House won't agree to nix property tax deduction

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House won't agree to nix property tax deduction

- krgv.com
13 Nov 2017
The Senate's tax-writing committee will wade through its newly unveiled measure starting Monday. The legislation in the House and Senate carries high political stakes for President Donald Trump and Republican leaders in Congress, who view passage of tax cuts as critical to the GOP's success at the polls next year.

Tax Cuts and Jobs Act cuts taxes for all income levels

13 Nov 2017
In reality, middle-class families see significant tax reduction in the House tax plan. A typical family of four will pay $1,182 less in taxes while a couple making $115,000 will pay $1,130 in lower taxes, according to the Ways and Means Committee. Similarly, the Tax Foundation found that after-tax income for a typical middle-class family will increase by $2,598 under this plan.
- washingtonexaminer.com

House GOP Restores Adoption Tax Credit After Backlash

- weeklystandard.com
13 Nov 2017
The Weekly Standard 2017 Washington, DC Politics 2017-11-09 2017-11-09T16:04 2017-11-09T16:04 House GOP Restores Adoption Tax Credit After Backlash House Republicans reversed course Thursday on their plans to scrap the adoption tax credit. Kevin Brady, chairman of the tax-writing Ways and Means Committee, issued a statement that an amendment to the committee's bill would ...

House Will Not Accept Senate 'Elimination Of State And Local Tax Deductions

13 Nov 2017
Later in their discussion, Brady used the Joint Committee on Taxation analysis to defend the House tax plan, saying the "study confirmed, every income bracket sees a tax cut," but as the JCT actually reports, "The Tax Cuts in the House Bill Are Overwhelmingly Skewed to the Top"
- crooksandliars.com

McConnell 'misspoke' on claim that no one in middle class would get tax increase

- thehill.com
13 Nov 2017
Senate Majority Leader Mitch McConnell Addison (Mitch) Mitchell McConnell McConnell expects Paul to return to Senate next week Former Hill staff calls for mandatory harassment training Gaming the odds of any GOP tax bill getting signed into law MORE (R-Ky.) is walking back his claim that no middle class Americans will see a tax increase under the Senate GOP plan.

Senate GOP Tax Reform Plan Reverses House Plans To Hinder Renewable Energy

13 Nov 2017
Never let it be said that the American Republican Party is a monolithic entity working together to progress in one sensible direction. Earlier this month GOP representatives in the House proposed a tax reform bill which was widely met with derision and disappointment -- including from the renewable energy industry. It not only proposed eliminating the vehicle tax credit, ...
- cleantechnica.com

GOP's Dueling Tax Overhauls Struggle to Pass a Key Red The Money Street

- themoneystreet.com
13 Nov 2017
Hatch's plan seeks to shore up revenue by departing from the House bill in a number of ways -- including its proposal to fully repeal state and local tax deductions that benefit individuals in high-tax states. That measure will alienate GOP House members in New York, New Jersey and California.

And Neither the House Nor the Senate Can Fix

13 Nov 2017
To pass a tax bill with just fifty-one votes in the Senate--rather than sixty--the Republicans must keep the over-all cost of their proposal to $1.5 trillion over ten years. Even when allowing for a one-year delay in implementing the corporate tax cut, the business provisions of the G.O.P.'s plans swallow the lion's share of that sum. According to an analysis of the Senate ...
- newyorker.com

House GOP quietly revises tax bill to tax income at higher rates

- cbsnews.com
13 Nov 2017
A day after the GOP unveiled its plan promising middle-class relief, the House's top tax-writer, Rep. Kevin Brady, R-Texas, released a revised version of the bill that would impose a new, lower-inflation "chained CPI" adjustment for tax brackets immediately instead of in 2023. That means more income would be taxed at higher rates over time -- and less generous tax cuts for ...

