Senate Republican tax plan may eliminate property tax deductions and delay corporate cut

The Los Angeles Times ^ | November 8th, 2017 | Lisa Mascaro and Jim Puzzanghera

[Mariner]

As they prepare to unveil their own sweeping tax plan, Senate Republicans are revisiting key provisions of the GOP House proposal, including possibly eliminating property tax deductions as well as state income tax deductions, increasing the size of child-care credits, offering more help to small businesses and having corporate tax cuts phase in or expire, according to those familiar with the negotiations.

The final outline of the Senate plan, scheduled to be released Thursday, remained a work in progress, officials cautioned.

“Everything is on the table,” said one Republican official Tuesday evening, who did not want to be identified discussing the talks.

House and Senate Republicans agreed on an early framework for the tax overhaul — lowering corporate rates to 20% and consolidating individual brackets.

But as House Republicans push ahead with a vote next week on their bill, Senate Republicans are constrained by Senate rules that require their package not increase the federal deficit by more than $1.5 trillion over a decade.

Core to the Senate’s dilemma is how to make the corporate tax rates immediate and permanent — as President Trump wants — which has left them searching for revenue streams so they don’t add to the deficit.

They are considering various options: Fully repealing state and local tax deductions that are important to California and other high-tax states, including property taxes; adjusting individual tax brackets so higher-income households that earn less than $1 million fall in the top 39.6% rate; retaining some type of estate tax; or repealing parts of Obamacare.

[Sam Gamgee]

Corporate tax cuts are the key to this package and the economy. Without that the entire package is next to useless. I hope Trump tells them to go to hell and campaign against them in their primaries.

[Sam Gamgee]

That’s actually not a bad idea. Even if it ends up at 25%, give the Dummies a little of something.

[TheConservativeTejano]

Partner, the Senate Republican plan is DOA we hope. These idiots are led by a Never Trumper named McConJob.

President Trump will not sign on to a bill where we delay the corporate Tax cut to 20%. Yes, we wish it had been 15% but we will take 20%.

We all know that 90% of the Income Taxes collected by the IRS comes from 10% of the highest income earners in the country.

We do not like the House plan of having another rate instead of just 3 tax rates.

Yes, I agree with ya on the top 10% income earners will see higher tax rates with the House plan.

We can start with this plan since it will create economic growth and this will mean more jobs.

Someone told me what a 1% economic growth gives to the country as far as private sector jobs. I just do not remember that number right now.

Cutting spending will be the next No. 1 priority, since The America Hating, Imposter hired so many folks into gov'mint jobs.

[arrogantsob]

The initial tariff was a Revenue tariff designed to fund the government at a time when the nation had no money supply. Protection of war industries was also a goal.

The US is demonstrating the “Export Cycle” wherein a country creates a new industry and remains the sole source for it for a period of time. Then economics and the cost of labor dictate that the production of the good seeks the lowest cost producer. First American industry moves production offshore. Then the technique for that production becomes widespread and new industries arise in the foreign country to produce it.

This is inevitable and starts all over again with new commodities.

We lead the world in innovation and one of the reasons is there is no protection of obsolescent industries by a tariff. With a level playing field we can compete with anyone. Escaping competition leads to stagnation then regression.

This does not even address the massive growth of federal power and the fact that Congress sets the tariff rates. Open the floodgates for even more corruption than there already is as industries lobby for favorable treatment by the tariff.

[Don Corleone]

They refuse to cut spending.

'cause its their money dontcha know?