{"id":2172734,"date":"2024-02-09T18:40:01","date_gmt":"2024-02-09T23:40:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/key-republican-senator-on-finance-committee-trashes-bipartisan-tax-deal\/"},"modified":"2024-02-09T18:44:36","modified_gmt":"2024-02-09T23:44:36","slug":"key-republican-senator-on-finance-committee-trashes-bipartisan-tax-deal","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/key-republican-senator-on-finance-committee-trashes-bipartisan-tax-deal\/","title":{"rendered":"GOP senator criticizes bipartisan tax deal"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">12<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fkey-republican-senator-on-finance-committee-trashes-bipartisan-tax-deal%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2172734&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Senator \u200cTillis Criticizes Bipartisan Tax Bill, Hopes It Fails<\/h2>\n<p>Senator Thom Tillis, a prominent \u2062member of the Senate\u2064 Committee on Finance, expressed\u2064 his disdain for the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/major-bipartisan-child-tax-credit-plan-what-it-means-for-families\/\" title=\"Significant bipartisan child tax credit plan: impact on families\">bipartisan child tax credit<\/a> and\u200c business tax\u200c bill \u2062on Friday, stating that he hopes it\u200c never\u200d reaches a vote.<\/p>\n<p>The bill, which passed the House with\u200d a strong majority, is \u200bfacing opposition in\u2062 the Senate, particularly from \u200dRepublican lawmakers. The \u200ddecision to \u200chold\u2062 a markup in the Finance Committee or proceed \u2063with \u2064a floor vote is still undecided.<\/p>\n<blockquote>\n<p>\u201cIf it died, I\u2019d be happy,\u201d\u2063 Tillis said in an\u200b interview with the Washington \u2064Examiner.<\/p>\n<\/blockquote>\n<p>Tillis has voiced multiple concerns about the $78 billion legislation and believes that other Republicans on the Finance Committee share his perspective. \u200bHe insists that significant changes need to be\u2064 made for the bill to be viable and\u200c vows to rally every \u200bRepublican member against it.<\/p>\n<p>As the week progresses, Tillis believes the chances of the legislation passing\u2063 are\u2062 diminishing.<\/p>\n<blockquote>\n<p>\u201cI think it has failed to achieve\u2062 orbit,\u201d Tillis\u200b said.\u2062 \u201cAnd I\u200b want it to come \u200dcrashing back down.\u201d<\/p>\n<\/blockquote>\n<p>A\u200d senior aide familiar\u2064 with the negotiations expressed\u2062 doubt \u2063about\u200c the bill&#8217;s progress.<\/p>\n<blockquote>\n<p>\u201cHouse\u200c members haven\u2019t\u200b yet fully appreciated\u200c the single-digit chances that this bill is passed or \u200deven considered \u2063by the Senate \u2014 and the significant changes that will\u2063 be needed\u2063 at the committee level\u200b before it even gets to that point,\u201d the \u200baide\u2063 told the Washington Examiner.<\/p>\n<\/blockquote>\n<p>Tillis&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/heritage-sues-biden-administration-for-info-on-parent-groups-extremist-label\/\" title=\"Heritage sues Biden admin for parent group's 'extremist' label info.\">main concern revolves<\/a> around \u2062the provision in the \u2064bill intended \u200dto fund\u2063 the\u200d tax cuts.<\/p>\n<p>The\u200c bill proposes using \u2064changes to the \u200cpandemic-era employee\u200b retention tax credit (ERC) \u200bto cover the costs. These\u2062 changes would involve stricter enforcement and penalties for fraudulent ERC claims,\u200c as \u2062well as an early end to claim processing.<\/p>\n<p>The Joint Committee on\u2063 Taxation estimates\u2064 that these ERC changes would result \u2064in approximately $77 billion in savings, making the overall bill\u2063 deficit-neutral. However,\u2063 Tillis\u2062 and other Senate Republicans argue that \u2064this provision\u200c is\u2064 deceptive, as it essentially scales back a\u2062 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/150000-illegal-aliens-massed-at-southern-border-ahead-of-title-42-ending\/\" title=\"150,000 undocumented immigrants gathered at the southern border before the end of Title 42.\">pandemic-era program<\/a>\u2063 that was already contributing to the national debt.<\/p>\n<blockquote>\n<p>\u201cHow in the hell can \u200byou have as a pay-for a COVID-era program\u2063 in\u2062 the Employee Retention Tax credit that didn\u2019t have a pay-for,\u201d Tillis said, noting that the program ended up costing much more than anticipated and is rife with fraud.<\/p>\n<p>\u201cHey, here\u2019s\u200b a hint: We ought to go after those\u200d fraudulent payments and then put it \u200cback into the Treasury,\u201d \u2063he said. \u201cIt\u2019s just a gimmick.\u201d<\/p>\n<\/blockquote>\n<p>In \u2062addition to the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/burgum-backs-bigger-child-tax-credit-amid-broader-gop-family-push\/\" title=\"Burgum supports increased child tax credit in GOP's family-focused agenda.\">child \u2064tax credit<\/a>, the bill includes various provisions for businesses. It seeks to extend two\u200c significant tax\u200c deductions for investments that were \u2063part of the 2017 GOP tax overhaul but have since expired. Reinstating these write-offs is a priority for \u200bthe corporate sector.