The GOP's 3 Priorities for Tax Reform

13 Nov 2017
The framework from House Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, and other GOP leaders calls for roughly doubling taxpayers' standard deduction (an individual's first $12,000 of income would become tax free, and the first $24,000 for married couples), and condensing the current seven tax brackets to three.
- conservativepapers.com

The GOP's proposed college endowment tax is bad news for Minnesota's Carleton and Macalester

- minnpost.com
13 Nov 2017
There are thousands of colleges and universities in the U.S., and the GOP's endowment tax would only affect about 70 of them. Legislation from Republicans in both the Senate and the House of Representatives propose placing a 1.4 percent tax on annual investment revenue on the private colleges with the largest endowments -- $250,000 per student.

Major differences in House, Senate tax proposals

13 Nov 2017
In this Nov. 9, 2017, photo, Speaker of the House Paul Ryan, R-Wis., meets with reporters as he encourages support for Republican tax reform legislation, on Capitol Hill in Washington. The House and Senate tax overhaul plans are broadly similar, but crucial differences create headaches for Republican leaders determined to keep myriad interest groups and factions of the GOP ...
- abcnews.go.com

Flipboard on Flipboard

- flipboard.com
13 Nov 2017
The Senate bill would eliminate a taxpayer's ability to deduct state income taxes and local property taxes. But the final bill may have to closely track a House compromise that provides a property tax deduction of up to $10,000 or else risk a revolt from GOP lawmakers from New York, New Jersey, and California.

Senate Tax Plan Would Completely Scrap State and Local Deduction

13 Nov 2017
The plan from the Senate does not mention the New Markets Tax Credit program. But provisions in it would make the historic rehabilitation credit less generous, repealing a 10 percent tax credit for pre-1936 buildings and lowering to 10 percent, from 20 percent, a credit for structures that meet certain certification requirements.
- routefifty.com

Comparing the House and Senate Reform Plans

- dailysignal.com
13 Nov 2017
The Senate bill lowers marginal income-tax rates for a larger share of Americans, including reducing the current top 39.6 percent rate to 38.5 percent. Although tax brackets are not consolidated as they are in the House, the Senate rightly abandons the House-proposed "bubble rate" of 45.6 percent that was intended to take back the benefit of the new 12 percent bracket for ...

Paul Ryan and Mitch McConnell are walking back a big promise about the GOP tax plan, Business Insider

13 Nov 2017
Independent analyses have cast doubt on those claims. The Tax Foundation, Tax Policy Center , and the Joint Committee on Taxation have all found that the House legislation would raise taxes on many in the middle class. For instance, the JCT found 23.7% of people making between $50,000 and $75,000 a year would see a tax increase in 2027 under the House plan.
- businessinsider.sg

Senate Democrats falsely claim GOP tax plan will raise taxes for most working The Washington

- washingtonpost.com
13 Nov 2017
Latoya Veal, spokeswoman for the JEC Democrats, explained how the number was calculated. The staff took an estimate by the Tax Policy Center , based on the GOP's "Unified Framework" released in September. The staff then focused on the households (technically "tax units" in the TPC document) making under $86,100 -- the bottom three quintiles of taxpayers -- that would face ...

Deficit worries complicate Senate tax plan

13 Nov 2017
The Committee for a Responsible Federal Budget, a nonpartisan budget watchdog in Washington, on Friday called a Senate Republican tax plan a "fatally flawed budget buster," likening it to Republican legislation in the House of Representatives that the House tax committee has approved.
- americanthinker.com

Everything you need to know about the Senate GOP tax reform proposal

- accountingtoday.com
13 Nov 2017
Regardless of what happens, the tax reform sham will benefit businesses and hurt most (average) American taxpayer. It s expected of the GOP to benefit and scrthe taxpayers, esp. the middle class. ACA was not repealed and it was Not UN-Linked to the US tax code which never should ve happened in the first place! Businesses/GOP are laughing at taxpayers expenses! Politicians ...

House, Senate bill differences cause conflict

13 Nov 2017
As Republicans race toward a self-suggested Christmas deadline to get a bill to President Donald Trump's desk, the House and Senate versions of the legislation contain key differences. And many of Trump's priorities for the tax plan seem to be missing in either one or both of the bills -- especially the Senate's.
- businessinsider.com

Major differences in House, Senate tax proposals

- wmda.mobi
13 Nov 2017
Currently, when someone dies, the person inheriting the estate must pay taxes on its value above $5.5 million for individuals, $11 million for couples. The House bill initially doubles those limits and then repeals the whole tax after 2023. The Senate version doubles those exemption amounts -- but doesn't repeal the tax.

