• News
  • World Media

Latest on the tax bill: GOP making major changes

Latest on the tax bill: GOP making major changes

GOP leaders toiled behind the scenes Wednesday in hopes of readying a long-anticipated tax bill for a floor debate. That unexpected turn cast into doubt the support of Corker and Flake, prompting Senate leaders to call off plans to vote Thursday night. Changes being discussed included rolling back some of the tax cuts after six years to appease deficit hawks - notably Flake and Sen. Bob Corker (R-Tenn.) had secured in the bill. "That disparity between the US tax code and foreign tax rates has literally chased jobs and wages out of this country".

Corker, meanwhile, appeared subdued following the Cruz confrontation Thursday night and after other Republican senators lined up behind the bill without new provisions to shrink the deficit.

The scramble to alter the bill came after the Senate's parliamentarian ruled that automatic "triggers" created to guard against big deficits would violate Senate rules.

Senate Majority Leader Mitch McConnell, R-Ky., had expressed confidence early in the day, but he has little margin for error with a 52-48 Republican majority. Vice President Mike Pence would break a tie. "Last night there had been a plan to include $350 billion in tax increases".

"Other countries have learned how to use their tax codes to entice US businesses overseas, businesses around the globe, to their country - to move away from the United States to their countries' more competitive tax code", Republican Senator Cory Gardner of Colorado said.

Details were sketchy but lawmakers said on Friday changes were being made to provisions dealing with the federal deduction for state and local property tax, a cut in the corporate income tax rate, the alternative minimum tax and a one-time tax on foreign profits held offshore by multinational corporations.




Lawmakers have said they expect the two bills to be merged into one, which will require approval by each chamber, but there is still a lingering chance that the House will take the Senate bill in the end.

Some Democrats agreed that US corporate taxes should be lowered, but insisted the Republican plan goes too far and would eventually trigger painful cuts to federal programs that benefit the poor and elderly in the future. Senate leaders both declared the report junk and claimed it vindicates their claim that the tax bill will pay for itself.

Because the House passed a different tax-slashing bill, the probable effect of Senate approval - provided the House doesn't pass the Senate's version - would be a conference committee in which lawmakers from both chambers fashion a compromise that could include elements of either bill.

No formal text of the Bill - still very much a work in progress - had been released just hours before a final vote, which was expected later on Friday. They had planned to include in the bill a "fiscal trigger" that would raise taxes if economic growth fell short of forecasts or budget deficits exceeded expectations. The two had voted against the GOP bill to dismantle the Obama health care law this past summer. The current Senate bill completely eliminates the federal deduction for state and local taxes, a popular benefit in the Democratic-leaning states of New York, New Jersey, California and IL as well as many wealthy suburbs nationwide. Susan Collins of ME said it was a "fair assumption" that she was likelier to support the bill after saying Trump agreed to make property taxes up to $10,000 deductible instead of eliminating that break entirely.

The House bill, meanwhile, would tax the value of tuition waivers for graduate students employed as teaching and research assistants, dramatically hiking taxes on a modestly compensated workforce. McCain said he would vote for the bill Thursday evening.

Leave Your Comment

Leave Your Comment


Latest News

  • Director Bhansali explains before parl panel; heres what he explained

    Director Bhansali explains before parl panel; heres what he explained

    The CBFC chief told the panel that he had not seen the film as yet. If necessary, a Central committee would then take a view. The panel is yet to take a decision about the movie.
    Guarantee safe return of Jadhav's wife: India to Pak

    Guarantee safe return of Jadhav's wife: India to Pak

    India has acknowledged Jadhav as a retired Indian Navy officer but denied that he was in any way connected to the government. The move came months after New Delhi requested Islamabad to allow Jadhav's mother to meet him on humanitarian grounds.
    Hafiz Saeed's release shows Pakistan's lack of seriousness

    Hafiz Saeed's release shows Pakistan's lack of seriousness

    He even aired a video message shortly after his release, claiming that India's allegation in opposition to him was "false". But in this time his outfit has been allowed to set up a political party to enable it to contest elections.
  • LA Auto Show: BMW i8 finally takes its top off

    LA Auto Show: BMW i8 finally takes its top off

    The combined power output of 369bhp and 570Nm is channelled through a six-speed automatic gearbox to the rear wheels. The Roadster gains 60kg over the coupe , mainly on account of the reworked chassis that allows for the folding roof.
    'Lady Bird' kicks 'Toy Story 2' to the Rotten Tomatoes curb

    'Lady Bird' kicks 'Toy Story 2' to the Rotten Tomatoes curb

    The New York Times described Ronan as 'one of the most formidable actors in movies today ' in their review of the title. She added, "We are all on cloud nine and using our tomato emoji more than we ever thought possible".
    Mourinho riled by Mkhitaryan questions

    Mourinho riled by Mkhitaryan questions

    Jakob Park and - after emphatically beating the Swiss champions 3-0 at home in September - will be fairly confident of three points and another comfortable victory.
  • Wild Melee Breaks Out Between Raiders and Broncos

    Wild Melee Breaks Out Between Raiders and Broncos

    There's at least two things Aqib Talib doesn't like in his life: Michael Crabtree and Crabtree's chain. Watch this Brawl between the Oakland Raiders and the Denver Broncos.
    Study finds drinking coffee can cut risk of early death

    Study finds drinking coffee can cut risk of early death

    Coffee drinking is also linked to a lower risk of Parkinson's disease, depression, and Alzheimer's disease, the study found. The most grounded advantages of coffee utilization were seen in lessened dangers of liver disease, including growth.
    US Navy aircraft carrying 11 crashes off Japan

