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 ...
I agree. Maybe they will go with the house version on the number of brackets and rates.
I’ll hold my high-fives until we see the final legislation. As they stand today, both the House and Senate versions are deductible reform NOT tax reform.
That! Is big one.
That! Is the largest tax cut ever in the history of this nation.
From what I heard last night the Senate put the AMT (Alternative MinimumTax) back into the bill because of Susan Collins.
This is a terrible bill, worst of all worlds for working couples
Tax cut for most middle class workers... That is good... but not for all... Let’s be honest here.
When is this all going to be effective, tax year 2017 or tax year 2018?
Who pays 10 f-ing grand a year in property taxes?
DACA Amnesty? Winning?
My brother-in-law in NJ pays over $10,000/yr in property taxes on his home. Home is worth about $450,000.
Most of it is for school taxes.
If you don’t mind my asking, how the heck does a retired person pull down $76 grand a year? Shrewd investing?
YAY!!!!!!!!!!!!!!!!!!!!
Wonder how many liberals would commit suicide if something like you suggest ever happened?
Bingo. That little (yuuuge, monstrous) detail is very important. Without the individual mandate, deathcare is effectively dead. No one will purchase deathcare coverage unless they’re sick or heavily subsidized.
I’m surprised that anyone paid the deathcare tax anyway. The exceptions were big enough to drive a truck through. But I agree that it’s far better to kill the mandate outright.
Manchin has boldly challenged WV voters to vote him out in 2018 if they are strong enough to do so!
My suspicion is that the house will skip reconciliation and simply go with the senate bill.
Apparently people in NJ have never met a tax that they oppose.
Thanks for the catch! I meant under $38,000. Gosh, I wish I had better investments!
Thanks some reality on this issue versus NeverTrump bs:
“Tax reform is on track and Democrats/Trolls/Never Trumpsters want to derail it. Don’t believe these myths about the Senate’s bill:”
Three way split between SS, UBER driving and a rental.
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