Republicans are preparing for battle.
The conservative Heritage Foundation released an analysis this week showing repealing the tax cuts in 2020 would cost the average household nearly $27,000 in lost take-home pay over the next decade. Some of the decline is due to higher individual tax rates, said Adam Michel, a policy analyst at Heritage and one of the authors of the report. But most of it is the result of lower economic growth because of higher corporate rates, he said.
“That’s where a lot of the juice comes from,” Michel said. “That’s the thing I’m frankly most concerned about.”
Democrats have also criticized the GOP for passing its sweeping tax plan with a party-line vote. Yet it seems unlikely that any Republicans would support repealing and replacing what GOP leadership has dubbed the “crown jewel” of its legislative agenda.
“The tax cuts launched our booming economy into the stratosphere and anybody advocating for repeal will have to explain why they want to reverse the jobs and wage growth our country has seen since the law passed,” said John Ashbrook, a Republican strategist who worked under Senate Majority Leader Mitch McConnell.
The Nov. 6 elections will be a testing ground for the Democratic agenda, and Economic Security Project’s Ruben said the Democratic Party will need fresh thinking to connect with voters in 2020.
“People want to feel the confidence that someone is going to fight for them and push for big changes and not let classic Washington gridlock or the constrained sense of what is acceptable in politics get in the way,” he said.
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