Final Tax Bill: Biggest Cuts for the Middle

Media playback is unsupported on your device                  Media caption Paul Ryan's exuberant gavelling reflects how long he's pushed for tax reform

"This is about expanding opportunity to people who are striving to make the most of their lives", House Speaker PaulRyan, R-Wis., said before the vote Tuesday. "So we simply don't know for sure".

GOP holdouts, Senators Susan Collins (R-Maine), Mike Lee (R-Utah), and Marco Rubio (R-Florida) announced they will vote in favor, after securing concessions from fellow lawmakers. No Senate Democrats are expected to vote for it, meaning Republicans can lose only two of their 52 members for the bill to pass (Vice President Mike Pence would serve as a tiebreaker if there's a 50-50 vote). Sen. The bill could soon become law, with a Senate vote expected Tuesday night. "Here's what we set out to do: Take money out of Washington's pockets and put it pack in the pockets of middle-class Americans".

Republicans in the House of Representatives voted largely along party lines on Tuesday to approve a tax reform bill, bringing it one step closer to becoming the most sweeping overhaul of the tax code in more than 30 years.

Under the legislation, the federal corporate tax rate would fall from 35 percent to 21 percent - a notch up from the 20 percent in previous versions - and the maximum individual income tax rate would drop from 39.6 percent to 37 percent. Other businesses would receive large cuts as well. Biggest Tax Cuts and Reform EVER passed. The largest cuts would go to the wealthy, but, in 2018, almost all Americans will see their income tax go down, according to a nonpartisan analysis of the final plan released Monday. All individual tax breaks expire at the end of 2025, while the corporate tax reductions will remain.

Senate rules require 10 hours of debate on the bill, divided equally between Republicans and Democrats. It would restructure a complicated system of deductions, shrinking some and expanding others.

The $1,000-per-child tax credit doubles to $2,000, with up to $1,400 available in IRS refunds for families who owe little or no taxes.

Despite his protest to the contrary, Trump would nearly certainly benefit from this bill, in part because it bestows benefits on real estate partnerships, although no one knows precisely how much because he never released his tax returns. Under the bill, a couple could pass on up to $22 million in assets without paying the tax. It allows oil drilling in Alaska's Arctic National Wildlife Refuge and repeals a federal fine imposed on Americans under Obamacare for not obtaining health insurance coverage, a change that could undermine the 2010 health-care law formally known as the Affordable Care Act.

Republicans argue that corporations, flush with cash, will create more jobs and boost the economy.

The Joint Committee on Taxation, Congress's official tax scorekeeper, projected an earlier version of the bill would add $1 trillion to the deficit over a decade, even when projected economic growth is taken into account. The tax cuts for individuals are temporary, expiring in 2026. Speaking in front of the White House, she said Democratic lawmakers should have been "banging down the door of the building behind me to be part of this process".

Democrats unanimously oppose the plan but lack the votes to block it in either chamber.

The complex measure takes money away from millions of families at the same time as it provides benefits, which has made it hard for most people to understand how it will affect them. The bill doesn't eliminate many loopholes and special provisions as they promised, including the carried-interest loophole that benefits private equity and hedge fund managers, some of the wealthiest earners in America.

In addition to the complexity and uncertain outcomes of the bill for individual families, another challenge is that benefits will be hard to discern for many until April 2019, when the 2018 tax filings are due. The "mudfest" on television makes it unpopular, he said, but when people see the tax plan's results, it will gain public support.

Related News:

  • Facebook knows you're in a photo before being tagged

    Facebook knows you're in a photo before being tagged

    Moving forward, you should now get a notification if someone tries to use a photo with your face as their profile picture . And that, in turn, means Facebook has a new powerful tool for mapping who knows who on the social network.
    US VP Mike Pence once again delays Middle East visit

    US VP Mike Pence once again delays Middle East visit

    Breaking with decades of USA policy, Trump also said on December 6 that he would move the U.S. embassy from Tel Aviv to Jerusalem. White House officials said the delay was not related to the reaction in the region to Trump's decision.
    USA  overturns net neutrality rules aimed at ensuring free, open web

    USA overturns net neutrality rules aimed at ensuring free, open web

    It will likely be up to the courts to decide if that provision was lawful or not. "I support that freedom", she said. As I draft this bill email me your suggestions to: "netneutrality.coffman@mail.house.gov", he tweeted .
  • Lady Gaga Announces Las Vegas Residency Starting In 2018

    Lady Gaga Announces Las Vegas Residency Starting In 2018

    With 244 shows, Brit-Brit's gigs grossed $135 million with over 980,000 attendees, making the most successful residency in Vegas. Get ready, Little Monsters: Your queen Lady Gaga just announced she landed a two-year performance residency in Las Vegas.
    Carmelo Anthony looking forward to MSG return

    Carmelo Anthony looking forward to MSG return

    I want to win because we have a chance to sweep this road trip. "Late in the game we said, 'That's their run.' It was a battle". Anthony was traded two days before training camp opened for Enes Kanter , Doug McDermott and the Bulls' second-round pick.
    US Soldier Who Defected to North Korea in 1965 Dies

    US Soldier Who Defected to North Korea in 1965 Dies

    A month later, five including Soga were allowed to return to Japan. "In North Korea, I lived a dog's life". He said later he was scared of being sent to Vietnam and thought North Korea would send him home.
  • Here is the SEC Order that Halted Munchee ICO

