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Thread: Republicans in House and Senate strike a deal on tax bill

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  1. #1
    Senior Member JohnDoe2's Avatar
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    Republicans in House and Senate strike a deal on tax bill

    Republicans in House and Senate strike a deal on tax bill

    By Phil Mattingly and Lauren Fox, CNN
    Updated 12:35 PM ET, Wed December 13, 2017

    (CNN)House and Senate Republicans have struck a tentative deal on a tax bill Wednesday, a major step in ensuring the GOP majority is on its way to deliver an overhaul of the US tax system by the holidays.

    According to two GOP aides, Republicans struck a deal in principle that will meld together the House and Senate tax deals and put the parties on a path to vote as soon as next week. Aides say there are still smaller issues to work out, but Senate Republicans will discuss remaining issues at their conference-wide lunch Wednesday and see how their rank-and-file members react.



    Republican negotiators on the verge of announcing tax plan deal

    Lawmakers have been working for more than a week to find a way to combine two very different tax bills.

    The deal comes after members have been working for more than a week to find a way to combine two very different tax bills.

    Republican negotiators as of Tuesday evening were looking to drop the corporate tax rate from 35% to 21%, a slight uptick in the 20% rate lawmakers had once aimed for. Sources also told CNN Tuesday evening that negotiators were likely to fully repeal the corporate alternative minimum tax, a tax the Senate bill had preserved because of Senate rules requiring the tax bill only add so much to the deficit. The hybrid bill was also expected to repeal the Affordable Care Act's individual mandate to have health insurance and cap the mortgage interest deduction at $750,000.

    The new proposal also is expected to drop the top tax rate to 37%, a concession that one GOP Senate aide told CNN was an ask from House Republicans and had the support of President Donald Trump.

    The news of a deal came just hours after Senate Minority Leader Chuck Schumer called on Republicans to hold off on a tax bill until newly-elected Alabama Sen. Doug Jones, a Democrat, was seated in January.

    This story has been updated and will continue to update with additional developments.


    http://www.cnn.com/2017/12/13/politi...eal/index.html
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    Senior Member Beezer's Avatar
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    Cut out the Tax Credits and Refunds to ILLEGAL aliens!

    The illegal parents should not receive ANY benefits or receive them on behalf of their minors!

    Deport the whole family!
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    Senior Member JohnDoe2's Avatar
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    Senior Member Beezer's Avatar
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    Will this tax bill be retroactive and apply for the 2017 IRS Filing of our returns?
    TO BECOME AN AMERICAN YOU MUST CHANGE YOUR VALUES ...NOT YOUR LOCATION

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    Senior Member JohnDoe2's Avatar
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    Quote Originally Posted by Beezer View Post
    Will this tax bill be retroactive and apply for the 2017 IRS Filing of our returns?
    If passed, when would the GOP tax plan take effect? - CBS News

    https://www.cbsnews.com › MoneyWatch › Money
    Nov 6, 2017 - Even if Republicans do pass a bill President Trump cansign by year-end, most of the impact won't hit until 2018. ...
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    Senior Member Judy's Avatar
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    Quote Originally Posted by Beezer View Post
    Will this tax bill be retroactive and apply for the 2017 IRS Filing of our returns?
    Unfortunately not, too late in the year to make it work for 2017. Trump wanted it done in the spring or early summer in which case it could have applied to this year like he really wanted, but as the months rolled by, it became impossible. That's what Brady said a few months ago, that it depends on when it passes in order to apply it to this year. He said there was a slight chance if it was done by late summer before the new fiscal year started, but it was not to be. Shame!!
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    Senior Member JohnDoe2's Avatar
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    [QUOTE=Beezer;1576502]Will this tax bill be retroactive and apply for the 2017 IRS Filing of our returns?[/QUOTE]
    Trump promises Americans bigger paychecks by February if Congress gets tax-cut law by Christmas

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    Senior Member Judy's Avatar
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    Yes, the tax rate cuts will show up in February for everyone with less being taken out of their checks by employers because of the new lower rates, but the refunds, tax credits and so forth that everyone looks forward to after they file their taxes won't apply for 2017, those will start in 2018 and everyone receive their refunds, credits and so forth when they file their taxes in 2019 for tax year 2018. But in the meantime, their payroll take home will be greater as will retained earnings after tax for our businesses and employers.
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