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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

Posted on 11/08/2017 7:28:05 PM PST by 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.

(Excerpt) Read more at latimes.com ...


TOPICS: Business/Economy; Constitution/Conservatism; Front Page News; News/Current Events; Political Humor/Cartoons
KEYWORDS: 115th; house; senate; senatetaxplan; taxes; taxincrease; trump; trumptaxcuts; trumptaxplan
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You Can't make this stuff up.

Senate Republicans adhere to an artificial constraint so they have to screw Americans to get a Business Tax Cut.

I sure hope Trump renews his mantra of eliminating the filibuster.

1 posted on 11/08/2017 7:28:05 PM PST by Mariner
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To: Mariner

They refuse to cut spending.


2 posted on 11/08/2017 7:29:24 PM PST by stockpirate (WHEN THEY OUTLAW GUNS ONLY THE LEFTISTS WILL HAVE GUNS, not really)
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To: Mariner

That should slow down the housing market.


3 posted on 11/08/2017 7:29:50 PM PST by doug from upland (Stand and honor the flag --- locking arms BS doesn't cut it)
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To: Mariner

If the pubbies are going yo wipe out the party, they may as well do it in a blaze of glory.


4 posted on 11/08/2017 7:30:36 PM PST by Founding Father (The Pedophile moHAMmudd [PBUH---Pigblood be upon him]; Charles Martel for President)
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To: Mariner

Geezis.....


5 posted on 11/08/2017 7:31:23 PM PST by clintonh8r (I've been banned from TheHill.com. #Proud)
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To: Mariner

It doesn’t matter, it isn’t going to pass, these jerks can’t do anything, they are all liars, their platform is lies, I wouldn’t be at all surprised if they get tossed out on their asses next year, and then help the demonrats impeach Trump, which they would be just fine with.


6 posted on 11/08/2017 7:31:38 PM PST by chris37 (Take a week off racist >;-)
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To: Mariner

There are times when I wish ISIS could smuggle a nuke into D.C.and just take the evil place out forever.


7 posted on 11/08/2017 7:34:03 PM PST by Scott from the Left Coast
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To: chris37

8 posted on 11/08/2017 7:36:03 PM PST by Ingtar
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To: stockpirate
They refuse to cut spending.

It is not even a topic of discussion! Well, it was a topic on the presidential debate stage. The guy who discussed it is now president, as it happens, but his party has in large part become a wing of the Church of Big Government, where tax cuts must be "paid for."
9 posted on 11/08/2017 7:37:09 PM PST by LostInBayport (When there are more people riding in the cart than there are pulling it, the cart stops moving...)
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To: Ingtar

We’ll see.


10 posted on 11/08/2017 7:37:28 PM PST by chris37 (Take a week off racist >;-)
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To: Mariner

I will not support anyone who is not supporting MAGA


11 posted on 11/08/2017 7:37:37 PM PST by stockpirate (WHEN THEY OUTLAW GUNS ONLY THE LEFTISTS WILL HAVE GUNS, not really)
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To: Mariner
As they prepare to unveil their own sweeping tax plan

If you currently pay taxes, you still will. If you don't currently pay taxes, you still won't.

New tax plan, same as the old tax plan.

12 posted on 11/08/2017 7:37:44 PM PST by NutsOnYew (If the world was perfect, it wouldn't be.)
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To: Mariner

In before the renter freepers who are ok with this because they don’t believe someone with a mortgage should get a tax advantage.


13 posted on 11/08/2017 7:39:19 PM PST by Yogafist
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To: Mariner
Filibuster = filishuster.

These RINOs have no intention of turning off the fire hose of tax revenues. A true tax cut would involve collecting LESS TAX not the same or more.

It is the old cart before the horse problem. Spending needs to be cut before any, I say ANY, tax reform is possible.

The PUBs are not one iota differrent than the Dems. Worse, they live in fear of losing control if they don't walk the same line as the DIMs. There as many progressives in the GOP as in the Democratic part.

I have little hope of real change.

14 posted on 11/08/2017 7:39:31 PM PST by Cannoneer ( "..raise a standard to which the wise and honest can repair.." GW)
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To: NutsOnYew

“If you don’t currently pay taxes, you still won’t.”

They need to add a minimum rate of 3 or 5 percent for all income.

Bring EVERYONE into the Income Tax.


15 posted on 11/08/2017 7:39:44 PM PST by Mariner (War Criminal #18)
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To: clintonh8r

yeah. Kind of doesn’t feel like a tax cut at all .


16 posted on 11/08/2017 7:40:43 PM PST by fhayek
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To: chris37

Exactly. For the most part, the repugs are incapable of governing, especially in the Senate. They are neither conservative nor courageous enough to move off their calcified, frozen inertia.


17 posted on 11/08/2017 7:40:45 PM PST by ScottinVA ( Liberals, go find another country.)
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To: Mariner

So... what happened to the republicans? They have almost all become Democrats.


18 posted on 11/08/2017 7:41:07 PM PST by cableguymn (We need a redneck in the white house....)
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To: Mariner

Senate WILL find a way to make sure this doesn’t pass.


19 posted on 11/08/2017 7:41:14 PM PST by wiseprince
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To: Founding Father
The fire has been lit and the Democrats have the weiners and marshmallows ready to go.
20 posted on 11/08/2017 7:42:27 PM PST by Cannoneer ( "..raise a standard to which the wise and honest can repair.." GW)
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