The biggest overhaul of the US tax system in more than 30 years could be signed into law by President Donald Trump as soon as Wednesday, if both chambers of Congress approve it.
The tax-reform bill cleared the House Tuesday afternoon and is expected to be taken up by the Senate soon (though it appears the House will have to re-vote on it after the Senate, for technical reasons).
Following the vote in the House, the Senate is expected to approve the bill later in the day by a narrow margin. The top Democrat on the tax-writing House Ways and Means Committee, Richard Neal of MA, said Monday evening that he would be seeing the Rules Committee frequently because "there are going to be a series of technical corrections".
The plan would also cut individual tax rates for all income tax levels. They took nearly no public testimony and powered it past Democrats in a matter of weeks.
"AGAIN!" the president said in an early morning tweet.
The distribution is more even when other federal taxes are taken into account. The largest cuts would go to the wealthy, but, in 2018, almost all Americans will see their income tax go down, according to a nonpartisan analysis of the final plan released Monday.
"A mixture of theology and science fiction" is how Representative Richard Neal of MA, the ranking Democrat on the House Ways and Means Committee, described the Republicans' bill.
But the bills that both the House and Senate are now considering, while reducing business taxes, don't reduce the tax burden on individuals so much as shift it. In addition, all Americans will see lower rates. They were protesting its new $10,000 cap on the deduction that millions use in connection with state and local income, property and sales taxes. The individual tax cuts expire in 2026, while the corporate cuts are permanent.
"This will help those communities that have been left behind with more money in working families' pockets", Tiberi said.
If the legislation is ostensibly meant to help Americans, the majority aren't buying it. Two-thirds of those surveyed said the bill would help the rich more than the middle-class.
Image Speaker of the House Paul Ryan on the day he unveiled legislation to reform the tax system
According to the 1,097-page bill released late Friday, today's 35 percent rate on corporations would fall to 21 percent, the crown jewel of the measure for many Republicans. John McCain, R-Ariz., is in Arizona battling brain cancer and is not expected to attend the vote, though he had previously said he supports the bill. Now the biggest reshaping of the US tax code in three decades could be on a clear path to presidential signing into law.
But it looks likely that many Americans won't know how the bill affects their wallets until they fill out their 2018 tax forms in early 2019, he said. "They are joined by 45% of those earning between $50,000 and $100,000 and 49% of those earning over $100,000 who say their taxes will go up".
Why Republicans are so happy to pass a bill that is incredibly unpopular with most Americans is a bit of a mystery.
And a separate new study by the Tax Policy Center, a private nonpartisan group, found that individual taxes would be reduced on average next year by $1,600.
But his certitude ignores recent history.
The GOP tax bill polls far worse. The bill's authors don't want you to know just how much you're going to lose.
Despite his protest to the contrary, Trump would nearly certainly benefit from this bill, in part because it bestows benefits on real estate partnerships, although no one knows precisely how much because he never released his tax returns.
This tax bill is a joke.
The Democratic opposition has denounced the measure as most benefiting companies and the wealthiest Americans - including Trump himself.
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