and solar panels, which are being subsidized by taxpayers.
The GOP bill, “reduces the availability of future subsidies under the green new scam,” it “does not yet meet the moment — leaving almost half of the green new scam subsidies continuing,” said TX Congressman Chip Roy.
“Republicans are voting for that inflation reduction act crap, I mean, come on what’s going on here,” said former Trump economist Steve Moore.
Some conservatives also oppose increasing the amount of the Child Tax Credit (CTC), a program that was started in 1997.
Republicans and Democrats have supported the increase. The GOP proposal would make the $2,000 tax break permanent and raise it to $2,500 from 2025 through 2028.
“The Child Tax Credit is nothing more than welfare” says Kentucky Republican Senator Rand Paul.
The American Enterprise Institute says the GOP plan would benefit families that don’t pay a federal income tax.
The conservative Cato Institute says the CTC is flawed.
“It’s poorly targeted, no income requirements, and regular no-strings-attached payments from Washington are counterproductive for the most vulnerable families,’ said CATO.
However, Florida U.S. House members say that though the bill isn’t perfect, their tax plan would benefit small businesses and families.
“This bill expands 529 education savings accounts to empower American families, expands health savings accounts, small business deductions, renews 100% immediate expensing, incentive for research & development in the U.S., and deduction for interest expenses, repeals the 1099-K gig worker rule that would have required Venmo, PayPal, and gig transactions over $600 to be reported to the IRS and makes permanent and increases the doubled Death Tax Exemption for 2 million family-owned farms,” said Northeast Florida GOP Congressman Aaron Bean.
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