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House must re-vote on tax reform because of errors
20 Diciembre 2017, 11:24 | Azura Castelo
House must re-vote on tax reform because of errors
Even with the compromises, though, thebill did have some dissenters among House Republicans.
He says concerns he had with tax rates for his middle-class constituents were addressed and fixed. It is not tax reform.
According to Bank of America Merrill Lynch's latest fund manager survey - which polls over 200 fund managers controlling about $560 billion in assets - bitcoin is the most crowded trade in the world, with 32% of respondents pointing to the digital currency as the market's most overheated trade.
Well, the Republican tax bill is set to pass later today. An earlier version capped the deduction, which is taken by about 4 million California taxpayers, at $500,000.
There's a lot to be done. "They need and deserve tax cuts".
Now that the bill has passed the House, it could be voted on in the Senate as early as Tuesday night.
Unlike a showdown vote over a GOP plan to overhaul the Obama health law, Democrats were unable to draw Republicans to their side to derail the tax plan, leaving them frustrated and powerless on the Senate floor, as they decried the details of the bill. That change is due for 2019. Perhaps it seems Pollyannaish of me to frame it this way.
John Cornyn's tweet on Tuesday exemplifies how Republicans have forgotten how to talk about middle-class tax cuts.
The catalog of unfulfilled promises is lengthy. It doubles the standard deduction used by about two-thirds of U.S. households, to $24,000 for married couples, also ending in eight years.
On the other hand, relying on a budget gimmick that requires you write the law so that it's scheduled to impose tax increases on individuals in 2027 to finance permanent corporate tax cuts opens you to the attack that you are raising taxes on individuals to finance corporate tax cuts. The Democrats asked the Senate parliamentarian to scour the bill for problematic provisions, and she found three - all relatively minor items.
House Majority Leader Kevin McCarthy said the move wasn't unexpected. McClintock's suburban Sacramento and rural Sierra Nevada district isn't expected to see as big of a hit fromthe lost deductions. Parents would have to provide children's Social Security numbers to receive the child credit, a measure intended to deny the credit to people who are in the U.S. illegally.
"This bill will be an anchor around the ankles of every Republican", Senate Minority Leader Charles Schumer, D-N.Y., said Tuesday.
According to Lance, his main issue with the legislation are the changes it would bring to the SALT deduction, something that is widely used in New Jersey.
In the Central Valley, where lower home prices mean less effect from the mortgage interest cap, Reps. Individual tax cuts are small by comparison, and - at least as written - designed to be temporary. I continue to think that, despite the events of the last year, our politics are governed by a central reality: Republican efforts to use geographical distribution, voter suppression, aggressive gerrymandering, Citizens United-style attacks on campaign financing and more to secure power in the face of a declining voter base and policy outcomes that can be locked in over time.
The bill passed along partisan lines at 227 for and 203 against.
Hours before Tuesday's vote, several activist groups rallied outside of Walters' Irvine office. It doesn't look like they'll stop the bill. Nobody will be filing taxes on a postcard, as the president and House speaker once promised. He blamed the bill's unpopularity on opponents and the media spreading "mistruths" and said opinions will improve when people experience what's in the bill.
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