Trump Tells Republicans to Cut Taxes for the Rich

Trump Tells Republicans to Cut Taxes for the Rich

Trump Tells Republicans to Cut Taxes for the Rich

Neither the House or Senate tax bills includes a repeal of the individual mandate, with lawmakers saying it would make their signature legislative promise all the more hard to approve. The House version of the tax reform bill preserves a $10,000 deduction for state and local property taxes, while the Senate bill preserves no deductions.

House Ways and Means Committee Chairman Kevin Brady said he guaranteed the deduction would not be entirely scrapped in a final tax bill that emerges from dueling plans already unveiled by Republicans in the House and the Senate. By doing so, the GOP could then chop the top individual income tax rate to 35 percent with "all the rest going to middle income cuts", the president contended.

The head of the House of Representatives' tax-writing committee said on Sunday he would not accept elimination of a federal deduction for state and local taxes, opposing a proposal from Senate Republicans that would hike taxes for some middle class Americans.

Despite this, the proposed tax cut plan would also drop both state and local tax cuts completely and push back the 20% corporate tax rate to the year 2019, therefore, dampening most economic growth projections and outlook made by most economists during the past couple of months. That group pushed Brady to keep the property tax deduction in the House bill. This has resulted in a sharp focus on finding tax changes that can produce new revenue to the US Treasury to make up for cuts elsewhere, creating a zero-sum approach to determining what provisions are included or excluded from the legislation.

Trump and some Republicans favor including a repeal of the mandate in tax overhaul legislation.

Other sticking points include a proposal by the Senate to delay implementation of a cut in the corporate tax rate and a House plan to eliminate the estate tax on inheritances.

"They're not hedge fund people", King said on "Sunday Morning Futures". The House wants to reduce the number of brackets, but leave the 39.6 percent top rate alone. Senate Republican leaders have said they want to hold a full Senate vote before Thanksgiving, which falls on November 23.

Many Republicans have feared that they could write a tax bill only to have their effort shadowed by late-game commentary by Trump.

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