Shutdown looms as House GOP scrambles for votes on funding bill

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Important Differences Between the House and Senate Tax Reform Bills Heading into Conference

- taxfoundation.org
07 Dec 2017
After the Senate's vote on the Tax Cuts and Jobs Act in the early hours of Saturday morning, Senate Majority Leader Mitch McConnell (R-KY) told reporters that while he was not predicting that the conference committee with the House would be "a piece of cake," he was confident that the chambers could reconcile their differences. He cited efforts to "pre-conference" the bill ...

GOP Tax Plan Real Estate

07 Dec 2017
This one's for the real estate dynasties. The Senate version of the bill would double the federal estate tax exemption levels -- currently a 40 percent tax on estates worth more than $5.49 million for individuals, and nearly $11 million for married couples. The House bill would do the same until 2024, when it proposes to repeal the estate tax altogether. According to the ...
- therealdeal.com

Their Votes Put The GOP Tax Bill Over The Top In The Senate Did They Get Rolled

- talkingpointsmemo.com
07 Dec 2017
The controversial GOP tax overhaul passed the Senate by a razor-thin margin of 51 votes over the weekend, and the lawmakers who reluctantly put the bill over the top say their votes were secured by promises from President Trump and Republican leadership on an array of related and un-related issues--from health care market stabilization to protection for young immigrants .

Led US Senate approves Tax Bill that benefits the wealthy and big corporations

07 Dec 2017
In the early hours of Saturday morning, December 2nd, Senate Republicans passed their version of a sweeping tax overhaul. Roughly five hours earlier, the Senate Finance Committee publicly released their final proposal of the Bill after weeks of closed door consultations and few days of public scrutiny of the important Tax Bill that will leave over a over a Trillion Dollars ...
- theunn.com

The Dirty, Swampy Way a Shady Tax Provision Ended Up in the House Tax Bill

- redstate.com
07 Dec 2017
So it's pretty clear what happened here: Republicans took a look at getting rid of a very un-MAGA-like loophole- and as Carney noted, there has been the subject of "a bipartisan push for at least a decade to close" it because tax reform inherently involves "Mak[ing] the tax base broader and more equal, while lowering rates." And then Nick Giordano went and lobbied his ...

Senate tax reform bill full of minefields for taxpayers

07 Dec 2017
"One of the advantages of doing the charitable donation this year is obviously the tax rate," said DuBoff. "Right now we're at 39.6 [percent] for the highest tax bracket, and then under the Senate bill it's 38.5. It remains to be seen whether the House or the Senate will prevail, but obviously there's potential for a higher deduction this year. A lot of people I've spoken ...
- accountingtoday.com

Parker's Explanation of the Senate Tax Bill TCJA

- parkertaxpublishing.com
07 Dec 2017
Observation: The Senate Bill's approach to granting a tax break for passthrough business income stands in stark contrast to the approach in the House Bill. The House's proposal focuses on a maximum tax rate for the business income of an individual (originally a 25 percent rate but this was changed to a fluctuating rate, capped at 25 percent) and generally favors passive ...

Shutdown looms as House GOP scrambles for votes on funding bill

07 Dec 2017
The shutdown dance comes as Republican leaders and the White House are pushing to finish work on a trillion-dollar-plus tax cut plan being hashed out by House and Senate tax writers. Ryan and McConnell are hoping to buy enough time in the budget talks to complete work on the tax bill, all while mollifying their defense hawks and conservative hard-liners in the House ...
- politico.com

Latest Commentary Today, Breaking Business News Worldwide

- latestcommentary.com
07 Dec 2017
Republican leaders, wary of seeing the measure once again fail on the floor of the Senate floor, were not rushing the concealed-weapon bill to that chamber. Senator John Cornyn of Texas, the No. 2 Republican and a co-sponsor of both the concealed-carry and background check bills in the Senate, said on Tuesday that he was "realistic enough" to realize that following the ...

The hypocrisy in California Republican tax 'reform' votes

07 Dec 2017
Eleven of the 14 Republicans in California's House delegation voted for the GOP's tax "reform" bill (one person's reform can often be disastrous for others). Add the fact that every prominent California Republican now inveighs against the state's new 12-cent-per-gallon gasoline tax, which the GOP holds responsible for pump price increases averaging almost 30 cents per ...
- ocregister.com

Overhaul Negotiations With House

- wsj.com
07 Dec 2017
WASHINGTON--The U.S. Senate voted Wednesday to start formal tax-bill negotiations with the House of Representatives as lawmakers began grappling with the delicate balance they must strike to advance final legislation through both chambers and to the president by Christmas.

