Keyword: taxbill

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  • Sen. Bob Corker To Vote 'Yes' On Tax Bill

    12/15/2017 3:37:02 PM PST · by Kaslin · 34 replies
    Townhall.com ^ | December 15, 2017 | Christine Rousselle
    Sen. Bob Corker (R-TN), the final Republican holdout on the tax bill, is now planning to vote "yes" on the bill. Corker's office made this announcement on Friday, shortly before the final text of the bill was due to be released at 5:30 p.m. EST.  #Breaking: Corker to vote yes on tax bill https://t.co/pdeMR0l610 pic.twitter.com/QFSUg9Uqwr— POLITICO (@politico) December 15, 2017 Previously, Corker said that he was concerned about the bill's effect on the deficit. Now, while he still does not think that this bill is perfect and he would have preferred to have reached a more bipartisan consensus on parts...
  • The Tax Bill Will Pass

    12/15/2017 1:07:01 PM PST · by Kaslin · 29 replies
    Rush Limbaugh.com ^ | December 15, 2017 | Rush Limbaugh
    RUSH: Folks, this is funny. During the break, I checked the email. I’ve got an email from a friend that says, “Hey, Rush, I’m in D.C. I’m listening to you right now. I’m heading back to Israel in a few hours, would love your take on the tax bill’s prospects.” Now, want me to translate this for you? “Hey, Rush, I’m in the airport getting ready to fly to Israel. What the heck are you doing wasting our time on net neutrality? Don’t you know that the tax bill is gonna be presented in five –” This guy is very...
  • Pelosi and Moonbeam Freak Out Over Tax Bill

    12/05/2017 1:43:27 PM PST · by Kaslin · 13 replies
    Rush Limbaugh.com ^ | December 5, 2017 | Rush Limbaugh
    RUSH: Here’s a tweet from Nancy Pelosi: “I want every single California Republican to understand this. Your ideology doesn’t come first. Your party doesn’t come first. The PEOPLE come first. If you fail to recognize that, you don’t belong here.” She’s talking about the tax bill. Governor Moonbeam, Jerry Brown, “The tax bill is evil in the extreme.” You talk about unhinged and worse. BREAK TRANSCRIPT RUSH: So I checked the email during the break. “Rush, I don’t get it. What is Pelosi talking about here in that tweet that you read? ‘I want every single California Republican to understand...
  • Hours after Senate GOP passes tax bill, Trump says he’ll consider raising corporate rate

    12/03/2017 4:16:57 AM PST · by SkyPilot · 70 replies
    The Washington Post ^ | 2 Dec 17 | David J. Lynch and Damian Paletta
    Hours after the pre-dawn passage of a $1.5 trillion tax cut, President Trump suggested for the first time Saturday that he would consider a higher corporate rate than the one Senate Republicans had just endorsed, in remarks that could complicate sensitive negotiations to pass a final bill. On his way to New York for three fundraisers, Trump told reporters that the corporate tax rate in the GOP plan might end up rising to 22 percent from 20 percent. Moving the corporate tax rate up by 2 percentage points could raise $200 billion, money Trump might need to try to satisfy...
  • How McConnell kept Republicans in line to win Senate tax bill

    12/02/2017 10:06:24 AM PST · by GonzoII · 21 replies
    Yahoo ^ | December 2, 2017 | Susan Cornwell and David Morgan
    WASHINGTON (Reuters) - When Republicans tried to repeal and replace Obamacare over the summer, they acted like “a bunch of free range chickens", said Republican Senator John Kennedy. "Everybody was upset, tired, mad, people drawing lines in the dirt." Not this time. Republican leader Mitch McConnell and the rest of his party's Senate leadership brought party members into line this week and finally won passage of a sweeping tax overhaul early on Saturday. Late arm-twisting and deal-sweeteners for wavering lawmakers allowed them to push through legislation that aims to slash corporate taxes and cut personal taxes.
  • Senate Passes Massive Tax Reform Legislation

    12/01/2017 11:04:04 PM PST · by usar91B · 55 replies
    The Daily Caller ^ | 12/02/2017 1:54 AM | Juliegrace Brufke and Kerry Picket
    "With 51 Republican votes, the Senate narrowly approved a massive bill early Saturday that would cut taxes for many Americans, nearly double the standard deduction and dramatically reduce the corporate rate — all while adding more than $1 trillion to the deficit over the next decade. Senate Republicans passed the measure just hours after having to rewrite the legislation Friday evening, providing them with their first major legislative win of the year. GOP lawmakers scrambled to revise their bill after the parliamentarian ruled the deficit trigger — a necessary component to sway key lawmakers to get on board with the...
  • GOP Says It Has Enough Votes to Pass Senate Tax Bill

