Trump's tax cuts move a step closer

28 October, 2017, 01:12 | Author: Irene Delgado
  • Ivanka Trump the daughter and assistant to President Donald Trump during a news conference promoting an expanded child tax credit on Capitol Hill in Washington Wednesday Oct. 25 2017

Sound familiar? The GOP is handling its tax-overhaul rollout in nearly the exact way it did the Obamacare repeal effort and hoping for a different result.

Battles over the state and local tax deduction and tax-free contributions to retirement accounts have already broken open, and Republican tax writers have yet to lock down dozens of crucial details on tax rates and preferences.

Bipartisanship may be the word of the year this year, as Democrats and Republicans decry hyper-partisanship in Washington during the era Trumpism and its maladjusted leader, President Donald Trump.

"Well, I think all of us realize that if we fail on taxes, that's the end of the Republican Party's governing majority in 2018", Graham said on Fox News Radio's "Kilmeade and Friends".

But his proposal, in outline, also includes an abolition of the estate tax.

Ivanka Trump is pitching an expanded child tax credit in a visit to Capitol Hill.

U.S. President Donald Trump speaks before awarding the Medal of Honor to Vietnam War Veteran, retired Army Capt. Gary Rose, during a ceremony in the East Room of the White House in Washington, U.S., October 23, 2017. Trump and Sen. Bob Corker of Tennessee reignited their feud, hurling insults over Twitter. "By now, we all know better than that". "He needs them all", Tuz said.

King worries that using proposals to cap 401 (k) contributions to fight the current tax -"if people who might be progressive champions of a better system are going to run to the barricades with the [financial services] industry and everybody else"-could make future efforts at progressive reform more hard". As House members see an opportunity to pay for proposed tax cuts, Trump says he's not having it.

The House and Senate may go their separate ways in filling in the blanks - and possibly changing key provisions included in the framework.

Trump says he opposes curbing 401 (k) donations, however, which tossed a monkey wrench into the process.

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Although the tax reforms are still being written and subject to another vote in the Senate, the United States president is expected to make an announcement confirming them next week. He said Jenkins voted for a January budget that was also expected to increase deficits because there was an understanding reforms would come later - in this budget.

The president's feuds with Corker and Flake won't make it any easier.

But Republican lawmakers from higher-tax states such as NY are resistant to that idea. "That will provide tax relief for Americans regardless of where they live", Brady said. Republicans hold a slim 52-48 margin in the Senate.

The road ahead contains landmines - including must-pass bills such as averting a government shutdown on December 8 and renewing the expired Children's Health Insurance Program.

"If the SALT is repealed, we would expect some deterioration of credit quality for affected states and localities in the medium term, including some price pressure on housing markets in areas bordering states with lower local taxes (eg, southern New Jersey)", Barclays analysts wrote to clients on Thursday.

The outline calls for a reduction of the corporate tax rate to 20 percent from its current rate of 35 percent.

An Associated Press-NORC poll released Wednesday found most Americans saying Trump's tax plan would benefit the wealthy and corporations, and less than half believing his message that "massive tax cuts" would help middle-class workers.

"We can do this".

The GOP is desperate to find common ground for all members.

Congressman Tim Ryan (D-Niles), who was present and voted no, issued a statement following Thursday's vote.

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