Tuesday, December 19, 2017

GOP set to roll $1.5T final tax bill through House, Senate

Their long-sought political goal within grasp, Republicans in Congress are set to catapult sweeping $1.5 trillion tax legislation through the House, rolling over a dozen GOP defectors from high-tax states.
The Republicans' final drive to deliver the tax package to an eager President Donald Trump begins Tuesday with a vote in the House. Quickly following, a vote later in the day or on Wednesday in the Senate is expected to seal the deal. Both tallies likely will cling along party lines.
The Senate result was in doubt in recent weeks. Only on Friday did Republican leaders cement the needed support for the legislation, securing endorsements from wavering GOP senators Marco Rubio of Florida and Bob Corker of Tennessee. More holdout GOP senators— moderate Susan Collins of Maine and Mike Lee of Utah — came into the fold on Monday.
Now the biggest reshaping of the U.S. tax code in three decades is on a clear path to passage and a presidential signing into law.
The complex legislation, hammered out in compromise, blends elements of separate House and Senate bills that were recently passed. It permanently slashes the tax rate for corporations from 35 percent to 21 percent and reduces levies on the wealthiest Americans, while making more modest tax reductions for most others. The tax cuts for individuals are temporary, expiring in 2026. It doubles the standard deduction used by about two-thirds of U.S. households, to $24,000 for married couples, also ending in eight years.

https://www.yahoo.com/news/gop-set-roll-1-5t-083058348.html 

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