Published: Sun, December 17, 2017
Global | By Shelia Dennis

GOP releases final draft of tax reform bill

GOP releases final draft of tax reform bill

The bill embodies a long-standing Republican philosophy that a substantial tax break for businesses will trigger economic growth and job creation for Americans in a trickle-down economy.

President Trump on Saturday touted how "fantastic" the GOP tax bill will be for "middle-income people" ahead of anticipated votes in the House and Senate next week.

Here's a quick rundown of how the GOP's final bill will (reportedly) differ from the party's earlier versions.

Americans will be taxed at seven different rates, from zero percent, 10, 12, 22, 24, 32, 35 and 37 percent.

Yet another tax break for millionaires. The Senate version lowered it to 38.5 percent.

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The bill that passed includes a $2,000 child tax credit, with a maximum of $1,100 being refundable. Marco Rubio, R-Fla., was expected to vote for the bill after winning a late concession that would make up to $1,400 of the credit available as a tax refund to lower- and middle-income families with relatively small tax bills.

Numerous controversial provisions in the House bill, like eliminating the tax credit for adoptive parents or getting rid of the ability of graduate students to waive their tuition from their taxable income, were stripped out in the conference bill.

After months of negotiations, the Republican lawmaker demanded that a larger percentage of a child tax credit be refundable against payroll taxes to benefit lower income families. The bill would have also expanded access for the subsidy on one front - the legislation makes families that earn between $110,000 and $500,000 a year newly eligible for the tax credit - while contracting access on another: the bill would restrict eligibility to parents who have Social Security numbers, thereby cutting off a form of cash assistance to American children with undocumented guardians.

"Given all the other changes they made in the tax code leading into it, I can't in good conscience support it unless we are able to increase the refundable portion of it". But Rubio is (reportedly) satisfied with the compromise.

All 29 of the targeted lawmakers voted for the House version last month, including some members from California, New York and New Jersey - high-tax states that have been anxious about the plan's treatment of state and local taxes. But in California, property taxes are far less of a burden than state income taxes.

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Starting in 2019, the Affordable Care Act mandate that people have insurance or face a fine imposed by the IRS would be repealed. The tax cuts are projected to add $1.46 trillion over a decade.

Rubio's remarks sparked a frenzied effort to amend the tax bill to secure the senator's support.

" Universities and nonprofits will have to pay an excise tax on employees making more than $1 million".

A slightly less generous mortgage interest deduction.

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