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House GOP hails tax bill as good for economy — The Latest

20 Diciembre 2017, 03:07 | Bibiana Flor

House GOP hails tax bill as good for economy — The Latest

Chairman of the House Ways and Means Committee Kevin Brady speaks after the House of Representatives passed tax reform legislation on Capitol Hill in Washington

The sweeping $1.5 trillion tax bill slashes the tax rate for corporations from 35 percent to 21 percent and reduces taxes on the wealthiest Americans, while making more modest tax reductions for most others.

Asked about the failure of the GOP's efforts to overhaul the Affordable Care Act, Senator John Cornyn of Texas noted the tax measure will repeal the penalty for not buying health insurance, a central element of the Affordable Care Act.

The bill passed the House by a vote of 227-203, overcoming united opposition from Democrats and 12 Republicans who voted against it.

The middle class, too, is expected to receive a tax cut under the plan that House and Senate Republicans are slated to give final approval Wednesday morning - but unlike the corporate provisions, their breaks are temporary and add up to much less than those millionaires would enjoy.

The end-of-year sprint represents a remarkable recovery of Republican fortunes since the middle of this year, when the party's drive to dismantle former Democratic president Barack Obama's Obamacare health-care law crumbled in the Senate and prospects for a tax overhaul seemed doomed by party infighting.

If the Senate clears the bill, as it's expected to do, it will then head over to President Donald Trump's office to be signed into law.

"Today, we are giving the people their money back", he said, adding that a typical family would get a $2,059 tax cut next year. "This is not your grandfather's Democrat party", he said in a tweet.

High-tax states like California and New York may see higher earners and wealthier homeowners pay higher taxes under the Republican plan - though these would also be offset, at least in part, by lower income tax rates.

As clear as the first two reasons might be for keeping taxes as they now are, the third reason might be the most important. With this tax bill, they have almost reached their goal of eliminating not just the estate tax, but taxes of any kind on their accumulated wealth.

The new plan creates a deduction for owners of businesses organised as pass-through entities - a favourite structure of property firms in the US, including the president's business, the Trump Organisation. Don't make it impossible for future legislators to deal with a recession in tried-and-true ways.

He is the only lawmaker from New Jersey backing the bill.

Hatch, in a letter issued Monday morning, defended Corker and said he was "disgusted" by reports that suggested Corker had played a role in the provision's addition.

The Monmouth poll also finds: "Currently, a majority of Americans (53%) say that middle class families have not benefited at all from Pres. Trump's policies". "Why aren't our Republican colleagues standing with their constituents?" Twelve Republicans voted against the bill.

Apple shares fell 1.23 percent after broker Instinet downgraded the stock to "neutral" from "buy" on doubts about iPhone X sales. Analysts expect healthy people to quit purchasing plans - which would make costs rise for those who remain. Both worked behind the scenes to retain a portion of the deductions for state and local taxes and increase the cap for the mortgage interest deduction. In the currency markets, the U.S. dollar regained some footing after early losses, aided by upbeat U.S. housing data. "This truly will raise the taxes of a substantial number of my constituents and I have never run for Congress on the promise that I would raise my constituents' taxes".



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