The House and Senate Will Pass Pro

13 Nov 2017
The Senate's idea to phase in the new corporate tax rate in 2019 is a bad idea. (President Trump agrees.) To be sure, the GOP senators want full cash expensing for capex projects for 2018. Good. But as Art Laffer warns, if you hold back the actual rate reduction, you'll see a lot of tax avoidance and sheltering next year.
- nationalreview.com

Tax bills remain at odds

- arkansasonline.com
13 Nov 2017
WASHINGTON -- The chairman of the House's tax-writing committee said Sunday that he's confident that chamber won't go along with the Senate's proposal to eliminate the deduction for property taxes, setting up a major flash point as Republicans aim to put a tax cut bill on President Donald Trump's desk before Christmas.

Why GOP tax compromise is the worst of all worlds

13 Nov 2017
To review, with this tax reform plan, the GOP will anger the housing industry, dismay charitable foundations, and raise taxes on many families (and not just in New York and California), while still keeping the parochial handouts for New York and New Jersey -- all for a muddled tax plan that is, at best, a wash.
- conservativereview.com

Republication senators plan to preserve wind PTC and EV tax credits

- strattonreport.com
13 Nov 2017
According to the Senate bill, they would preserve the current $7,500 federal tax credit for electric vehicles, as well as the $23/MW production tax credit for wind energy, set for 2020. The House bill released last week would do the opposite. Instead, their bill would reduce the PTC and maintain the expiration date of the incentive.

Alaska Senate passes House version of SB 91 rollbacks, adjourns special session

13 Nov 2017
Asked about the governor's statement, Senate Majority Leader Peter Micciche, R-Soldotna, responded: "Saddened?" He said in a phone interview that he thought face-to-face discussions involving Walker and House and Senate leaders would be more productive than tax bills that "seem to be disconnected from discussions that will actually result in a solution."
- adn.com

Tax Bill Provision Would Clobber Seniors

- aarp.org
13 Nov 2017
Repeal of the deduction was included in the House Republican tax measure , which is being debated by the Ways and Means Committee. An amendment to preserve the deduction -- and reduce the spending threshold from 10 percent to 7.5 percent of the taxpayer's income -- was rejected by the committee in a party-line vote. Senate Republicans could release their version of the tax ...

Tax plan should focus on the 99 percent

13 Nov 2017
The GOP is racing to jam through its version of tax reform that ultimately gives the biggest benefits to big corporations and the wealthiest 1 percent of Americans. The plan? Bestow immediate and permanent tax breaks to the wealthiest. The reasoning? "Ultimately" this method will "trickle down" to average Americans in the form of more spending money.The White House states ...
- capecoddaily.com

Things You Should Know About the GOP Tax Plans

- kiplinger.com
13 Nov 2017
One of the first changes made to the House proposal in committee was to grant this tax break a five-year reprieve. As the plan stands now, child-care flex plans would be allowed to continue saving parents money through 2022. The savings would end starting in 2023.

House Tax Plan Would Significantly Impact Older Adults and People with Disabilities

13 Nov 2017
The House tax bill does all this, and still increases the deficit by $1.5 trillion because it massively cuts taxes for the wealthiest Americans by eliminating the Alternative Minimum Tax and Estate Tax and reducing corporate tax rates. Advocates caution that this may set up a "need" to cut spending by drastically changing and defunding Medicare and Medicaid, block granting ...
- blog.medicarerights.org

And explains how Republicans 'betrayed' Trump

- theblaze.com
13 Nov 2017
Treasury Secretary Steve Mnuchin told Fox Business host Trish Regan that despite differences in tax reform bills in the House and Senate, everyone was "on the same page" and called the differences "minor." Forbes, however, didn't buy that, and went on to slam the reform effort.

