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 ...
If individuals all share the load, we can keep the increase to a minimum, and give a real boost to business.
Mark my words: Trump will ask Democrats “What do you need in return for the Corporate Cut”?
He is going to bypass the Republicans on this.
He has to. They’re a bunch of incompetent, corrupt, anti-American buffoons.
Trump should have NEVER just handed it off to the House to write, with his only demand being for lower corporate taxes. He should have had an outline that he told them to follow or improve upon.
Trump has washed his hands of it, which is stupid and he should NOT sign whatever lands on his desk!
It’ll also crash the stock market.
This is NOT “MAGA” !
Damned right and NO earned income ( lie ) payouts!
LA Times
nuff said
this very well may be Trumps Waterloo (anyone remember “read my lips”) then when the democrats take the house because Trump signs on to this tax fiasco, they will impeach him and throw him out
Those people owe that money and many just don't pay it back, as it is.
Paging Calvin Coolidge he got tax and spending cuts. The more I learn about him the more I think he was one of the more successful presidents. Seemed like he faced a swamp back then.
And most in Congress don't give a damn what he says; sadly.
Sounds good to me.
Why is the Senate doing their own tax plan to begin with?
Just to burn time and have another Ocare debacle?
This has to be on purpose to embarass Trump once again.
But should he ONLY fight to get the corporate tax lowered, then he is just a damned POS and useless! No...far worse than useless!
Excessive drama, by too many, on hearsay and conjecture.
If that happens, I hope they do impeach him!
“then when the democrats take the house because Trump signs on to this tax fiasco”
Trump will NOT sign this piece of shit.
The republicans have had 8+ years to come up with a good tax plan. They had nothing.
They had 7 years to come up with a plan to replace Obamacare. They had nothing.
I am not impressed with leadreship in the house or senate. All useless lies.
All the time I accuse the democrats of having nothing. Republicans are no better.
You = DC Swampsters, not you, if that was not clear.
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