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November 21,2017202-224-4515, Katie Niederee & Julia LawlessThe Senate Tax Proposal Delivers Benefits Directly to the Middle Class Under Finance Committee Plan, a Typical Family of Four Will See Tax Bill Drop by Nearly 60 percent The Finance Committee tax overhaul delivers benefits directly to the working and middle class through doubling the standard deduction and the child tax credit, as well as lowering rates across the board. Take a look at the real world impact of the Senate plan:Family of four earning $73,000 A family of four with income of around $73,000 (median family income) will see a tax cut...

Congressional analysts are estimating that the Republican Senate tax bill would increase taxes in 2019 for some 13.8 million U.S. households earning less than $200,000 a year. The nonpartisan Joint Committee on Taxation provided the analysis Monday as the Senate’s tax-writing committee begins work on its version of the tax overhaul bill. The legislation, promoted as a boon to the middle class, would steeply cut corporate taxes, double the standard deduction, and limit or repeal completely the federal deduction for state and local property and income taxes. The analysis of the Senate plan says 13.8 million households, or about 10...

If you were to randomly ask a sample of 100 Americans from around the country why the mortgage interest deduction was implemented in the tax code, I'd wager that the bulk of the answers would range from "I don't know" to "they were designed to give a tax break to the rich." Both answers suggest ignorance of facts, but the former is at least honest. The latter is just regurgitation of a leftist talking point by those feigning knowledge on the subject. The truth is a bit different than popular perception on this matter. Few, if any, among that small...

As we now know, both chambers of Congress have introduced their versions of legislation to overhaul our tax system, or, rather, the tax code. Some say it is reform, others more properly say it is merely a tax cut for the wealthiest and most powerful of American persons and corporations at the hands of those less fortunate, the middle class. But to give the rich their largesse, the middle class is being looked to as the sacrificial lamb by having certain deductions stripped away from them. Among the most critical of these deductions are the ones that make home ownership——the...

The Senate tax overhaul would fully repeal the state and local tax deduction, according to a GOP aide and senator. Democrats were quick to pounce on the news, saying the House GOP’s move to allow some state and local tax deductions to stay for property taxes was just a fig leaf. “The Republicans in the House thought they were throwing a few crumbs to members to get them to walk the plank,” House Minority Nancy Pelosi said of the House GOP plan to provide for a maximum $10,000 deduction for state and local property taxes. “That is not in the...

Link to Senate Committee's internal document revealed at member's meeting today: https://twitter.com/sahilkapur/status/928715269714964480

"According to its authors, the new GOP tax bill will strip illegal immigrants of their ability to claim and collect several major tax credits. Doing so will save the federal government an estimated $23.1 billion over the next decade. The bill will do this by closing IRS loopholes and requiring all taxpayers to submit work-eligible Social Security numbers in order to claim tax credits. This may come as a shock to some who take for granted the assumption that illegal aliens don’t receive state benefits—especially tax credits. However, it’s an open secret that the IRS has allowed illegal aliens who...

Senate Republicans plan to propose delaying a cut in the corporate tax rate until 2019, The Washington Post reported Thursday. The proposal breaks with President Trump’s insistence that a corporate tax cut be put in place immediately. The House's tax reform legislation proposes gradually lowering the corporate tax rate from 35 percent to 20 percent starting in 2018. Senate Republicans are scheduled to share their tax overhaul proposal on Thursday afternoon.

President Donald Trump called from South Korea on Tuesday to share with Democrats what his accountant told him about the GOP tax measure, namely that he is "going to get killed in this bill." According to NBC News and other news outlets, the exact quote made by the president as he spoke to 12 Senate Democrats during a phone call was: "My accountant called me and said 'you're going to get killed in this bill.' The deal is so bad for rich people, I had to throw in the estate tax just to give them something."

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...

It’s official: The Republican tax reform bill is dead on arrival in the Senate now that John McCain has become the third Republican senator to confirm that he plans to vote against it. What’s worse for the Trump administration, McCain reportedly wants the bill to receive input from both parties – a criticism that he cited as his reason for voting against the Trump administration’s plan to repeal and replace Obamacare. This is particularly problematic because there’s approximately zero chance that any Democratic lawmakers will break ranks to vote with Republicans, despite President Donald Trump repeatedly saying that he expects...

