Maybe Don’t Count Out Obamacare Repeal Just Yet

Maybe Don’t Count Out Obamacare Repeal Just Yet

File photo of a demonstrator holding a pamphlet outside a "Defund Obamacare Tour" rally in Indianapolis
© Nathan Chute / Reuters
By Yuval Rosenberg

Sen. Bill Cassidy (R-LA) told reporters on Friday that he’s getting close to securing enough votes to pass the last-ditch ACA repeal and replacement bill he’s put forth with Sens. Lindsey Graham (R-SC), Dean Heller (R-NV) and Ron Johnson (R-WI).

“I am pretty confident we’ll get there on the Republican side,” Cassidy said. “We’re probably at 48-49 [votes] and talking to two or three more.” And Senate Majority Leader Mitch McConnell has asked the Congressional Budget Office to estimate the effects of the Cassidy-Graham bill, which would speed up the scoring process.

Of course, those last two or three votes have been the challenge for the GOP all along, and they may not be any easier to round up this time. Sen. Rand Paul (R-KY), who voted for a prior repeal bill, said Friday that he won't support this one. Plus, opponents are already stepping up their criticisms about the effects of the bill. And time is running out: Cassidy and his colleagues only have until September 30 to pass the bill this year under a process that would require only 50 supporters in the Senate. So while the Obamacare repeal may still have life, it remains a longshot.

IRS Paid $20 Million to Collect $6.7 Million in Tax Debts

The IRS provides second chances to get your tax return right with Form 1040X.
iStockphoto
By The Fiscal Times Staff

Congress passed a law in 2015 requiring the IRS to use private debt collection agencies to pursue “inactive tax receivables,” but the financial results are not encouraging so far, according to a new taxpayer advocate report out Wednesday.

In fiscal year 2017, the IRS received $6.7 million from taxpayers whose debts were assigned to private collection agencies, but the agencies were paid $20 million – “three times the amount collected,” the report helpfully points out.

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Goldman Sachs and JP Morgan See Small GDP Boost from Tax Bill

Belize sure is bumpy.
Wikipedia
By Yuval Rosenberg

Goldman Sachs economists see the tax bill adding 0.3 percentage points to GDP growth in 2018 and 2019 while JP Morgan forecasts a similar gain of 0.3 percentage points next year and 0.2 percentage points the year after.

Goldman’s analysts add that federal spending, which is likely to grow more quickly next year than it has recently, will bring the total fiscal boost to around 0.6 percentage points for 2018 and 0.4 percentage points in 2019.

Both banks see deficits likely rising above $1 trillion, or about 5 percent of GDP, in 2019.

Does Paul Ryan Have ‘His Eyes on the Exits’?

FILE PHOTO: Speaker of the House Paul Ryan (R-WI) speaks during a press briefing on Capitol Hill in Washington
Joshua Roberts
By The Fiscal Times Staff

Politico’s Tim Alberta and Rachael Bade drop a blockbuster: “Despite several landmark legislative wins this year, and a better-than-expected relationship with President Donald Trump, Ryan has made it known to some of his closest confidants that this will be his final term as speaker. … He would like to serve through Election Day 2018 and retire ahead of the next Congress. This would give Ryan a final legislative year to chase his second white whale, entitlement reform, while using his unrivaled fundraising prowess to help protect the House majority—all with the benefit of averting an ugly internecine power struggle during election season.”

Speculation has been swirling that Ryan could step down once “he’s harpooned his personal white whale of tax reform,” as HuffPost put it.

When asked at his weekly press conference whether he’ll be quitting anytime soon, Ryan chuckled and said, “I’m not, no.”

EU Finance Ministers Warn Mnuchin About Tax Plan

By The Fiscal Times Staff

The finance ministers of Europe’s five largest economies — Germany, France, the U.K., Italy and Spain — warned that the Republican tax plan could have “a major distortive impact” on international trade and may violate international treaties. "The inclusion of certain less conventional international tax provisions could contravene the U.S.'s double taxation treaties and may risk having a major distortive impact on international trade," the ministers wrote in a letter to Mnuchin.