With Obamacare vote, House Republicans free to turn to tax reform

May 5, 2017

Washington, May 5: The Republican-controlled U.S. House of Representatives plans to turn to tax reform in earnest, after concluding a lengthy healthcare debate this week with a vote to repeal and replace Obamacare.

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But even as Republicans predicted that tax reform would succeed before year-end, lawmakers encountered new uncertainties about what a final tax package might contain, as well as doubts about whether Republicans will be able to enact reforms without Democratic help.

President Donald Trump and Republicans in Congress have pledged to complete the biggest tax reform since 1986, when President Ronald Reagan was in office, before the end of 2017. But they face an uphill battle, mainly over policy differences within their own ranks.

Thursday's 217-213 House vote on healthcare legislation raised confidence in the Republican-controlled chamber's ability to move major legislation after two earlier pushes ended in failure.

But to move forward on tax reform, the House, Senate and Trump administration must agree on where to set tax rates, how to pay for cuts and whether the final package should add to the deficit or pay for itself, all areas where common ground may be hard to find.

A plan to enact reforms without Democratic support will also require Republicans to pass a 2018 budget authorizing the parliamentary process known as reconciliation. But a new budget agreement poses a daunting task given Republican opposition to Trump demands for deep domestic spending cuts.

"That may prove to be one, if not the most difficult votes of the tax reform process," Jonathan Traub, a managing principal at the consulting firm Deloitte Tax LLP.

Meanwhile, the need to reach agreement between the House, Senate and White House will likely delay introduction of a tax reform bill, which had been expected in early June.

But Republicans say it will ultimately make it easier to enact reforms before the end of the year.

The House Ways and Means Committee, which will unveil the initial tax bill, is still aiming for a revenue-neutral package that raises $2.4 trillion for tax cuts through a new border adjustment tax and elimination of business deductions for net interest payments, both controversial measures.

Panel chairman Kevin Brady told reporters that revenue neutrality is necessary to ensure bold, permanent changes to tax policy that can drive economic growth.

"That's the argument and the case we're going to make to the Senate and the Trump administration," he said.

But Representative Mark Meadows, who chairs the conservative Freedom Caucus that helped block Trump's first healthcare bill, voiced opposition to a revenue neutral approach.

"If it's revenue neutral, you're not really lowering taxes. You're shifting the burden," Meadows told reporters.

The Trump tax plan unveiled last week calls for steep tax cuts financed by government revenues that officials say will result from higher growth. Some fear the plan could add trillions of dollars to the deficit if growth does not materialize.

Meadows said tax cuts should be offset by cuts to entitlement programs including Social Security and Medicare, which Trump has promised not to touch.

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News Network
May 12,2020

London, May 12: British Prime Minister Boris Johnson has warned that a mass vaccine for the novel coronavirus may be over a year away and, in the worst-case scenario, may in fact never be found.

In his foreword to the government’s new 50-page guidance on a step by step easing of the lockdown measures in place to control the spread of the deadly virus, the UK prime minister lays out plans for businesses to gradually start reopening with “COVID-19 Secure” measures of social distancing and for the public to use “good solid British common sense” as the economy is unlocked.

“A mass vaccine or treatment may be more than a year away,” said Johnson, highlighting the work being done in the UK by scientists at Oxford University and Imperial College London towards this mission.

“Indeed, in a worst-case scenario, we may never find a vaccine. So our plan must countenance a situation where we are in this, together, for the long haul, even while doing all we can to avoid that outcome,” he said.

Admitting that a vaccine or drug-based treatment is the only “feasible long-term solution”, he said the UK has accelerated this with “promising” vaccine development programmes and a collaboration between Oxford University and pharma major AstraZeneca was a vital step that could help rapidly advance the manufacture of a Covid-19 vaccine when it is ready.

As part of global efforts, he flagged the GBP 388 million in aid funding for research into vaccines, tests and treatment, including GBP 250m to the Coalition for Epidemic Preparedness Innovations.

“But while we hope for a breakthrough, hope is not a plan,” he said, as he unveiled his plan for starting to lift lockdown restrictions from this week in phases.

Following a televised address to the nation on Sunday night and a statement in Parliament on Monday, the guidance comes into effect in public life across England from Wednesday when people will be allowed one-to-one contact with people other than those they live with, as long as they remain outside and two metres apart.

They are allowed to play sport with a friend or family member from outside their household or socialise with them in the open air for the first time in more than six weeks since the lockdown was imposed.

People are still advised to work from home where possible but start heading into work where necessary, in sectors such as construction and manufacturing, keeping the social distancing norms in place.

Under the step by step plan, by the start of next month non-essential shops will also reopen, with some hairdressers, pubs and cinemas to follow from July. However, as part of a Covid-19 Alert System, if infection rates are seen to be rising again, restrictions would be tightened “possibly at short notice”.

Fines for breaching the new rules will also be increased to GBP 100 and will double for each repeat offence, up to a maximum of GBP 3,200.

Johnson said: "I must ask the country to be patient with a continued disruption to our normal way of life, but to be relentless in pursuing our mission to build the systems we need. The worst possible outcome would be a return to the virus being out of control – with the cost to human life, and – through the inevitable re-imposition of severe restrictions – the cost to the economy. We must stay alert, control the virus, and in doing so, save lives.

“Then, as vaccines and treatment become available, we will move to another new phase, where we will learn to live with Covid-19 for the longer term without it dominating our lives.”

The devolved administrations of Scotland and Wales are putting their own measures in place and keeping the “stay at home” message in place, rather than switch to the new “stay alert” message.

The UK government’s latest messaging has come under attack from the Opposition and other sections of society over a feared lack of clarity for the general public.

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News Network
June 30,2020

Washington, Jun 30: Indian-American Medha Raj has been named by Democratic presidential candidate Joe Biden as his digital chief of staff, a key role in his election campaigns which are entirely going virtual due to the Covid-19 pandemic in the US.

In this capacity, Raj will work across all facets of the digital department to streamline and coordinate how to maximise the impact of its digital outputs, the Biden campaign said.

“Excited to share that I've joined Joe Biden's campaign as the Digital Chief of Staff. 130 days to the election and we're not going to waste a minute!” she said on LinkedIn.

Raj comes from Pete Buttigieg's campaign, who has now endorsed Biden.

The news was first reported by CNN, which the news channel said is part of the efforts of the Biden campaign to adapt to an almost entirely virtual campaign trail brought on by the coronavirus pandemic.

The US is the hardest-hit country by the coronavirus pandemic, with more than 2.64 million official cases and over 128,000 deaths.

According to CNN, Clarke Humphrey, who previously worked on Hillary Clinton's 2016 campaign, will act as the Biden campaign's new deputy digital director for the grassroots fundraising.

Jose Nunez is the campaign's new digital organising director.

He is from the Kamala Harris' campaign. Christian Tom is the new director of digital partnerships. Over the past few months, Biden has been relying more and more on digital campaigning and raising funds virtually.

A graduate in international politics from Georgetown University, Raj has earned her MBA from Stanford University.

Biden, 77, is challenging the 74-year-old Republican incumbent President Donald Trump in the November 3 presidential elections.

Former US vice president Biden would formally accept his Democratic presidential nomination at the party’s scaled back convention in Wisconsin’s Milwaukee city on August 20.

In view of the coronavirus pandemic, the Democratic National Convention Committee (DNCC) on Wednesday announced its convention plan to broadcast from Milwaukee and across the nation to reach out to all Americans.

According to some of the latest opinion polls, Biden is leading by more than eight percentage points over Trump.

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April 24,2020

Toronto, Apr 25: Canadian Prime Minister Justin Trudeau on Thursday (local time) announced a new CAD 1.1 billion package supporting vaccine research and clinical trials as well as expanded testing capacity.

"We are putting in place an additional CAD 1.1 billion dollars for a national medical and research strategy to address COVID-19," Trudeau said during his daily novel coronavirus pandemic briefing on Thursday.

"This plan has three pillars -- research on vaccines and other treatments, support for clinical trials and expanding national testing and modelling," he added.

Trudeau pointed out that CAD 82 million of the total sum will be directed to the development of a vaccine and treatments against the virus, while CAD 471 million will go towards supporting clinical trials.

A further CAD 249 million is being allocated for expanding testing capacity and modelling, the Prime Minister added.

According to Trudeau, this funding will be allotted to a new "immunity task force" commissioned with conducting serology testing -- blood tests looking for the presence of antibodies indicative of exposure to the virus and subsequent immune response.

He said the taskforce, comprising the country's top medical experts, including Chief Public Health Officer Dr Theresa Tam, will test at least a million Canadians over the next two years.

The funding announced today comes in addition to the CAD 200 million committed for COVID-19-related research on March 11.

Trudeau has repeatedly stressed the daily constraints that much of the population is adhering to will be the new normal until a vaccine is developed.

As of Thursday, Canada has confirmed a total of 40,824 COVID-19 cases since the onset of the outbreak, out of which more than 2,000 have proven to be fatal, according to the latest figures from the country's public health agency.

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