    Here is the SEC Order that Halted Munchee ICO

    He also advises investors to read the SEC's many alerts, bulletins and statements on ICOs and cryptocurrency-related investments. Munchee Inc. returned proceeds to investors and halted the delivery of tokens.
    The OnePlus 5T can't stream HD video from Netflix, Amazon Prime, others

    The OnePlus 5T can't stream HD video from Netflix, Amazon Prime, others

    Unfortunately, there are no words on HD streaming capabilities heading for older OnePlus devices or the Axon 7 and M anytime soon. However, the exact reason for omitting this crucial feature in a phone that gets so much attention wasn't told.
  • UN Security Council Considers Jerusalem Resolution

    UN Security Council Considers Jerusalem Resolution

    The draft is expected to find broad support among the 15-member council, but will nearly certainly be vetoed by Washington. Trump's decision on the status of Jerusalem has sparked protests in the Gaza Strip, the West Bank and East Jerusalem.
    Vaping, Marijuana Use On The Rise Amongst Teens

    Vaping, Marijuana Use On The Rise Amongst Teens

    For eighth-graders, the percentage who had used illicit drugs in the previous year was just 12.9%, while 18.2% had had a drink. Nearly a third of those who had vaped said they had inhaled contained nicotine, while 11.1% said marijuana or hash oil.
    NASA Shares A Shocking Image Of The California Wildfires From Space

    NASA Shares A Shocking Image Of The California Wildfires From Space

    The European Space Agency also photographed the Thomas fire, 143,000-acre blaze , which quickly spread through Ventura County. The California wildfires have burned through so much acreage in the Golden State that the smoke is visible from space.


Most liked

New York Islanders moving back to Long Island
That property is primarily a parking lot used on Belmont Stakes day; in the off-season, it houses cars for auto dealerships. Belmont Park is a world-famous horseracing track and now looks like it will expand.

Australia's Catholic Church 'should end celibacy' among clergy, inquiry says
Pell has denied the allegations. "Tens of thousands of children have been sexually abused in many Australian institutions". An Australian Royal Commission into child abuse has found an overwhelming amount happened in faith-based institutions.

Sydney man charged with acting as an agent for North Korea
The man was arrested and charged in Sydney yesterday and is expected to face Parramatta Bail Court later today. He said investigations were continuing and that more charges could be filed against Choi.

WWE Clash of Champions 2017
In addition, the team of Breezango is going to be meeting the team that caused them so much grief on The Fashion Files. And Baron Corbin's United States title is on the line in a triple threat against Bobby Roode and Dolph Ziggler.

Former Coastal Carolina receiver signed by the Cleveland Browns
If Kizer can show that kind of improvement in his second go at the Ravens, the Browns may have a chance to make a game of it. Running back Isaiah Crowell slammed through a hole at left guard for 59 yards on the first play after the turnover on downs.

Autopsies underway for Canadian billionaires found dead
Our community is steeped in grief. "Our condolences to their family & friends, and to everyone touched by their vision & spirit". The Shermans recently listed their home for sale for almost 7 million Canadian dollars, about $5.4 million.

Mattis emphasizes diplomacy in dealing with Iran
Mattis told reporters at the Pentagon on December 15 that such evidence did not warrant an expanded military response from Washington.

Apple plows $390M into Finisar facial recognition, 500+ jobs
Funding for the project stems from a $390 million grant provided by Apple Inc . This image shows the inside of one of Finistar's manufacturing facilities.

Not as cold tonight; cloudy skies through the weekend — FIRST ALERT FORECAST
Happy Wednesday! Temperatures are below freezing, hovering around the 30 degree mark as you head out the door to start your day. There is a chance for rain in the morning on Monday , it will be cloudy, and we reach a bit above average into the low 50s.

OH man tried to trade chicken Alfredo, Sprite for sex with minor
The undercover cop told him he was underage, but Maruna allegedly told him that he did not believe in age, according to Fox 8. Maruna told the teen he would arrive at the juvenile's home at noon on Tuesday and would be driving a gray Ford Escape.

US Marine Helicopter In Okinawa Loses Windshield Over School
Okinawans have long complained of fears and anxiety regarding US military aircraft operating from the island. Takeshi Onaga, the governor of Okinawa, said: "The safety of children should come first".

Italy to declare energy emergency after Austrian explosion cuts off gas supply
The situation is now under control , according to the fire service, and extinguishing is now under way. Snam said the Austrian authorities had authorised the resumption of gas transportation operations.

Joe Cole predicts where Chelsea will finish this season
Pearce told Talksport: "He's disappointed that he's not been playing, but you know the nature of this game". We must pay great attention to the counter-attack because they have fast players.

Sam Allardyce says Everton 'mastered' Liverpool during the Merseyside derby
On Luis Suarez teeing up the third goal for that hat trick: "Luis put one on a plate for me". It was his first goal in a match between two of English football's greatest rivals.

Watch Josh Gordon score his first touchdown in four years
Thanks to Gordon's touchdown and a seven-yard touchdown from Kizer to Duke Johnson, the Browns hold a 14-7 halftime lead. In overtime, Kizer was chased and hit in the arm by Clay Matthews Jr.as he threw the ball up for grabs.