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giftedviz.com November 25, 2017


NFIB now says it supports House tax bill

10 November 2017, 01:08 | Darnell Patrick

Drew Angerer

Drew Angerer

The Joint Committee on Taxation has projected that an earlier version of the House bill will lead to $1.7 trillion more in budget deficits over 10 years. But internal party bickering could make it hard for the Senate and House to reach an agreement on a final bill. Conservatives have their own concerns that the House bill would add too much to the deficit.

And unlike the House version, the Senate bill would fully repeal the deduction for state and local taxes, which has become a sticking point with GOP congressmen from high-tax states like NY and New Jersey, whose constituents depend on that deduction. Sessions to testify at hearing amid Russian Federation scrutiny Cornyn: Senate GOP tax plan to be released Thursday This week: GOP seeks to advance tax overhaul MORE (R-Fla.) and Mike LeeMichael (Mike) Shumway LeeOvernight Health Care: Trump officials to allow work requirements for Medicaid GOP senator: CBO moving the goalposts on ObamaCare mandate Cornyn: Senate GOP tax plan to be released Thursday MORE (R-Utah) said the $1,650 child tax credit included in the Senate plan didn't cut it. The issue has been a key sticking point in the House. This targets firms like United States pharmaceutical companies who file patents for drugs overseas and book the profits for those drugs in lower-taxed companies.

The Senate would boost the child tax credit to $1,650 and raise the income threshold for the measure. Brady's changes presumably are being made to meet the $1.5 trillion maximum that the bill is allowed to add to the $20 trillion deficit.

The Senate bill would reduce the number of wealthy people who pay the estate tax by doubling the current threshold for the tax, which now kicks in for individuals on estates worth over $5.6 million. The House's proposed cut caused an uproar from homebuilder and realtor groups.

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The House included a deduction for the first $10,000 in property taxes to appease those members, but the Senate, which has fewer Republicans from such states, has no such provision in its bill.

Another possible good news for the fight against the House GOP's move to repeal the federal tax credit for electric vehicles. Essentially, wealthier individuals would see their tax rate increase be 6% for income between $1 and $1.2 million.

Senate Republicans have generally avoided taking a formal position on the House bill as they await their own alternative. Both would drastically reduce the corporate tax rate and also lower rates for individuals, while eliminating deductions claimed by many people. "We believe that when you look at other analysis, whether it's going to be Treasury or the rest, that we're right there in the sweet spot, with economic growth that gives us more revenue with where we need to be".



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