    US Navy aircraft carrying 11 crashes off Japan

    Trump said in a tweet: "We are monitoring the situation". "Search and rescue efforts for three personnel continue with U.S. It was operating in the Philippine Sea when the crash happened at 2.45pm local time (approximately 5.45am GMT).
  • CBS cancels 'Wisdom of the Crowd' amid Jeremy Piven sexual assault allegations

    CBS cancels 'Wisdom of the Crowd' amid Jeremy Piven sexual assault allegations

    Amy Meador also spoke to BuzzFeed News and alleged that Piven had assaulted her at her then-home in Laurel Canyon in 1995. United States broadcaster CBS has dropped Wisdom of the Crowd , which stars the under-fire Jeremy Piven .
    Teen wanted in Fla. after grandmother found dead caught at Canadian border

    Teen wanted in Fla. after grandmother found dead caught at Canadian border

    A body believed to be of Logan's 53-year-old grandmother, Kristina French, was found by police on Friday in a shallow grave. She said a Jacksonville detective will fly to meet Logan on Saturday.
    Southern California will be roasting on Thanksgiving Day

    Southern California will be roasting on Thanksgiving Day

    Forecasters said heat records could also be set today in downtown Los Angeles, Burbank, Lancaster and Palmdale. The average high temperatures for that time of the year range from the lows 30s to upper 20s.
  • Bellagio Poker Cage Robbery

    Bellagio Poker Cage Robbery

    A person who was brought to the casino against his will has been cooperating with police, according to Capt. Authorities say the man fled the scene in a silver Chevrolet Cruze with Nevada license plates.
    16 hurt fleeing false terror alert in London's Oxford Street shopping

    16 hurt fleeing false terror alert in London's Oxford Street shopping

    Shocking footage from the scene shows as Black Friday shoppers ran screaming from the scene, hiding in nearby shops and buildings. The British Transport Police said it believed there had been an altercation between two men on the platform before the scare.
    Salvation Army serving meals on Thanksgiving

    Salvation Army serving meals on Thanksgiving

    Gratitude filled the room as sweet potato, cornbread and turkey filled the bellies of dozens of people fighting different storms. We want to make sure that my kids understand what we have and take care of each other and the community".
  • White House Considers Replacing Tillerson as Secretary of State

    White House Considers Replacing Tillerson as Secretary of State

    Trump on Thursday refused to answer questions about a White House plan to replace Tillerson after less than a year on the job. Ryan said she wouldn't believe it unless she saw Huckabee Sanders actually bake it.
    Eight donkeys jailed for eating flowers outside prison

    Eight donkeys jailed for eating flowers outside prison

    The "detention" took place four days ago on the orders of the Jail Superintendent, Orai District Jail Sita Ram. Sharma also said the animals were well known as mischief-makers in the area, the Times of India reports.
    CNN responds to Donald Trump after 'fake news' claims

    CNN responds to Donald Trump after 'fake news' claims

    CNN took to President Donald Trump's favorite platform to respond to his latest tweet dissing the cable news network. Since the tape's publication, Trump has been accused of sexual assault by several women, NY magazine reports.

Breaking News



Recommended

Microsoft may have Apple HQ jealousy as it commits to Redmond refresh

This will connect with a planned Redmond Technology Transit Station where the Link Light Rail is expected to arrive in 2023. However, the net result will be an increase from 125 buildings today to 131 buildings once the project is complete.

49ers QB Jimmy Garoppolo might get first start against Bears

The team announced Tuesday that the recently acquired quarterback will start Sunday on the road against the Chicago Bears . Garoppolo was expected to take over the starting job for the 49ers after the franchise traded for him four weeks ago.

Hollywood producer Harvey Weinstein faces civil claim in United Kingdom for alleged assault

The company "had been privy to multiple claims in which such acts were alleged" against Weinstein by 2014, it notes. An excited Noble, eager to share her show reel with Weinstein, brought her iPad along as the two went upstair.

Watford vs. Manchester United live stream

Club captain Michael Carrick is still building his fitness after having a cardiac ablation to deal with an irregular heart rhythm. But they'll have to do without giant midfielder Fellaini for the game.

Roy Moore thanks Trump in new fundraising appeal

Moore has been accused by several women of pursuing relationships with them when they were teenagers and he was a grown man. Jones has started using Ivanka's remarks as part of his campaign. "The list is growing", the narrator in the ad said.

Bangladesh inks deal with Myanmar to repatriate Rohingya Muslim refugees

Some 620 thousand Rohingya Muslims fled the violence launched in the wake of Rohingya militant attacks. U.S. officials also worry that the mistreatment of the Rohingya Muslim minority may fuel radicalism.

OnePlus 5T breaks launch day sales record in 6 hours

As talked before the biggest difference between OnePlus 5 and 5T remain the display and the position of fingerprint sensors. The OnePlus 5T smartphone may have only just launched, but it's already scheduled for some significant camera upgrades.

PUBG could get a 'socialist makeover' in China

Specifically, PUBG will have to incorporate tweaks that would make it more suitable for the "socialist core values" of China . However, before this could happen, it seems a few changes to the game will have to be made.

Terror label a serious provocation: North Korea

United Nations officials have released a video showing the moment a North Korean soldier dramatically defected to the south. Four other North Korean soldiers are seen running toward him and stopping to shoot at him.

Snoop Dogg curses out Trump in heated video defending LaVar Ball

If there's anything the former reality star loves more than golfing at Mar-a-Lago, it's firing off ill-thought out tweets . If I never see LaVar Ball on TV again, except maybe in the stands watching his kids play basketball, I'd be delighted.