News you can use about taxes:
CNN 11/13/17 The House and Senate are both working on tax reform
The House of Representatives is expected to vote this week on a major tax reform bill, a top GOP policy goal that lawmakers say is a must-pass after they failed to repeal and replace Obamacare
and are now a year ahead of the 2018 midterms with little to show for total control of Congress.
Republican leaders in both Congress and the administration
argue that middle class workers will all see tax relief, but Democrats argue the proposal is too tilted toward wealthy Americans. Congress hasn't been able to move any significant changes to the tax code in more than 30 years.
The House GOP bill
overhauling the tax system scales back the number of tax brackets, cuts the corporate tax rate to 20%, aims to simplify the code and eliminate many tax breaks. As of the end of last week, Republican leaders don't yet have the votes to pass the legislation.Several Northeast Republicans say they still have major concerns with the bill
, which repeals a popular deduction for state and local income and sales tax as well as caps property tax deductions at $10,000.
This group and potential other holdouts may be able to secure even more changes to the bill, but any tweaks alter a complicated calculus because leaders need to keep the price tag at no more than $1.5 trillion in order to use special rules to avoid a Democratic filibuster in the Senate. More changes can be added when the House rules committee meets Wednesday and sets the parameters for the debate on the floor at the end of the week.But by and large, Republicans in the House have been able to portray a united front
so far, with several high-profile conservatives coming out to support the bill. Members of the typically hard-to-please House Freedom Caucus have expressed support for the bill. Even Rep. Thomas Massie, a Kentucky conservative who voted against House Speaker Paul Ryan's reelection to the leadership post earlier this year, told CNN he was a "yes."The key question now is if the goodwill will hold, as Republicans from many suburban districts are faced with a floor vote on a measure that some worry could end up being a political liability in the 2018 midterm elections.
In the Senate, Republicans will begin marking up their tax plan in the finance committee, a process that is expected to take several days. But obstacles -- especially those that come with arcane Senate rules -- abound. While the Senate bill met its target of costing no more than $1.5 trillion in the 10-year window, initial estimates found the bill would add to the deficit outside the 10-year window. That isn't allowed under Senate rules if the GOP wants to pass the bill with a simple majority.Leadership aides acknowledged that the Senate plan would still need to undergo some changes in upcoming days in order to pass the muster of the Senate parliamentarian.
Information from Thornton's Tax Services:
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