"I know words, I have the best words." Although President Trump claims he knows the "best words," his daughter Ivanka is catching some heat for her own word choice. In an interview discussing tax reform with Tucker Carlson on Fox News, Ivanka appears to have made two mistakes. "Indeniably itÂ’s very expensive to raise children that is you're a stay at home parent who's investing in potentially after school activities, mommy and me classes, food and whatever it is that they think is the best investment to help their family and their children." If you didnÂ’t catch them, the world...

The NFL would lose its ability to claim tax breaks for stadiums, colleges and universities would have to start paying taxes on massive endowments, and house “flippers” could no longer shield their income from the taxman under House Republicans’ proposed tax bill, which takes aim at a number of quirks that have developed over the years. Republicans also settled some scores with the bill, including freeing churches from rules that prevent them from taking a stand in political elections and halting illegal immigrants’ ability to claim several major tax credits. The changes produce tens of billions of dollars in savings...

WASHINGTON — Highlights of the GOP tax plan. It proposes to simplify the tax system, cut taxes for the middle class, and reduce taxes on businesses and corporations. Passage is a priority for President Donald Trump and Republicans, who are hoping for a major legislative victory to cite going into the 2018 elections. —Income tax rates: Would sets four income tax rates of 12 percent, 25 percent, 35 percent and 39.6 percent. The 25 percent rate would start at $90,000 for married couples, with a 35 percent rate beginning to bite at $260,000 — which means many upper-income families whose...

House Republicans claim the tax plan they introduced Thursday keeps the top individual rate unchanged at 39.6 percent—the level at which it’s been capped for much of the past quarter-century. But a little-noticed provision effectively creates a new band in which income is taxed at over 45 percent.

House Republicans will propose limiting the deductions for mortgage interest and state and local taxes in the tax bill they are releasing on Thursday, according to a summary of the legislation obtained by The Hill. The bill, called the “Tax Cuts and Jobs Act,” largely follows the parameters that GOP leaders and the White House outlined in September. It would reduce the number of individual tax brackets, slash rates for businesses and eliminate a number of tax breaks. In order to offset the costs of the legislation, Republicans are putting forward some proposals that are sure to be controversial. The...

The long-awaited Ways and Means version of the Republican tax-reform bill has finally emerged from its back-room efforts to stave off any defections in the House and Senate. House GOP leadership launched the bill with a cheery press conference, with members clearly relieved at having a bill to move forward. It includes parts of several trial balloons, and excludes one in particular that backfired badly enough to earn a rebuke from Donald Trump.CNBC breaks down the changes: As part of that reform package, the GOP aims to permanently lower the corporate tax rate to 20 percent.The House bill would...

RUSH: I’ve had more time to look into this and there are parts of this thing, folks, that are so frustrating. It’s just so damn frustrating. It’s just out-of-my-mind frustrating. We run the House, we run the Senate, we have the White House — and still, it’s like we have a bunch of Republicans who don’t even have the courage to be conservative. They’ve lost their conservative ideals, ’cause they’re playing the same old game that the Democrats love to play: Class envy. They’re making a big deal out of taxing the rich; they’re holding on to the children’s health...

The new GOP tax overhaul would strip illegal immigrants of the ability to claim several major tax credits, saving the government $23.1 billion over the next decade, according to the bill’s authors. For years Republicans have complained that despite a general ban on taxpayer benefits flowing to illegal immigrants, the IRS has allowed them to collect the child tax credit, the American Opportunity Tax Credit and the Earned Income Tax Credit. Efforts to shut down those claims have been tried in the House but have never cleared Congress.

The new rates would be 0 percent, 12 percent, 25 percent, 35 percent and 39.6 percent. Yes, the top rate would still be the same as what we have now... Business taxes that are now at 35 percent for American companies – one of the highest rates in the world – would fall to 20 percent immediately. China is at 25 percent. Canada is at 15 percent. Britain at 18 percent.