Politics House begins revising Republican tax bill to quell dissent

13:36  06 november  2017
13:36  06 november  2017 Source:   Reuters

New York Republican Rep. Donovan slams Trump's tax plan

  New York Republican Rep. Donovan slams Trump's tax plan The only Republican in the city’s Congressional delegation slammed President Trump’s tax plan, saying the elimination of a key tax deduction would wallop New Yorkers. Staten Island Rep. Dan Donovan said on the John Catsimatidis AM 970 radio show that he couldn’t support a tax bill that ends the deductibility of state and local taxes. “The elimination of this deduction would make it so people in New York couldn’t buy homes anymore, couldn’t pay their mortgages, couldn’t pay their children’s tuition,” he said.

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Donald Trump et al. looking at a man in a suit and tie: U.S. President Trump holds sample tax forms as he promotes tax plan at the White House in Washington © REUTERS/Carlos Barria U.S. President Trump holds sample tax forms as he promotes tax plan at the White House in Washington Facing pockets of discontent in their own Republican ranks, tax negotiators in the U.S. House of Representatives will seek this week to brook differences over their far-reaching tax bill and stick to a self-imposed deadline of passage this month.

The House tax-writing committee begins revising the bill on Monday with tweaks and some more substantial changes expected to a number of individual and corporate tax proposals.

House Republicans last week unveiled the first draft of a 429-page tax bill that, if enacted, would be the biggest overhaul of the U.S. tax system since the 1980s.

Trump's name for tax bill: 'Cut, Cut, Cut'

  Trump's name for tax bill: 'Cut, Cut, Cut' President Donald Trump has come up with a catchy name for the Republican Party's soon-to-be-unveiled tax plan: The "Cut, Cut, Cut" bill. The President has been advocating for this nickname in recent days, according to one conservative source who has been in touch with multiple White House officials this week about tax reform. However, aides around the President have been "trying to talk him out of it," that person added, a clear indication of the discomfort that Trump's allies feel in casting the GOP legislation as a proposal that primarily consists of tax cuts.

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It proposes a range of tax cuts aimed at helping businesses, including slashing the corporate rate to 20 percent from 35 percent and establishing a new 25 percent tax rate for "pass through" businesses, which are currently taxed at rates as high as 39.6 percent.

House Speaker Paul Ryan told Fox New Sunday that there are a "host of ideas" being considered as lawmakers begin revising the bill, though he expected the broad outlines to remain the same.

One controversial component for lawmakers from high-tax states repeals a popular federal tax deduction for state and local income tax (SALT) payments, while preserving a deduction for property tax payments, capped at $10,000 per year.

House Ways and Means Chairman Kevin Brady worked out a compromise last week that preserved the deduction for property taxes after pushback from Republicans representing states such as New Jersey, New York and California, which would be disproportionately hit by the repeal.

Republicans prepare to lay out their vision on taxes

  Republicans prepare to lay out their vision on taxes House Republicans are expected to finally roll out their tax bill Thursday, but not without some reservations from rank-and-file members. Members will see the tax framework Thursday morning when the House ways and means committee releases its bill that is expected to expand the child tax credit, repeal the estate tax, lower the corporate tax rate and reduce the number of individual tax brackets from seven to four.

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States that would be hit hard by the elimination of a SALT deduction have enough Republican members in Congress to derail the tax legislation. Many have already said they would like to see the cap raised on the property-tax deduction or the income-tax deduction retained.

The Senate is developing its own version of the legislation and it would have to eventually be reconciled with the House version before it is sent to President Donald Trump.

On Sunday Morning Futures with Maria Bartiromo, Vice President Mike Pence called the House bill a "great start."

"We look forward to the Senate bringing forward the tax cut, the key here is that whatever is accomplished reflects the President's commitment to cutting taxes on working families," said Pence, who would be the tie-breaker if needed in a Senate vote.

If Republicans pass tax legislation, it will be the first major legislative achievement since Republicans took control of the White House and Congress in January - and a rebound from their failure to overturn the Affordable Care Act, or Obamacare.

Ryan said on Sunday that he still believes the House is on track to vote on a revised tax bill before the U.S. Thanksgiving holiday on Nov. 23.

(Reporting by Amanda Becker; Editing by Mary Milliken)

McConnell Joins Ryan in Walking Back False Promise on Tax Bill .
The top Republicans in the House and Senate have now walked back false promises about their tax bills’ impact on the middle class. Senate Majority Leader Mitch McConnell acknowledged to The New York Times Friday he erred when he said in an MSNBC appearance last week that "nobody in the middle class is going to get a tax increase."Now the Kentucky Republican says every income group would see a tax cut -- on average.“You can’t guarantee that absolutely no one sees a tax increase,” he told the newspaper.McConnell joins House Speaker Paul Ryan of Wisconsin in walking back their statements on taxes.

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