Here's what's in final tax bill Republicans plan to send to Trump

17 December, 2017, 03:25 | Author: Diane Mills
  • U.S. Senate Majority Whip John Cornyn speaks to reporters on his way to the Senate floor during debate over the Republican tax reform

Republicans unveiled the final version of the Tax Cuts and Jobs Act early Friday evening, paving the way for their first major legislative win of the 115th Congress.

It's the latest pro-tax bill effort from American Action Network, which has spent more than any other outside group in the tax debate as special interest groups have spent millions to bombard television viewers and web browsers with ads. Now, while he still does not think that this bill is ideal and he would have preferred to have reached a more bipartisan consensus on parts of the legislation, will vote for this "once-in-a-generation opportunity" to make businesses more competitive. Today, Republican senators Bob Corker and Marco Rubio announced they will vote for the bill, leaving the Republicans with potentially enough votes to pass the bill by the end of December.

The legislation rolls back taxes on individuals and businesses and would mark the biggest achievement for proponents of tax cuts in 30 years.

Raising the child tax credit won over at least one GOP holdout, Sen.

Republicans hold a slim 52-48 majority in the Senate, and two ailing GOP senators missed votes this past week.

The standard deduction - used by around two-thirds of households - would be almost doubled, to $24,000 for married couples.

To address those concerns, the new bill includes the original Senate bill's boost of the tax credit per child up to $2,000, but it makes $1,400 of that "refundable", meaning it gets paid to parents even if they have no income tax liability.

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The previous bills would have slashed the top corporate tax rate from 35 to 20 percent. The bill would also scale back the deduction for state and local taxes, allowing families to deduct only up to a total of $10,000 in property and income taxes. The deduction is especially important to residents of high-tax states such as New York, New Jersey and California.

Repeal of Obamacare's individual mandate.

Businesses income reported on owners' personal tax returns would get a 20% deduction on the first $315,000 of joint income. The House bill would have eliminated the deduction, while the Senate would have doubled it.

The Congressional Budget Office said the repeal would reduce the number of people with insurance by 13 million within 10 years because fewer will enroll in Medicaid or buy coverage in government-managed exchanges, including some who will no longer be able to afford insurance because rates will rise about 10% annually.

Moderate Republican Senator Susan Collins of ME, who had been a holdout, now appears to be in support of the bill. GOP leaders are hopeful they will be available next week.

The bill does not change the ban on churches and other charities from endorsing political candidates.

" Graduate school tuition waivers still will not be treated as taxable income".


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