GOP tax plan hammers the middle class

13 Nov 2017
The House tax plan makes sure Ivanka and Jared Kushner (worth $206 million to $762 million) won't have to pay a nasty estate tax when The Donald departs this mortal coil, thus creating a permanent hereditary aristocracy for the Kushner-ettes and super-rich kids like them.
- bostonglobe.com

The GOP's Tax Bill Could Cost MBAs

- poetsandquants.com
13 Nov 2017
The Tax Cuts and Jobs Act of 2017 proposes to eliminate the itemized deduction for employee business expenses. The employee business expense deduction includes any expenses for work-related education. If this tax bill becomes law, "a taxpayer would not be allowed an itemized deduction for expenses attributable to the trade or business of performing services as an ...

House, Senate tax bills could eliminate deductions for college seat licenses

13 Nov 2017
According to the spokesman, the House's so-called Tax Cuts and Jobs Act helps Americans receive a tax benefit for donating to their favorite universities. "But for the sake of providing fairness to all taxpayers, this college sports quid pro quo needs to end," the spokesman said.
- hookem.com

GOP's Tax Plan 'Attacks Homeownership

- realtormag.realtor.org
13 Nov 2017
Your clients might think the GOP's tax plan will benefit them, but they're likely to be mistaken. Learn about the bombshells awaiting property owners and middle-income workers that are hiding in the bill currently making its way through the U.S. House of Representatives.

Would the House GOP tax plan save a typical family

13 Nov 2017
This amount is more than two-thirds lower than what the White House earlier said before the details of the House proposal were hammered out -- that "the average American family would get a $4,000 raise under the President's tax cut plan." We have urged skepticism about the $4,000 figure.
- politifact.com

The Biggest Winners and Losers

- rollingstone.com
13 Nov 2017
The GOP tax plan does include a few unambiguously good ideas like ending the mortgage-interest deduction for vacation homes, repealing a tax break that subsidizes sports stadium construction, and (modestly) taxing the richest private college endowments. But the bill also promotes some spectacularly bad public policy.

Business groups typically allied with GOP not all on board fast tax train

13 Nov 2017
The hunt for that money has led lawmakers into uncharted territory. The original House Republican bill included a new excise tax on payments between certain subsidiaries of multinational corporations. It raised an estimated $154.5 billion, and GOP tax writers said it would discourage globe-spanning companies from sending their U.S. profits abroad.
- denverpost.com

Senate Tax Reform Plan Fails

- dailycaller.com
13 Nov 2017
According to the Tax Foundation , the death tax is an economy killer. A full repeal would have created more than 159,000 new jobs, increased capital investment by 2.3 percent, and increased after tax by 0.8 percent for middle income families. For a family of four making $80,000 that is an extra $640 every year. The same Tax Foundation report says that the death tax would ...

The GOP Tax Plan Tells Us Everything About Who Matters In American Democracy

13 Nov 2017
The GOP says its plan is an effort to "fix our broken tax code," and there can be no doubt that the code is broken. Our fabulously wealthy nation is mysteriously plagued by poverty. More than 40 million Americans currently live in poverty , including 11.5 million children. Over 41 million people live in what the US Department of Agriculture defines as "food insecure ...
- billmoyers.com

Grading the Republican Senate Tax Plan

- peoplespunditdaily.com
13 Nov 2017
Daniel J. Mitchell is a Senior Fellow at the Cato Institute, and a top expert on tax reform and supply-side tax policy. Mitchell's articles can be found in such publications as the Wall Street Journal, the New York Times, Investor's Business Daily, and the Washington Times. He is the author of "The Flat Tax: Freedom, Fairness, Jobs, and Growth," and co-author of "Global ...

White House hails 'important step' on tax bill

13 Nov 2017
The amendment to the legislation by Rep. Kevin Brady, chair of the House's tax-writing committee, proposes other complex changes to the bill nearing approval by the panel, including an array of business tax proposals which would in some cases further reduce tax rates.
- wiat.com

The House Of Representatives Took A Major Step Towards Enacting A Massive Tax Cut

- apsample2.advisorproducts.com
13 Nov 2017
Meanwhile, the House of Representatives took a big step forward on enacting a massive $1.5 trillion-dollar tax cut, which will stimulate the already strong growth expected in the economy. The House narrowly voted to approve a budget resolution that paves the way for an increase of $80 billion in the deficit for the year ending September 30, 2018 to $746 billion. The budget ...

