Published: Fri, December 08, 2017
Global | By Shelia Dennis

We Win! Taxes Cut for All!

We Win! Taxes Cut for All!

Bob CorkerRobert (Bob) Phillips CorkerFormer Dem to launch Senate bid: report McConnell "almost certain" GOP will pass tax reform Former New Mexico gov: Trump's foreign policy is getting "criticized by everybody" MORE (R-Tenn.) and Jeff FlakeJeffrey (Jeff) Lane FlakeGOP strategist donates to Alabama Democrat Sasse: RNC help for Roy Moore "doesn't make any sense" Sasse calls RNC decision to resume support for Moore "bad" and "sad" MORE (R-Ariz.), are withholding their support pending their demand that the overall size of the package be reduced by $350 billion to $400 billion. Because of how they set it up, Republicans' tax bill can only increase the deficit by $1.5 trillion in the first 10 years, and can't increase the national debt outside that window.

The tax cut bill Republicans are pushing through the Senate lives and dies by a complicated budget rule known as the Byrd Rule, a condition of the "reconciliation" process that allows Republicans to pass legislation with only 51 votes in the Senate. "Biggest Tax Bill and Tax Cuts in history just passed in the Senate", he tweeted inaccurately. Dick Durbin (D-IL) and Ron Wyden (D-OR), the top Democrat on the tax-writing Finance Committee, took to the Senate floor to decry the Republicans' rushed, secret, and last-minute process.

"This vote will not be forgotten", Wyden said. Trump administration officials and many Republicans have insisted the bill would pay for itself by stimulating the economy.

"The U.S. Senate today passed sweeping legislation that will give hardworking Nevadans and Americans throughout the country the break that they deserve", Heller said.

The Senate bill has more individual tax brackets than the House bill does, something the two chambers will have to work out in conference.

The House bill also lowers corporate taxes from 35 percent to 20 percent. The analysis also undercut GOP projections on economic growth, saying the bill would provide only a 0.8 percent boost to the economy.

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That has dinged the argument from Collins and other Republicans that economic growth will offset the lost revenue.

After spending the year's first nine months futilely trying to repeal President Barack Obama's health care law, GOP leaders were determined to move the measure rapidly before opposition Democrats and lobbying groups could blow it up.

But other hawks like Sens.

Another holdout, Sen. Susan Collins, R-Maine, announced her support after a promise by McConnell to include a federal deduction of up to $10,000 for state and local taxes paid by individuals.

The Senate bill would drop the highest personal income tax rate from 39.6 percent to 38.5 percent.

Sen. Jeff Merkley, D-Ore., however, called it "Wall Street welfare".

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However, the Joint Committee on Taxation expects the plan to increase the U.S deficit by $1 trillion over 10 years.

"This is not middle-class tax relief", said Sen.

Daines got what he wanted - he was told the tax bill would increase the deduction for pass-throughs from 17.4 percent to 23 percent - a move that won Johnson's support as well.

The bill is "removed from the reality of what the American people need", said Senate Minority Leader Chuck Schumer, D-N.Y.

The bill roughly doubles the standard deduction for tax filers, from $6,350 to $12,000 for individual filers and from $12,700 to $24,000 to married couples filing jointly.

The Senate bill also eliminates the individual mandate in the Affordable Care Act, which requires people to purchase health care plans or face an IRS penalty.

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The CBO has said the mandate's repeal would lead to 13 million more uninsured Americans by 2027 and raise premiums and that the subsidies Collins advocated for won't change those outcomes.

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