Several Republican House members, facing tough re-election fights in high-tax, Democratic-leaning states like NY and New Jersey, voted against the tax legislation previous year and would prefer to do without this new version as well.
America First Action, a political committee aligned with Trump, conducted a series of focus groups over the summer and concluded the party had a severe voter-turnout problem, brought on in part by contentment about the economy and a refusal by Republicans to believe that Democrats could actually win the midterm elections.
House Ways and Means Committee Chairman Kevin Brady, the 2.0 package's main author, plans to unveil draft language for three bills early in the week and put it to a committee-level vote on September 13, with a full House vote following by Oct 1.
The GOP is seeing some opposition for the next round of tax cuts as lawmakers are looking to hold onto their seats in the midterm elections.
As Vox reported today, three new polls indicate that Democrats could flip the House in November.
A dozen House Republicans opposed the Tax Cuts and Jobs Act last December.
Small businesses are benefitting the most. "This will create over 1.5 million new jobs, continue to raise wages, and boost long-run GDP".
The tax law that took effect January 1, the most sweeping rewrite of the US tax code in three decades, is estimated to add around $1.5 trillion to the ballooning deficit over 10 years.
The Census data, part of the bureau's annual American Community Survey, showed that median incomes grew 6 percent or more previous year in 14 battleground districts, more than a percentage point higher than the national median income gain.
In a statement on Monday, House Democratic leader Nancy Pelosi said: "With version 2.0 of the GOP tax scam for the rich, Republicans want to add even more to the deficit, and even more to the bank accounts of the wealthiest 1 percent". It also provides property owners more advantage as property taxes and mortgage interests are also included in the deduction.
While the law slashed the corporate tax rate permanently from 35 percent to 21 percent, its tax cuts for individuals and the millions of USA "pass-through" businesses expire in eight years.
Also until 2026, the tax law ended the $4,050 personal exemption for individuals and capped at $10,000 the amount of property taxes or state or local taxes that consumers can deduct on their federal returns. "I opened up our lovely economic engine with Regulation and Tax Cuts".