Skip to comments.Senate Republican tax plan may eliminate property tax deductions and delay corporate cut
Posted on 11/08/2017 7:28:05 PM PST by Mariner
As they prepare to unveil their own sweeping tax plan, Senate Republicans are revisiting key provisions of the GOP House proposal, including possibly eliminating property tax deductions as well as state income tax deductions, increasing the size of child-care credits, offering more help to small businesses and having corporate tax cuts phase in or expire, according to those familiar with the negotiations.
The final outline of the Senate plan, scheduled to be released Thursday, remained a work in progress, officials cautioned.
Everything is on the table, said one Republican official Tuesday evening, who did not want to be identified discussing the talks.
House and Senate Republicans agreed on an early framework for the tax overhaul lowering corporate rates to 20% and consolidating individual brackets.
But as House Republicans push ahead with a vote next week on their bill, Senate Republicans are constrained by Senate rules that require their package not increase the federal deficit by more than $1.5 trillion over a decade.
Core to the Senates dilemma is how to make the corporate tax rates immediate and permanent as President Trump wants which has left them searching for revenue streams so they dont add to the deficit.
They are considering various options: Fully repealing state and local tax deductions that are important to California and other high-tax states, including property taxes; adjusting individual tax brackets so higher-income households that earn less than $1 million fall in the top 39.6% rate; retaining some type of estate tax; or repealing parts of Obamacare.
(Excerpt) Read more at latimes.com ...
Senate Republicans adhere to an artificial constraint so they have to screw Americans to get a Business Tax Cut.
I sure hope Trump renews his mantra of eliminating the filibuster.
They refuse to cut spending.
That should slow down the housing market.
If the pubbies are going yo wipe out the party, they may as well do it in a blaze of glory.
It doesn’t matter, it isn’t going to pass, these jerks can’t do anything, they are all liars, their platform is lies, I wouldn’t be at all surprised if they get tossed out on their asses next year, and then help the demonrats impeach Trump, which they would be just fine with.
There are times when I wish ISIS could smuggle a nuke into D.C.and just take the evil place out forever.
I will not support anyone who is not supporting MAGA
If you currently pay taxes, you still will. If you don't currently pay taxes, you still won't.
New tax plan, same as the old tax plan.
In before the renter freepers who are ok with this because they don’t believe someone with a mortgage should get a tax advantage.
These RINOs have no intention of turning off the fire hose of tax revenues. A true tax cut would involve collecting LESS TAX not the same or more.
It is the old cart before the horse problem. Spending needs to be cut before any, I say ANY, tax reform is possible.
The PUBs are not one iota differrent than the Dems. Worse, they live in fear of losing control if they don't walk the same line as the DIMs. There as many progressives in the GOP as in the Democratic part.
I have little hope of real change.
“If you don’t currently pay taxes, you still won’t.”
They need to add a minimum rate of 3 or 5 percent for all income.
Bring EVERYONE into the Income Tax.
yeah. Kind of doesn’t feel like a tax cut at all .
Exactly. For the most part, the repugs are incapable of governing, especially in the Senate. They are neither conservative nor courageous enough to move off their calcified, frozen inertia.
So... what happened to the republicans? They have almost all become Democrats.
Senate WILL find a way to make sure this doesn’t pass.
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