US Republicans confident of passing House tax bill-Brady

Pauline Gross
November 14, 2017

The chairman of the House Ways and Means Committee says he is "very confident" that Republicans "do and will have the votes to pass" a tax overhaul in the House this week. Because Congress is using special budget reconciliation rules to allow the Senate to enact tax reform with a simple majority, the final legislation must meet a strict $1.5 trillion revenue loss target approved in the fiscal year 2018 budget.

The Utah Republican says "a relatively small minority of taxpayers could see a slight increase in their taxes".

An analysis showed, meanwhile, the Senate version of the legislation would actually increase taxes for some 13.8 million US households earning less than $200,000 a year.

That puts him at odds with the House legislation that leaves the top rate at 39.6 percent and the Senate bill as written, with the top rate at 38.5 percent. The legislation, promoted as a boon to the middle class, would steeply cut corporate taxes, double the standard deduction, and limit or repeal completely the federal deduction for state and local property and income taxes.

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Combined with a new family tax credit and a deduction for mortgage interest for new purchases that would be capped at $500,000 of debt, the House bill "gets the job done", Brady said. By 2025, 21.4 million households would have steeper tax bills. Trump tweeted from Asia, where he is attending an economic summit in the Philippines.

The House wouldn't accept a tax bill that, like the Senate's, would eliminate deductions for all state and local taxes, the chairman of the House's tax-writing committee said.

In addition the loss of state and local tax deductions, there are "other disgusting things" in the GOP bill, Crowley said, including eliminating a tax credit for hiring veterans, or deductions for people like teachers for buying extra school supplies. Identifying other sources for the estimated $17 billion price tag for advance refundings would greatly strengthen the other merit-based arguments for the value of permitting state and local governments to continue to refinance outstanding bonds at lower rates to realize savings for taxpayers. He said he believed the House is "on schedule". That group pushed Brady to keep the property tax deduction in the House bill.

Other reports by GizPress

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