GOP Tax Plan Passes in House, Senate to Vote Tuesday

GOP Tax Plan Passes in House, Senate to Vote Tuesday

The Republican tax bill caps the state and local tax deduction but continues the deduction for payroll taxes paid by businesses - and therein lies a hidden-in-plain sight opportunity to blunt the new law's impact on New York. "And I never lie".

It is, in that sense, a total mystery.

In 2010, Ryan touts "a very simplified system, so that businessmen, entrepreneurs, and individuals can actually have a clean, easy postcard to fill out and move on".

Republicans are considering another effort to repeal and replace the broader law next year, but will have one fewer vote to do so after Democrat Doug Jones won the Alabama Senate special election.

Chapman University associate political science professor Fred Smoller said taxes are such an important issue for Orange County voters that the vote will be "millstone" around vulnerable members' necks.

"No concerns whatsoever", Ryan replied.

For likely 99% of the taxpayers, estate, gift, and generation-skipping transfer taxes will not even be a consideration in the planning process. "I felt like we should have voted this weekend".

In September, the first time fund managers said bitcoin was too crowded, bitcoin traded at about $4,000 a coin; on Tuesday, prices were hovering near $18,000. And given the disparaging commentary about bitcoin that has come from many high-ranking members of the Wall Street community, it's safe to say that many investors don't know what they don't know about bitcoin. But in any sense of what 'tax reform' has ever meant, this is the precise opposite.

In a shift for a party once dominated by fiscal hawks, just one House Republican - Walter Jones of North Carolina - voted against the bill solely because it would expand the deficit and add an estimated $1.5-trillion to the debt over 10 years.

The parallels are eerie. By 2037 it amounts to more than $100 billion, or roughly $1,000 per household.

Democrats seized on the embarrassing stumble as evidence of the Republicans' rushed, secretive development of the bill. "Instead of providing tax breaks to the wealthiest people and most profitable corporations, we need to rebuild the disappearing middle class".

The plan includes a steep tax cut for businesses and temporary tax cuts for individuals.

But no Republican senators have so far declared opposition to the bill.

Republicans worked hard to convince Americans that Obamacare was a transfer of wealth from the middle class to the poor.

On Monday, hours before he realized his policy dream of handing the ultrawealthy a massive tax cut, House Speaker Paul Ryan's staff tweeted a video of the congressman touting his Ayn Randian vision over and over for the last two decades. That applies to income above $500 for individuals and $600 for couples - a higher threshold than it is now. Californians will be among the losers. "They own the tax code". President Obama recognized the need to lower corporate tax rates, in 2012 proposing slashing the rate to 28 percent.

Tuesday morning, Ryan declared (falsely) that the bill would "especially" benefit middle-income families. Their motives are good, and their objective of increased economic growth is sound.

As of early evening, the plan was for the Senate to delete the three offending provisions and vote on the bill.

Only about 1% of households earn more than $500,000, according to the Joint Committee on Taxation.

Republicans remain on track to send the sweeping tax overhaul to the president's desk before Christmas.

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