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10 November 2017, 12:35 | Jan Cross
GOP tax bill would kill deduction for student loan interest
It changes some popular provisions such as the mortgage interest deduction, but leaves others, like the 401 (k) tax benefit, unchanged.
The Senate bill would fully repeal the state and local deduction claimed by many taxpayers, an idea that has drawn vigorous opposition from House Republicans in NY and New Jersey and resulted in a compromise in the House version of the bill that would allow property taxes to be deducted up to $10,000.
The House Ways and Means Committee is expected to approve that tax bill within the next several days, paving the way for a full House vote as early as next week.
The GOP has searched for ways to offset major tax cuts without alienating its members by including unpopular measures. Delaying that reduction would lower the cost of the bill to the Treasury, but the delay is opposed by the White House and some Senate Republicans.
"The Senate is not going to pass a bill that isn't clearly pro-family, so we look forward to working with our colleagues to get there", Rubio and Lee said.
They will reportedly bring the bill to a vote next week and we should have a better idea of the situation at that point. Ted Cruz on Thursday would not commit to supporting the Senate GOP's initial plan to overhaul the tax code, even as he praised the legislation as a "positive step in the right direction".
Senate Republicans have generally avoided taking a formal position on the House bill as they await their own alternative.
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That split could be perilous in the Senate, even under special budget rules that would allow the GOP to pass a tax bill with 50 votes instead of the 60 needed for most other legislation.
Perdue said the Senate plan would compress the current seven personal income tax brackets down to four.
"The South Dakota Republican said the measure also preserves existing clean energy tax incentives such as for electricity production from wind. It preserves a tax credit for electric cars as well". The House bill would entirely eliminate the estate tax, while the Senate version would retain it while doubling the exemption level.
Another possible good news for the fight against the House GOP's move to repeal the federal tax credit for electric vehicles.
The two senators added that they want to double the current tax credit to $2,000 per child.
Republican leaders' goal is for Congress to send legislation melding both House and Senate versions to Trump by Christmas, in hopes of protecting their congressional majorities in next year's elections. A preliminary estimate by Congress' nonpartisan Joint Committee on Taxation said the House measure as now written would add $74 billion more to 10-year deficits than allowed. Sessions to testify at hearing amid Russian Federation scrutiny Cornyn: Senate GOP tax plan to be released ThursdayThis week: GOP seeks to advance tax overhaul MORE (R-Fla.) and Mike LeeMichael (Mike) Shumway LeeOvernight Health Care: Trump officials to allow work requirements for Medicaid GOP senator: CBO moving the goalposts on ObamaCare mandate Cornyn: Senate GOP tax plan to be released Thursday MORE (R-Utah) said the $1,650 child tax credit included in the Senate plan didn't cut it.
Senate Finance Committee aides told The Washington Post that they would need to make adjustments to the legislation because it doesn't now meet the requirement that it not add to the debt after 10 years.
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