Susan Collins is getting played Will she really vote for the tax bill in the end

07 Dec 2017
So what's next? Will Collins vote for the bill in the end? I'd predict public hemming and hawing and expressions of "concern" from Collins -- before she goes along and votes yes. After all, Collins made a deal with McConnell to support tax reform in return for quick movement on legislation to stabilize the health care exchanges. That deal is looking weaker by the minute. ...
- washingtonpost.com

Details Of Huge Error GOP Made In Their Senate Tax Bill Emerge Online

- distractify.com
07 Dec 2017
But when the GOP wrote AMT back into the bill , they left it at its current rate of 20%. Which is the same as the new, lower regular rate of corporate tax. If the bill were introduced in its current form, AMT and the regular tax rate would both be 20%, but with AMT excluding many tax breaks available under the regular rate, corporations would be forced to pay the higher ...

It Has Nothing To Do With The Middle Class

07 Dec 2017
"The bill was mislabeled on purpose," Sanford told Washington Post reporter Erica Werner. "From a truth in advertising standpoint, it would have been a lot simpler if we just acknowledged really on this bill, which is it's fundamentally a corporate tax reduction and restructuring bill, period."
- politicaldig.com

Senate votes to pursue tax invoice negotiations

- liber8r.com
07 Dec 2017
Whereas there are vital variations between the Home and Senate payments, each would reduce the U.S. company tax price to 20 % from 35 %, present tax aid for "pass-through" enterprises together with small companies the place earnings are taxed at particular person charges, and each profit the wealthiest People and scale back the tax burden for many middle-class taxpayers.

VA Choice reform becomes more complex as deadline looms

07 Dec 2017
The McCain-Moran bill creates an innovation center at the VA where the agency can test new models of health care. The Senate Veterans' Affairs Committee bill does not. The committee bill includes a measure popular among veterans organizations to expand caregiver benefits to veterans injured before 9/11, which comes at a cost of $3.4 billion and is not included in Moran's ...
- stripes.com

Senate votes to start tax cut negotiations with House

- washingtonexaminer.com:80
07 Dec 2017
Speaker Paul Ryan, R-Wis., appointed nine Republican lawmakers from the House to serve on the conference committee. The list is comprised of five lawmakers from the House Ways and Means Committee, the main tax-writing panel, and two lawmakers each from the Natural Resources Committee and the Energy and Commerce Committee.

Apple poised for 47 billion windfall from GOP tax bill

07 Dec 2017
Under current tax laws, Apple would have to pay $78.1 billion to bring its profits back to the U.S. Under the Senate plan, on the other hand, Apple would only have to pay $31.4 billion on its past overseas earnings, Richard Harvey, a tax professor at Villanova University told the Financial Times. Harvey has testified before Congress regarding Apple's overseas holdings.
- thehill.com

House Ways and Means Committee Votes to Refer Lois Lerner For Criminal Charges

- townhall.com
07 Dec 2017
The House Ways and Means Committee has voted to 23-14 along party lines to refer former head of tax exempt groups at the IRS Lois Lerner to the Justice Department for prosecution. Although the details about exactly what charges will be have not yet been released, lawmakers are arguing Lerner has not been truthful with Congress or the IRS inspector general and leaked ...

Hundreds Storm Capitol Hill Offices to Denounce GOP Tax Bill

07 Dec 2017
The Senate passed its bill in the middle of the night on Saturday, after finalizing the proposal just five hours earlier. Democrats protested that no hearings had been held about the potential impact of the bill, which a number of bipartisan groups found would raise taxes on middle-class families by 2027. A Quinnipiac University poll released on Tuesday found that 53 ...
- commondreams.org

Tax Bill Shows How GOP Has Folded Inward

- politicalwire.com
07 Dec 2017
Ron Brownstein : "There is a more straightforward reason why not a single Democrat backed the legislation: The GOP not only entirely excluded Democrats from the process of drafting the bills, but the party punished Democratic constituencies--from residents of high-tax states to graduate students--in the bills' substance. The tax plans represent a political closed circle: ...

Fresh hurdles as Senate begins hearing

07 Dec 2017
The bill which is co-sponsored by the chairman, Senate Committee on Cooperation and Integration, Stella Oduah who represents Anambra North and her counterpart in Ethics, Privileges and Public Petitions Committee, Samuel Anyanwu, is now ready for to face a proper public scrutiny.
- sunnewsonline.com

US Senate votes to pursue tax bill negotiations with House

- eurasiadiary.com
07 Dec 2017
Trump and his Republican allies see enacting the tax overhaul that they promised voters as crucial to their strategy for the 2018 U.S. congressional elections, when all 435 seats in the House of Representatives and 33 seats in the 100-member Senate will be up for election.
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