Health Care

GOP tax bill clears Congress, heads to Trump

GOP tax bill clears Congress, heads to Trump

RESTORED TAX BENEFITS The final legislation restores some tax benefits that had been stripped in the House-passed bill, including the deduction for medical expenses not covered by insurance, the deduction for interest paid on student loans and the $7,500 tax credit for electric vehicles. In a 51 to 48 vote, Democrats unanimously opposed the bill while all Republicans present supported it. Sen. Bob Corker, R-Tenn., chose to support the measure.

Years ago, Congress approved the law imposing steep automatic spending cuts whenever Congress passes legislation that adds to the nation's growing debt.

Ending the bond would have canceled the creation of 2,000 more units across the state next year, he said.

Republican Washington Congressman Dave Reichert said he fought to preserve the tax exempt bond. The corporate portion was "probably the biggest factor in our plan", he said.

President Donald Trump's top economics aide insists he is staying at the White House after Congress approved the tax overhaul. "It will be an incredible Christmas gift for hardworking Americans". Republicans have demanded offsets for the spending by proposing to cut other children's health programs.

Failure to pass the measure would trigger a government shutdown at midnight Friday, which would amount to a political pratfall just after the GOP scored a major win on a landmark tax bill.

The measure was scrapped after 31 Republican lawmakers who voted for the House tax bill sent a letter to party leaders urging them to remove the provision from the final version of the legislation.

Despite their concerns, no prospective buyers in our survey said they would postpone their plans to buy a home this year altogether because of the tax changes.

The House can pass all the conservative legislation they want, but it has to make it through the much trickier Senate math to actually become law. Many administration watchers had expected a Cohn departure following passage of the $1.5 trillion tax cut. GOP lawmakers say they'd expect a future Congress to continue the tax cuts so they won't expire.

US companies are expected to react in many different ways under the new tax regime. "The fact of the matter is corporations are already sitting on a ton of cash". Trump promised more announcements of the kind.

Armed Forces Bowl: 3 takeaways from San Diego State-Army
Even though the two teams largely kept things on the ground, it still ended up a barnburner between the Black Knights and Aztecs. Writer Joseph Goodman shared that Army was able to win 10 games while only completing 20 passes all season long.

In addition to cutting the United States corporate income tax rate, the debt-financed legislation gives other business owners a new 20 per cent deduction on business income and reshapes how the government taxes multinational corporations along the lines that the country's largest businesses have recommended for years. GOP House members roared and applauded as they passed the $1.5 trillion package that will touch every American taxpayer and every corner of the US economy, providing steep tax cuts for businesses and the wealthy, and more modest help for middle- and low-income families. The tax cuts will peter out over time.

But it will also add to the deficit, which was projected to be $563 billion next year without factoring in either the revenue loss or the economic growth from the plan.

The stopgap bill comes after Republicans passed a sweeping overhaul of the USA tax code, which experts say will add $1.5 trillion to the federal deficit over the next 10 years.

One Democrat called the process an "epic failure of governing". "Many voters might just believe the GOP line given that the upturn is happening at the same time their taxes are being cut". And they mocked the Republicans' contention that the bill will make taxes so simple that millions can file their returns "on a postcard" - an idea repeated often by the president.

The repeal of the financial penalty for not purchasing health insurance does not go into effect until 2019.

Trump touted the wireless and communications company at the White House on Wednesday for a bonus payment that will be made over the holidays if he signs the bill before Christmas.

"When the individual mandate is being repealed that means Obamacare is being repealed", he said.

But if the law isn't waived, and Trump signs the bill this month, he would be required to issue an order to cut about $120 billion in spending in early 2018, said Hoagland, who is now a senior vice president at the Bipartisan Policy Center.

A vote is likely Thursday and Senate passage is expected to quickly follow.

Republicans shrugged off the mistake.


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