    12/01/2017 8:34:59 AM PST · by libstripper · 36 replies
    Wall Street Journal ^ | Dec. 1, 2017 | Siobhan Hughes, Richard Rubin and Kristina Peterson
    WASHINGTON—Senate Republicans on Friday were confident that they had locked in enough votes to pass a sweeping tax bill later in the day. Wavering GOP senators offered their support and a holdout, worried it would add to the deficit, all but conceded defeat. Sen. John Cornyn (R., Texas), the No. 2 Senate Republican, said the party had 50 votes to pass the legislation. Republicans control 52 seats compared with 48 for Democrats. With no Democrats expected to support the bill and Vice President Mike Pence able to break a tie if needed, Senate Republicans have the majority needed to clear...
  • BREAKING: Senate Republicans are confident they have the votes to pass tax bill

    12/01/2017 7:56:29 AM PST · by GonzoII · 75 replies
    CNBC ^ | Published 13 Mins Ago Updated 1 Min Ago | Jacob Pramuk
    Senate Republicans were confident that they had the votes needed Friday to pass their tax plan as last-minute changes brought more GOP lawmakers on board. Sens. Steve Daines, R-Mont., and Ron Johnson, R-Wis., earlier Friday said they would back the bill after securing further tax relief for pass-through businesses. Then, Sen. James Lankford, R-Okla., committed to supporting the plan, leaving Republican leaders confident that they had the support. On Friday morning, Senate Majority Whip John Cornyn, R-Texas, called holdout Sens. Bob Corker, R-Tenn., and Jeff Flake, R-Ariz., the last two senators who need to get on board. The GOP can...
  • Sen. John McCain will support tax bill, boosting its chances of passing

    11/30/2017 11:11:48 AM PST · by nralife · 16 replies
    CNBC ^ | Published 3 Hours Ago | Updated 52 Mins Ago | Jacob Pramuk
    •Sen. John McCain will back the Senate Republican tax bill. •McCain was one of the last remaining GOP holdouts on the bill. •His stance boosts the Senate's chances of approving the legislation by Friday. Sen. John McCain will back the Senate GOP's tax bill, increasing the plan's chances of clearing the Senate by Friday. McCain was one of the last GOP senators who had not committed to supporting the proposal. "After careful thought and consideration, I have decided to support the Senate tax reform bill," McCain said in a statement Thursday. "I believe this legislation, though far from perfect, would...
  • A Senate Tax Bill Only Scrooge McDuck Could Love

    11/29/2017 11:37:37 AM PST · by SkyPilot · 47 replies
    Forbes ^ | 29 Nov 17 | Diana Hembree
    In the Senate tax bill, only the rich come out ahead – something that could not be more obvious than if the bill were written by Scrooge McDuck and the scheming Simpsons tycoon Mr. Burns. The bill, which just passed the Senate Budget Committee and will be rushed to a vote as early as the end of this week, purports to deliver tax relief to the middle class and blue-collar workers. However, it’s just a ruse to squeeze them by abolishing their favorite (and much-needed) tax breaks and steadily raising their taxes over the next 10 years. According to New...
  • Kansas Republicans claim tax bill will be good for the middle class. It won’t be

    11/25/2017 6:58:33 AM PST · by SkyPilot · 113 replies
    The Kansas City Star ^ | 24 Nov 17 | Steve Rose
    If you are a Bob Dole Republican, as I generally am, it is oh-so-difficult to be gung ho about where the GOP is headed these days, which seems like straight to hell. The party all too often has abandoned traditional Republican principles. The gargantuan tax bill, touted by President Donald Trump and passed by the House of Representatives, is being debated in the Senate. Only one aspect of the bill personifies Republican principles, and that is a pro-business tilt, which I can embrace, but only to a point. When the result is higher taxes on the middle class, they lose...
  • The Senate Tax Proposal Delivers Benefits Directly to the Middle Class

    11/21/2017 1:28:06 PM PST · by Brown Deer · 102 replies
    U.S. Senate ^ | November 21,2017 | Katie Niederee & Julia Lawless
    November 21,2017202-224-4515, Katie Niederee & Julia LawlessThe Senate Tax Proposal Delivers Benefits Directly to the Middle Class Under Finance Committee Plan, a Typical Family of Four Will See Tax Bill Drop by Nearly 60 percent The Finance Committee tax overhaul delivers benefits directly to the working and middle class through doubling the standard deduction and the child tax credit, as well as lowering rates across the board. Take a look at the real world impact of the Senate plan:Family of four earning $73,000 A family of four with income of around $73,000 (median family income) will see a tax cut...
  • States ranked by claims for state and local tax deductions

    11/20/2017 4:42:05 PM PST · by SkyPilot · 323 replies
    AP and ABC News ^ | 18 Nov 17 | AP Staff
    The percentage of federal individual income tax filers claiming a deduction for state and local taxes paid in 2015, ranked by state: 1. Maryland: 45.7 percent 2. Connecticut: 41.3 percent 3. New Jersey: 41.2 percent 4. Virginia: 37.3 percent 5. Massachusetts: 36.9 percent 6. Oregon: 36.0 percent 7. Utah: 35.3 percent 8. Minnesota: 34.7 percent 9. New York: 34.5 percent 10. California: 34.4 percent 11. Georgia: 32.8 percent 12. Rhode Island: 32.8 percent 13. Colorado: 32.5 percent 14. Delaware: 31.6 percent 15. Illinois: 31.3 percent 16. Wisconsin: 31.0 percent 17. New Hampshire: 30.9 percent 18. Washington: 29.9 percent 19. Iowa:...
  • Sen. Lisa Murkowski Hasn’t Ruled Out Voting For Tax Bill With Obamacare Mandate Repeal

