House approves Republican tax overhaul; Senate vote next

House approves Republican tax overhaul; Senate vote next

Republicans, including President TrumpDonald John TrumpHouse Democrat slams Donald Trump Jr. for 'serious case of amnesia' after testimony Skier Lindsey Vonn: I don't want to represent Trump at Olympics Poll: 4 in 10 Republicans think senior Trump advisers had improper dealings with Russia MORE, have touted the plan as benefiting middle-class Americans.

LoBiondo was one of the four state Republicans to vote no on the bill.

Hours earlier, House Speaker Paul Ryan, who has worked years toward the goal of revamping the tax code, gleefully pounded the gavel on the House vote. Perhaps it seems Pollyannaish of me to frame it this way. The rich even get a greater proportional increase in after-tax income: 2.3 percent, compared with 1.4percent for the middle class. That's how they end up saying the bill will help people by taxing them less on their "non-corporate business income", instead of saying the bill will help freelancers and small business owners.

"The first thing is, this is not a middle class tax cut", argued Sen. They could have done a straight up big tax cut - along the lines of what George W. Bush did in 2001 - an overall cut to pretty much everyone's marginal rates in which the wealthiest people get the overwhelming share of the benefit.

With a revote in the House of Representatives expected to pass Wednesday morning, upcoming months between now and November will likely delve into the exact details and provisions within the bill. Maybe growth will dramatically exceed forecasts, millions will enter the labor force and find work, wages will soar and the $1.5 trillion tax bill will pay for itself. Well, there's the guy who has to sign the tax bill into law: Donald Trump.

McConnell said Tuesday he would offer such provisions in a spending bill "later in the week".

Of course, voters' analysis of the bill's merits is not based solely on whether it cuts their taxes in year one.

The fact that Ryan's staff would tweet out a video that so thoroughly contradicts what Ryan is actually about to do is a reminder that the Speaker has paid very little price for the deceptions that have defined his career. The top tax rate for individuals would be lowered from 39.6 percent to 37 percent. In the past, you either paid estate tax on the $10 million or capital gains tax on the increase of $9 million.

Collins, a moderate, also won concessions that expanded a deduction for medical expenses for two years and preserved a partial individual deduction for state and local taxes.

US Vice President Mike Pence, who was presiding, stopped and repeatedly called on the sergeant at arms to restore order in the gallery. "Expanding 529's to include any educational option is a common-sense reform that reflects the reality that we must begin to view education as an investment in individual students, not systems", DeVos said.

"They have corrected all of the problems that I had raised", McClintock said.

Democratic activists and candidates are gearing up to hold the vote against vulnerable California members in 2018, especially in the traditionally conservative bastion of Orange County, where high home values mean the cap to the mortgage interest deduction will hit harder than in rural Republican districts where homes cost less. Even the biggest proponents of killing the estate tax never imagined a gift this brazen. "They need and deserve tax cuts".

The bill provides steep tax cuts for businesses and wealthy families, and more modest reductions for low- and middle-income families. "We will not rest until the final gavel falls".

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