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emfizz.com November 24, 2017


Senate Finance Committee begins markup of GOP tax reform bill

14 November 2017, 12:53 | Terri Saunders

Brady: House Won't Accept Repeal of State, Local Tax Deductions

Copies of the 429-page GOP tax overhaul plan are carried by House Ways and Means Committee staffer Thomas Kutz before the start of the committee's markup session on Capitol Hill Monday. The House tax-writing committee passed an amended version of the bill

An analysis showed, meanwhile, the Senate version of the legislation would actually increase taxes for some 13.8 million USA households earning less than $200,000 a year.

As Clark Hill PLC has previously reported, 3 the committee-approved House bill would terminate the issuance of four types of tax-exempt or tax-advantaged bonds: private activity bonds, advance refunding bonds, tax credit bonds, and bonds for professional stadiums.4 According to the description of the Chairman's mark, the Senate bill, as introduced, would also terminate all advance refunding bonds but would preserve private activity bonds, tax credit bonds and bonds for professional stadiums.

The House and Senate have released competing bills, neither of which ends the individual Obamacare mandate to maintain insurance coverage or lowers the top rate almost as far as the president requested on Monday.

Trump praised new bills in the House and Senate, called the Tax Cuts and Jobs Act (TCJA), but suggested a few improvements.

President Donald Trump on Monday weighed in via Twitter on the latest GOP tax plans. That group, about 10 percent of all taxpayers, would face tax increases of $100 to $500 in 2019, the nonpartisan Joint Committee on Taxation found. By 2025, 21.4 million households would have steeper tax bills.

Trump tweets: "Cut top rate to 35% w/all of the rest going to middle income cuts?"

China's JD.com swings to third-quarter profit, lifting shares
At just past the halfway mark, the headline gross merchandise volume swept past last year's dollar total just shy of $18 billion. Singles' Day is an annual 24-hour buying frenzy that takes place in China on November 11.


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If California keeps all its votes against the tax reform bill, and Republicans continue to oppose it, "the bill is dead", Crowley said, as "it is actually against the interests of their constituents". Both versions of the tax plan cut the top individual rate, but the Senate version only lowers it to 38.5 percent.

The GOP is moving urgently on the first rewrite of the US tax code in three decades, but key differences promise to complicate the effort.

The legislation would steeply cut corporate taxes, double the standard deduction used by most Americans, and limit or repeal completely the federal deduction for state and local property, income and sales taxes.

The deduction is particularly important to residents in states with high property values or tax rates.

Meanwhile, Crowley has said he believes Democrats have a better than 50 percent chance of retaking the House in 2018, and on Monday he said the politics of impeachment are already becoming a campaign issue.



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