Senate, House Reach Tax Overhaul Agreement

[herding cats]

Source: Roll Call

Senate and House Republicans have reached a broad agreement on a major overhaul of the U.S. tax code, Sen. Orrin G. Hatch said Wednesday.

As he was leaving for the White House, the Senate Finance Chairman confirmed the House and Senate have reached a deal on overhauling the tax code.


“We reached the agreement,” the Utah Republican told reporters.

He said he planned to update President Donald Trump on the agreement when he reached the White House, declining to answer any questions about specifics, such as the final corporate tax rate or when exactly the deal was reached.


Read more: http://www.rollcall.com/news/policy/senate-house-reach-tax-overhaul-agreement?utm_content=bufferdef5f&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

[Ferrets are Cool]

1. Well chit

[brooklynite]

2. Details...

The deal would lower the top individual tax rate to 37 percent and set the corporate tax rate at 21 percent, slightly higher than the 20 percent initially favored by President Trump.

The bill would cap the popular mortgage interest deduction at $750,000, a mid-point compromise between the Senate and House bills.

The deduction for pass-through companies will be set at 20 percent, somewhat lower than the 23 percent included in the Senate-passed bill. But that will be offset by lowering the top individual income rate to 37 percent. It now stands at 39.6 percent.

http://thehill.com/policy/finance/364699-negotiators-strike-deal-in-principle-on-tax-bill

[herding cats]

3. Thanks.

I was looking for more info.

[still_one]

9. Will it still remove the ACA mandate? Is the state income tax deduction for those who itemize

deductions removed? Is the personal exemption removed?

Is interest on Home Equity loans that many took out for their kids college education, medical expenses, or home improvements removed?

Is the incentive credit for clean energy vehicles and solar panels removed, and most important, if they lowered the Corporate rate from 37% to 21%, where did they make up the short fall so not to add to the deficit?

Is the SCHIPS program for children still on the chopping block?

Will those few Senators who had issues with removal of the healthcare mandate and removal of the SCHIPS program still vote for the reconciled tax plan if those conditions were not met?


CNN is reporting that the mandate stays:

The hybrid bill was also expected to repeal the Affordable Care Act's individual mandate to have health insurance and cap the mortgage interest deduction at $750,000.

[Botany]

4. Gotta get it to a vote before Jones is sworn in.

Besides the top 1% don't have enough already.

[herding cats]

5. Yep.

The rush is on to get it passed quickly.

[C Moon]

6. Well, the GOP should expect to experience more of what happened last night, then.

There are going to be a lot of unhappy middle and lower income people.

[InAbLuEsTaTe]

7. Fuck all these people!!

[TeamPooka]

8. I wonder when they will share the details with the American people? 30 minutes before they vote?

How will they hide and corrupt their next step in this process?

[Fluke a Snooker]

10. If the senate votes on this, the blue state AG's should file suit

Last edited Thu Dec 14, 2017, 02:37 PM - Edit history (2)

The blue state Attorneys General should file suit if ANYTHING in the Senate passes prior to the seating of progressive Doug Jones (thanks for the correction onenote).

[onenote]

12. Who is "Bill Jones"

And a suit challenging any Senate action taken before Doug Jones is seated (something that can't happen for a couple of weeks under the Senate's rules) would be tossed out in a nanosecond.

[Fluke a Snooker]

15. Not if filed in the DC court under a progressive judge N/T

[onenote]

16. Even then. The progressive judges I know about all actually try to follow the COnstitution.

[workinclasszero]

11. That means America is...f**ked

[Bengus81]

13. Biggest FUCKING of the middle class EVER...........

Corporate give away that the middle class will eventually pay for
KILLING the ACA from the inside out throwing MILLIONS off of health care
FAT tax cut on the top rate for guys like Trump


The results in the coming year(s):

TRILLIONS added to the deficit. I don't believe that $1.5T "over ten years" for a second
New jobs---BULLSHIT,Mickey D's,Pizza Hut,Lowe's,Home Depot etc WILL NOT go on a hiring spree.
Stagnant wages--these Corporate ass hats aren't about to start giving out big raises unless your at the top
GUTTING Medicare,Medicaid and even Social Security to help pay for this BS tax SHAM

[turbinetree]

14. History of the World Part 1

[dembotoz]

17. a disturbance in the force