he GOP plan for tax overhaul cleared the House on Thursday.
The House plan would chop the corporate tax rate to 20 percent from 35 percent and make other tweaks aiming to make businesses more competitive
House Republicans on Thursday passed a monumental bill to cut taxes on businesses and individuals, the biggest step yet in the GOP's once-in-a-generation effort to overhaul the American tax system.
The tax reform plan passed the chamber with 227 votes in favor and 205 against.
To pass the bill, the House GOP had to overcome opposition from several of its members who live in high-tax blue states. Those lawmakers objected to the proposal's curb on popular state and local tax deductions.
The House plan would permanently chop the corporate tax rate to 20 percent from 35 percent and make other tweaks aiming to make businesses more competitive. It would reduce individual tax brackets to four from seven and make changes to several tax breaks. Among them, the bill would limit state and local deductions and the mortgage interest deduction, eliminate the personal exemption and nearly double the standard deduction.
The vote marks a significant achievement as Republicans push to put a tax bill on President Donald Trump's desk by Christmas. Trump, who along with most congressional Republicans ran on a pledge to trim taxes, went to Capitol Hill to push GOP lawmakers to support the bill before the vote.
Later Thursday, Trump called the vote "a big step toward fulfilling our promise to deliver historic tax cuts for the American people by the end of the year."
Despite passage of the bill Thursday, pitfalls await the party.
https://www.cnbc.com/2017/11/16/house-republicans-pass-tax-reform-bill.html
Now get it thru the senate without delaying anything till 2019.
Corporate tax rates are the key but most will not see it that way. They will develope jobs and increased tax revenue by companies relocating here and expanding of companies already here. Middle class tax cuts is what will get the RINOS reelected and they will meet reelected if this goes through. Problem with tax cuts unless they usually get offset by increases with a new taxable item(s). If corporate tax cut is made permanent the US economy will boom for quite a long time. Getting it through the SENATE without taking the meat out of its will be a problem because that is where the most SWAMP Criters live and their bosses do not want any tax breads for the peasants. :thumbup:
The pressure is now on McConnell. Unfortunately, he still has too many RINO's in the senate.
Quote from: supsalemgr on November 17, 2017, 04:01:36 AM
The pressure is now on McConnell. Unfortunately, he still has too many RINO's in the senate.
It will be interesting to watch this plays out especially when MOORE wins? McConnell will have deserved HEAT on him to deliver. :popcorn: