'Tax Reform 2.0' Unveiled by House GOP

House Speaker Paul Ryan speaks during a news conference on Capitol Hill in Washington

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 a year ago and would prefer to do without this new version as well.

President Donald Trump is rapidly losing favour among independent voters and has a low approval rating in general despite a strong economy, two new polls show, providing fresh warning signals for the president and the Republican Party ahead of the midterm elections. According to the House Democratic leader Nancy Pelosi, Tax Reform 2.0 is a scam that would not only add more to the country's deficit but would also make the richest even richer.

Though this is planned by the Republican lawmakers, several lawmakers from high-tax states disapprove of some provisions, especially due to the fact that Tax 2.0 included state and local tax (SALT) deduction cap.

Trump previously had openly questioned whether the 2018 midterm elections even matter, but now he appears to be paying attention.

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

The Protecting Family and Small Business Tax Cuts Act of 2018 (H.R. 6760), which would lock in the lower individual rates, larger child tax credit and larger standard deduction from last year's tax law.

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Aside from making individual tax cuts permanent, Republicans say the legislation will including savings provisions meant to help small businesses offer 401 (k) retirement plans, allow 529 education savings plans to pay for apprenticeships and provide access to retirement savings for costs related to births and adoptions.

Midterm elections often serve as referendums on the incumbent president, which makes Trump's overall unpopularity a liability for Republicans.

Trump often cites the tax cuts enacted by Republicans as one of the driving forces behind the economy's aggressive growth. Results for the full sample have a margin of sampling error of plus or minus 3.8 percentage points, for the subset of 923 registered voters, it is plus or minus 3.9 and for the 775 likely voters plus or minus 4.3 percentage points.

Startup businesses would be permitted to write off more of their initial costs. In 2010, backlash to President Barack Obama and the passage of Obamacare led to the organization of the ideological Tea Party movement, which boosted Republicans back into control of the House.

"Despite the difficulty of the map's geography, if there's a big wave I think our odds are very, very good", Senator Chuck Schumer, the Democratic leader, said in an interview, adding that when "you're feeling the wave in September it rarely changes much by November". "Still plenty to do!"

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