Permanent tax cuts sought by House GOP as elections loom

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Permanent tax cuts sought by House GOP as elections loom

"After handing massive unpaid-for tax breaks to Big Pharma, Wall Street and the wealthiest 1 percent with the first GOP tax scam for the rich, House Republicans are here with more of the same", House Democratic leader Nancy Pelosi said in a statement Monday.

The shift is particularly acute in the U.S. Midwest, where Democrats have enjoyed a 13-point swing in their direction since July, according to the poll.

House Republican leaders have unveiled their proposal to expand the massive tax law they hustled through Congress a year ago.

He added he thinks a win for Republicans would be a net loss of no more than 20 House seats, short of the 23 seats Democrats would need to flip the House. It would lock in individual tax rate cuts well past the original expiration date of 2025.

It would also eliminate the maximum age for some retirement account contributions and let new businesses write off more start-up costs.

Instead, the legislation has caused disagreement within the Republican Party, with several lawmakers, such as Representatives Leonard Lance of New Jersey and Peter King of NY, saying they won't vote for a bill that includes an extension of the SALT cap.

President Donald Trump signed the $1.5 trillion tax overhaul into law previous year.

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Trump and his Republicans are touting December's tax cuts as a boost to the economy, an important feature of their campaign push to defend their majorities in the House and U.S. Senate against a challenge from Democrats.

The only listed groups approving of the president are Republicans, 84 - 7 percent and white voters with no college degree, 51 - 40 percent. About half of independents and about a third of Democrats say such behavior is inappropriate.

Experts claim the rule affects high-tax states like California, New York and New Jersey - all which have highly contested midterm races.

Strong economic growth also doesn't seem to be winning over new voters for Trump, however.

As House Republicans unveil a plan to lock in individuals' tax rate, the Trump administration has touted the positive effects of the initial round of tax cuts, with the latest data showing that July job openings hit a record 6.9 million.

One interesting contrast in the data: Trump fares slightly better in perceptions of his ability to manage the government generally than his ability to manage his own White House.

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