Posted on 12/01/2017 11:56:11 PM PST by Jim Robinson
The Senate passed the Tax Cuts and Jobs Act on Thursday, which serves as one of the final steps for Congress to pass historic tax legislation. The Senate passed the Tax Cuts and Jobs Act 51-49, almost entirely along party lines, with Vice President Mike Pence presiding over the vote. Sen. Bob Corker (R-TN) voted against the bill, and 48 Democrats voted against the tax reform legislation as well.
Reluctant Republican senators such as Susan Collins (R-ME) and Jeff Flake (R-AZ) voted for the bill after last minute changes were made. Flake received a commitment from Republican leadership and the White House that they would pursue a permanent solution for the Deferred Action for Childhood Arrivals (DACA) illegal aliens, while Collins received a provision that would keep the deduction for state and local taxes (SALT).
The Senate agreed earlier this month to move forward on the motion, 52-48, to proceed on the Tax Cuts and Jobs Act. The Senate Budget Committee passed tax reform legislation on Tuesday, even after Sen. Bob Corker (R-TN) and Sen. Ron Johnson (R-WI) expressed skepticism about the bill’s current form. Corker reported that he was reassured about the Senate bill including a “fiscal trigger” that will dial back the tax cuts should the tax bill fall short of revenue projections.
The Senate bill retains the current income tax system’s seven brackets, while the House version collapses the seven brackets into four. The wealthiest Americans would have their income tax fall to 38.5 percent, while the lowest tax bracket will fall to ten percent. Similar to the House tax bill, the Senate version will double the standard deduction for individuals to $12,000, and $24,000 for married couples. The Senate bill also raises the child tax credit from $1,000 per child to $1,650.
(Excerpt) Read more at breitbart.com ...
And it had better stick!!
And it had better stick!!
I do here in Williamson County, Texas.
Thank you.
Well, as you know, this is not Trump’s plan. May have started out closer to his, but the congress has screwed it up royally. Even so, it’s still worthwhile.
Thanks for that post Jim.
If they eliminate the ObamaCare mandate, it would be the best part of the plan (IMO).
I do want the cuts to fuel economic growth, and what is best for our nation.
And also, thanks for your leeway in letting some of us vent who were not completely happy with our taxes getting raised. You demonstrated tremendous fairness on this issue. I think for those here whose side didn't prevail (and I am in the category), it's time to unite and move on.
I think the plan should be on Trump's desk next week, and if not then, the week after. It would be a very bad move politically to put it off to the next Congress in January.
We will be moving on to the next big issues soon. The Mueller drama, North Korea, the Senate election in Alabama are just a few.
I hope, however, we all have a very Merry Christmas.
What about the huge rate increases and $6,800 deductible up from $500 that Trump promised to do something about?
This bill does NOTHING to solve that.
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