<\/p>\n<p>Despite the potential failure of the bill in the Senate, the bipartisan passage of the tax package in the House \u2062is seen as \u2064a\u2062 legislative victory for House Ways and Means Chairman Jason Smith. Smith \u2064negotiated the legislation directly with Senate Finance Committee Chairman Ron Wyden.<\/p>\n<p>However, the bill&#8217;s fate is further complicated by\u200c the fact that it is an election year. Senator\u200c Chuck Grassley, another member of \u200cthe Finance Committee, believes\u200c that expanding the\u2063 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/child-tax-credit-payment-worth-500-per-child-to-be-sent-to-maryland-families-in-2024\/\" title=\"Maryland families to receive 0 per child in 2024 as child tax credit payment.\">child\u200d tax credit<\/a> \u200cduring an election year could\u200b benefit President\u2062 Joe Biden&#8217;s chances of re-election. Biden has already endorsed \u200bthe legislation, adding to the political complexities surrounding it.<\/p>\n<p>Tillis hopes \u2063that Congress can address the expired tax provisions next year but does \u200bnot believe that the \u2062current bill is a viable solution for\u2064 Senate Republicans.<\/p>\n<blockquote>\n<p>\u201cYou want to talk \u200cabout a child \u200dtax\u2062 credit bill that\u2019s coming together with tax extenders for basically everything\u2063 that we did in [the 2017 tax bill]?\u201d Tillis said. \u201cI\u2019ll talk about that, and we\u2019ll figure \u2063out a\u2063 way to pay for it. But not this half-baked, and I say baked charitably, idea.\u201d<\/p>\n<\/blockquote>\n<p> <\/p>\n<h2> What are the concerns raised by Tillis and his supporters regarding \u2062the bipartisan tax \u200dbill and why do they believe it \u2064does \u2062not adequately address them<\/h2>\n<p><span>  Ogram that has been widely utilized \u2063by businesses, particularly small \u2062businesses, to survive the economic\u2062 impacts of the pandemic.<\/p>\n<p>In an op-ed published\u2063\u200c by The Wall Street \u2064Journal, Tillis wrote,\u200d &#8220;While \u200dI support responsible tax cuts and believe they are a\u2064 vital tool for economic growth,\u2062 using the pandemic-era employee \u200dretention tax credit as a way to\u2063 fund these cuts is unacceptable. We should be focusing \u2063on innovative methods to stimulate the economy, not stripping away support\u2062 for struggling businesses.&#8221;<\/p>\n<p>Many Democrats, however, \u2063argue\u2062 that\u200c the\u2064 proposed changes \u2064to the ERC are necessary to prevent\u200d fraud and abuse. They contend\u2063 that the pandemic has created \u200dopportunities for dishonesty in\u200b tax\u2064 claims, and stricter enforcement measures are warranted.<\/p>\n<p>Despite the pushback, the bill has garnered support from many Democrats and \u2062some \u2063Republicans. House Speaker\u2064 Nancy Pelosi has championed the legislation as a way to support \u200bworking families and rebuild the\u2062 economy. Some Republicans in the Senate also see the bill\u2064 as a potential opportunity to showcase bipartisan cooperation.<\/p>\n<p>However, Tillis and his supporters remain steadfast in their opposition. They believe that \u200bthe bill,\u2062 in its current form, does not adequately address the concerns raised by Senate Republicans. Tillis \u2062vows to push for\u200d significant changes to the legislation \u2063before he \u200dcan even consider\u200d supporting it.<\/p>\n<p>As the debate continues, the fate of the bipartisan tax bill remains uncertain. While the bill passed the House with \u200ba strong majority, its future in the Senate is far from guaranteed. Tillis and other Republican senators will continue to voice their concerns and advocate for changes, \u2062potentially\u2063 derailing its progress.<\/p>\n<p>As for Tillis, \u2063he is resolute in his goal of seeing the bill fail. He believes that the American people \u2062deserve a better bill\u2063 that truly benefits \u200dthem and the \u2063economy.\u200d Whether his hopes come to fruition remains to be seen, but his opposition highlights\u2063 the challenges faced in \u200cachieving\u2062 bipartisan \u2063consensus on tax legislation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sen. Thom Tillis (R-NC), a key member of the Senate Finance Committee, criticized the bipartisan child tax credit and business tax bill, expressing his desire to prevent it from being voted on. Despite passing the House with a significant majority of 357-70, the bill faces challenges in the Senate<\/p>\n","protected":false},"author":2683,"featured_media":2172735,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/02\/thom-tillis.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2172734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/02\/thom-tillis.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2172734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2683"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2172734"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2172734\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2172735"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2172734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2172734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2172734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}