Thursday, 14 December, 2017

Brady: House Won't Accept Repeal of State, Local Tax Deductions

Property taxes Andy Kiersz Business Insider data via Trulia
Sammy Stanley | 13 November, 2017, 20:30

The House and Senate have released competing bills, neither of which ends the individual Obamacare mandate to maintain insurance coverage or lowers the top rate almost as far as the president requested on Monday.

The deduction for state and local taxes, known as SALT, has been one of the most hotly contested issues as Republicans seek to achieve a significant overhaul of the US tax code and hand President Donald Trump his first major legislative victory.

The House bill allows homeowners to deduct up to $10,000 in property taxes while the Senate proposal eliminates the entire deduction.

It is a chief concern for a group of House Republicans who face re-election battles next year in high-tax, typically Democratic-leaning states such as California, New York, New Jersey, Connecticut and MA.

President Donald Trump's top economic adviser, Gary Cohn, said on "Sunday Morning Futures" that he expects the legislation to go to a conference committee that reconciles differences between the House and Senate versions before returning a report to both chambers for final passage.

On Sunday, Brady rejected the idea that some middle-class families would be "losers" under the House plan because of provisions that include ending deductions for student loans and for medical expenses that exceed certain individual thresholds.

Monday's First Warning Forecast: Morning rain then clearing skies
Temperatures will reach a high of 49 degrees and 47 degrees on Monday and Tuesday , respectively, forecasters predicted. Rain will be back in the forecast on Wednesday , along with breezy conditions and a high around 55 degrees.

The Senate Finance Committee is scheduled Monday to begin considering its version of the bill, which also departs from the House version by delaying a corporate tax cut until 2019.

Trump and some Republicans favor including a repeal of the mandate in tax overhaul legislation. "These are hardworking people and they're going to get screwed by this bill".

In the case of the House bill, the top rate would stay at the current 39.6 percent but would apply it to a higher income threshold: For married couples, it would only kick in after the first $1,000,000 in income versus $470,000 now.

"I am proud of the Rep. House & Senate for working so hard on cutting taxes {& reform.} We're getting close!"

After months of delay, the House Republican finally unveiled its proposed plan to cut corporate tax rates from 35% to only 20%.

But Brady did not mention state and local income tax deductions, which recent versions of the House bill do not preserve.

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