Drug companies back Republican tax plan

13 Nov 2017
The Biotechnology Innovation Organization -- which represents pharmaceutical companies ranging from Pfizer, Merck and other giants to smaller biotech firms -- is offering full-throated support of the tax reform bill proposed by Senate Republicans. The Senate proposal would not eliminate the tax credit for developing rare-disease drugs, saving the industry $54 billion over ...
- axios.com

What Senate Republicans are proposing in their tax plan

- thetruth24.net
13 Nov 2017
"The Senate doesn"t trim state and local deduction, it doesn"t tweak it; it completely eliminates it. So the Senate Republicans are pulling the rug out from under their colleagues who represent suburban districts in so many states in the House," Senate Democratic Leader Chuck Schumer , D-N.Y., said of the proposal.

Pelosi warns California's GOP members of Congress

13 Nov 2017
But for Pelosi and California Democrats, the battle against the tax plan is a no-lose proposition. If they do persuade GOP Congress members to oppose the tax bill, it could kill the bill and give Democrats a surprising victory. But if those same Republicans back the tax bill, it gives Democrats a new and likely effective way to attack them in next year's elections.
- sfgate.com

A Comparison of the House and Senate Tax Bills

- hklaw.com
13 Nov 2017
It has been a busy week in Washington, D.C., as Congress works its way through tax reform. The House Ways and Means Committee completed its "markup" of the House bill this week, paving the way for a floor vote on the measure as soon as the week of Nov. 13.

Is A Corporate Tax Cut Really What The Economy Needs

13 Nov 2017
U.S. corporations pay an effective tax rate of 35 percent, although most manage to lower that through various loopholes, exemptions and tax credits. The GOP plan would reduce the effective rate to 20 percent, bringing it more in line with other advanced economies.
- npr.org

House Republicans Raise Red Flags Over Senate Tax Bill

- rollcall.com
13 Nov 2017
The Senate's decision to fully repeal the deduction for state and local tax, or SALT, is another potential showstopper for House Republicans, who struggled for weeks to find a compromise that would placate members from high-tax states like New York and New Jersey.

The GOP Establishment Wants To Burn Down The Village To Save It Kurt Schlichter

13 Nov 2017
The GOP congressjerks couldn't manage to undo Obamacare, despite their unequivocal promises, and now they seem intent on passing some sort of tax reform that is worse than not passing any sort of tax reform. What is this insane "taxes on a postcard" fixation? What we care about is paying less - I want a fifty page return if it saves me money. You take away deductions and ...
- townhall.com

GOP Tax Breaks for Billionaires would Help Trump Appointees

- juancole.com
13 Nov 2017
I couldn't believe what I was reading, and figured that I might be overly eager to uncover gifts to the ultra-rich in the House tax cut bill, which is by no means tax reform because it hurts millions of taxpayers in my home state of New Jersey and other places that aren't reliably Republican, but bestows plenty of breaks on big businesses and the rich. So I asked tax ...

Muni market breathes 'sigh of relief' over Senate tax plan

13 Nov 2017
"We feel more comfortable about (PABs') future long term with the Senate bill," said Tim Fisher, legislative and federal affairs coordinator for the Council of Development Finance Agencies, adding that his group plans to keep to keep up pressure on the House.
- oann.com

Renting Would Beat Owning Under House Tax Proposal, Realtors

- bloomberg.com
13 Nov 2017
One of the Realtors' examples: Under the plan, a family of four with an income of $120,000 would receive a tax cut of $3,408 if they rent their home. If that same family bought a home with a mortgage, their taxes would go up instead -- to the tune of $226.

N Y GOP fears election doom if tax plan is approved

13 Nov 2017
Currently, the Republicans have 31 members in the 63-seat chamber, but hold a slim majority thanks to Sen. Simcha Felder, a Brooklyn Democrat who caucuses with the GOP. The Senate Republicans are also helped by a group of eight other breakaway Dems aligned with them.
- nydailynews.com
#NewJersey      #NewYork      #SenateRepublicans      #TaxCuts     
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