    11/19/2017 7:47:14 AM PST · by SeekAndFind · 12 replies
    Hotair ^ | 11/19/2017 | John Sexton
    Tuesday we learned that the GOP had decided to add repeal of Obamacare’s individual mandate to the tax bill which is still under consideration in the Senate. The immediate question was whether the same Senators who balked at various iterations of Obamacare repeal would also consider repeal of the mandate a deal breaker. One of those Senators being closely watched is Lisa Murkowski. Earlier today, Murkowski told Roll Call that her vote on the tax bill would depend on Alexander-Murray, a bipartisan plan which would restore cost-sharing payments to insurers. “I think that there is a path and I...
  • Republican Sen. Ron Johnson Opposes GOP Senate Tax Package

    11/15/2017 4:51:41 PM PST · by SkyPilot · 164 replies
    The Wall Street Journal ^ | 15 Nov 17 | Siobhan Hughes
    Sen. Ron Johnson (R., Wis.) said he opposes the Senate Republican tax package, becoming the first GOP voice of dissent that, if it gains momentum, could force significant changes or jeopardize the party’s goal to pass the bill before the end of the year. “If they can pass it without me, let them,” Mr. Johnson said in an interview Wednesday, adding that the plan unfairly benefits corporations more than other types of businesses. “I’m not going to vote for this tax package.” Any Republican opposition is significant because GOP leaders are counting on near universal support from within the...
  • Senate GOP to add repeal of Obamacare insurance mandate into tax bill

    11/14/2017 1:47:00 PM PST · by Innovative · 61 replies
    Washington Post ^ | Nov. 14, 2017 | Mike DeBonis and Damian Paletta
    Senate Republican leaders are adding a provision to their tax bill that would repeal the Affordable Care Act’s individual mandate, a major change as they now try to accomplish two of their top domestic priorities in a single piece of legislation. “We’re optimistic that inserting the individual mandate repeal would be helpful” to the tax effort, Senate Majority Leader Mitch McConnell (R-Ky.) said Tuesday after meeting with party members during a closed-door lunch. President Trump and many GOP lawmakers have supported using the tax bill to repeal the mandate, a part of the health care law that creates penalties for...
  • A key Senate Republican admitted the current tax reform bill can't pass without significant changes

    11/13/2017 4:32:47 PM PST · by SkyPilot · 77 replies
    Business Insider ^ | 13 Nov 17 | Bob Bryan
    The Senate Republican legislation to overhaul the federal tax code can't pass the chamber as currently constructed, a top GOP senator admitted Monday. Republicans are using the process of budget reconciliation to try to pass the Tax Cuts and Jobs Act (TCJA) with a simple majority vote. To do that, the bill has to abide by what's known as the Byrd rule, a provision of which specifies that the legislation cannot add to the federal deficit outside of a 10-year budget window. Multiple analyses have found it would. On Monday, Sen. Orrin Hatch, chair of the Senate Finance Committee and...
  • FR CPA's and EA's Tax Bill Comments Tread

    11/12/2017 11:46:43 AM PST · by taildragger · 14 replies
    11/12/17 | taildragger
    Calling all Free-Republic CPA's and Enrolled Agents, and like professionals to chime in on the House and Senate Tax Bills. I spoke to my CPA this past week, and my comments are here: http://www.freerepublic.com/focus/news/3603945/posts?page=106#106 This thing needs to see the light of day, good, bad, or indifferent. I look forward to all FR responses!
  • The Tax Bill: Placing a Dagger in the American Dream of Home Ownership

    11/12/2017 3:50:03 AM PST · by SkyPilot · 142 replies
    Huffington Post ^ | 11 Nov 17 | Miles Zaremski
    As we now know, both chambers of Congress have introduced their versions of legislation to overhaul our tax system, or, rather, the tax code. Some say it is reform, others more properly say it is merely a tax cut for the wealthiest and most powerful of American persons and corporations at the hands of those less fortunate, the middle class. But to give the rich their largesse, the middle class is being looked to as the sacrificial lamb by having certain deductions stripped away from them. Among the most critical of these deductions are the ones that make home ownership——the...
  • Senate plan to scrap income and property tax deductions would be a blow to Californians

    11/10/2017 4:01:25 AM PST · by SkyPilot · 96 replies
    LA Times ^ | 9 Nov 17 | By Lisa Mascaro and Jim Puzzanghera
    Congressional Republicans advanced two competing visions of tax reform Thursday, setting up a potentially bruising battle in the weeks ahead as they struggle to agree on a bill President Trump can sign. With the Senate GOP's unveiling of its tax plan, key differences with the House version became apparent. Among the biggest potential losers in both plans are residents of California and other high-cost states, who rely heavily on itemized deductions for state, local and property taxes. The Senate plan eliminates all such state and local deductions, while the House proposal retains property tax deductions up to $10,000. As...