Posted on 11/26/2018 8:59:44 PM PST by yesthatjallen
House Ways and Means Committee Chairman Kevin Brady (R-Texas) late Monday released a 297-page tax and IRS package that would address a host of issues some lawmakers are interested in tackling in the lame-duck session.
The legislation includes provisions to renew expired tax provisions, make technical fixes to last year's tax cut law, provide incentives for retirement savings, provide tax relief for disaster victims and make improvements to the IRS. It would provide for a resolution of a number of tax issues in the final weeks of the year while Republicans still control both chambers of Congress.
The House Rules Committee is scheduled to hold a meeting on the legislation on Wednesday, and a Republican aide said that the package is likely to receive a vote on the House floor later this week.
Brady said in a statement that provisions in the bill have bipartisan support, but it remains to be seen whether Senate Democrats will support the measure. The package would need 60 votes to pass the Senate, meaning that some Democratic senators would need to back it for it to become law.
“This broad, bipartisan package builds on the economic successes we continue to see throughout our country," Brady said. "The policy proposals in this package have support of Republicans and Democrats in both chambers. I look forward to swift action in the House to send these measures to the Senate.”
One portion of the bill would extend tax breaks that expired at the end of 2017. These provisions, known as tax extenders, are typically renewed by Congress every year or two.
The bill would make permanent a tax credit related to railroad track maintenance, phase out tax breaks for biodiesel and renewable diesel, and extend a number of other expired tax provisions through the end of 2018 — including tax breaks that benefit the renewable energy, horse racing and motorsports industries.
Another part of the bill focuses on tax relief for victims of Hurricane Florence, Hurricane Michael, California wildfires and storms and volcanoes in the Pacific. Congress often passes legislation with disaster tax relief provisions toward the end of the year, following major storms and other disasters.
The bill also includes some provisions that were a part of the House Republicans' "tax reform 2.0" package that the House approved in September, including provisions aimed at facilitating retirement savings and business innovation. It does not, however, include some of the parts of the 2.0 package that Democrats found most objectionable — such as those to make the individual tax cuts in the GOP's 2017 tax law permanent or to create universal savings accounts.
The package would make several fixes to drafting errors in the 2017 tax law that had been sought by lawmakers and businesses. It would make two technical corrections that have been strongly desired by the retail industry. It also would make a fix to a provision that bars businesses from deducting sexual harassment settlements involving nondisclosure agreements so that it does not unintentionally hurt sexual-misconduct victims.
Additionally, the bill includes provisions aimed at modernizing the IRS that the House passed on a bipartisan basis in April, including provisions aimed at improving the agency's customer service and information technology.
Welcome to gridlock.
If gridlock lasted until eternity, it would not be long enough.
These bastiges give kabuki a bad name.
The Republican HOR never represented us. We wanted infrastructure, an end to globalist adventurism, a balanced budget, and secure borders, with an end to cheap labor competition for US jobs. They’re still working on a tax bill that probably has more benefits for deep-pocket donors than for us little folk.
If they had doubled the SALT Deduction to $20,000 from the current $10,000 that was part of the Tax Reform Bill, we may still have some of those lost Blue State Congressional Seats.
My “former” Congressman Dana Rohrabacher made the proposal but it was never acted upon. Now a Rat has his Seat.
Just sayin’.
It does not, however, include some of the parts of the 2.0 package that Democrats found most objectionable — such as those to make the individual tax cuts in the GOP's 2017 tax law permanent or to create universal savings accounts.
If they were even going to even bother with legislation they should have made permanent the tax cuts already passed. They had two years with all three branches of government and the tax cuts is about all they accomplished ... and that will expire.
K-Bray is a deep state swamp rat with a DUI. He’ll get nothing done.
A day late and a dollar short!!
Wasn’t Brady part of the Ryan-Boehner gang??
No mention of the 10% middle class tax cut from “2.0” either
Tax breaks for horseracing and motor sports???
That definitely should have been phased out, rather than done so severely.
The effects of the limitations to $10,000 of SALT (State and Local Taxes - including real estate tax) will be felt in a big way starting in February when people start doing their taxes.
Although it will hit blue states the hardest, the depth of the pain is not yet appreciated.
In places where there are high real estate and income taxes (NY, NJ, Calif), a 3% reduction in federal taxes will not come close to negating the loss of SALT. This could accelerate the huge migration from these states and to low tax states like FL and TX, end up turning those Red / Purple States Blue.
I’m in a NYC Suburb and housing has already been hit pretty hard by people anticipating this change. Come April, it will get much, much worse.
I know; hits the “rich”. Guess what, when the rich leave, it hurts everyone.
If NY and NJ weren't smothering their citizens under a mountain of taxes to begin with, then the President's tax cuts and loophole closures wouldn't be an issue.
After seeing hall of famer joe namath on a commercial for medicare supplement.. ww need to re- visit fraud waste and abuse and stop the special interest tax breaks for a period of time. We have some serious debt and some serious IRS problems if hall of famers are on the public dole.
Forget SALT relief there are more important matters to be tended to “horse racing, motor sports and renewable energy” tax breaks. Good grief.
Any thing that hits my 2 annuities small as they are is BAD. That is my retirement money since SS is not livable on. Worked hard to save that money. NO I won’t let you take it to fund Freeloaders. Especially with DEMS in charge.
Better stick to finding the next USSC justice. This is going to be a CAT FIGHT.
John Paul Stevens reveals he decided to retire from Supreme Court after mini-stroke while giving dissent
They’ve already proved Wind Power is a Fraud.
East coaster here. They screwed us with SALT. The rest of the country does not understand the cost of living here. The cost to buy a home or the taxes we pay. At least in CA your property taxes stay same if you don’t sell
Housing at all time high. If you are in a good neighborhood you have a pending sale in 3 weeks. Everyone wants our schools.
Republicans lost Long Island thanks to SALT. If you had money you paid your property and school taxes before 12/31/17
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