Post by andie on Nov 19, 2017 13:06:04 GMT
www.nytimes.com/2017/11/16/us/politics/house-tax-overhaul-bill.html?_r=0
House Passes Tax Bill, as Does Senate Panel
"WASHINGTON — With 227 Republican votes, the House passed the most sweeping tax overhaul in three decades on Thursday, taking a significant leap forward as lawmakers seek to enact $1.5 trillion in tax cuts for businesses and individuals and deliver the first major legislative achievement of President Trump’s tenure.
The swift approval came two weeks after the bill was unveiled, without a single hearing on the 400-plus-page legislation and over the objections of Democrats and 13 Republicans. The focus now shifts to the Senate, where Republicans are quickly moving ahead with their own tax overhaul, which differs in substantial ways from the House bill.
On Wednesday, Senator Ron Johnson, Republican of Wisconsin, became the first member of his conference to come out against the tax plan. The votes of several other Republican senators, including Susan Collins of Maine and Bob Corker of Tennessee, are also far from assured.
A new analysis of the Senate bill by the congressional Joint Committee on Taxation could further complicate the bill’s trajectory. The committee said on Thursday that in 2021, the legislation would increase taxes for those earning $10,000 to $30,000. In 2027, after the individual tax cuts expire, the committee projected that those earning $75,000 or less would face higher taxes.
“You’ve targeted the relief to help the wealthy, and the middle-income families are going to get stuck with it,” said Senator Benjamin L. Cardin, Democrat of Maryland.
Passage of the bill in the Senate is unlikely to be as drama-free as Thursday’s approval in the House, given the close divide between the two parties and the outsize influence that each individual Republican senator holds as a result.".
Read whole article at link
House Passes Tax Bill, as Does Senate Panel
"WASHINGTON — With 227 Republican votes, the House passed the most sweeping tax overhaul in three decades on Thursday, taking a significant leap forward as lawmakers seek to enact $1.5 trillion in tax cuts for businesses and individuals and deliver the first major legislative achievement of President Trump’s tenure.
The swift approval came two weeks after the bill was unveiled, without a single hearing on the 400-plus-page legislation and over the objections of Democrats and 13 Republicans. The focus now shifts to the Senate, where Republicans are quickly moving ahead with their own tax overhaul, which differs in substantial ways from the House bill.
On Wednesday, Senator Ron Johnson, Republican of Wisconsin, became the first member of his conference to come out against the tax plan. The votes of several other Republican senators, including Susan Collins of Maine and Bob Corker of Tennessee, are also far from assured.
A new analysis of the Senate bill by the congressional Joint Committee on Taxation could further complicate the bill’s trajectory. The committee said on Thursday that in 2021, the legislation would increase taxes for those earning $10,000 to $30,000. In 2027, after the individual tax cuts expire, the committee projected that those earning $75,000 or less would face higher taxes.
“You’ve targeted the relief to help the wealthy, and the middle-income families are going to get stuck with it,” said Senator Benjamin L. Cardin, Democrat of Maryland.
Passage of the bill in the Senate is unlikely to be as drama-free as Thursday’s approval in the House, given the close divide between the two parties and the outsize influence that each individual Republican senator holds as a result.".
Read whole article at link
