Published: Sun, December 17, 2017
Finance | By Loren Pratt

Republicans releasing revised tax plan, which is hurdling towards passage

Republicans releasing revised tax plan, which is hurdling towards passage

Initially, it looked like the tax plan could be in trouble, after Sen.

It's a gamble they are will to make.

Senior Republican Party members are hoping to see the the 505-page legislation approved sometime next week in order to have it on President Donald Trump's desk before the Christmas holiday. Separate legislation is expected to be considered to stabilize insurance marketplaces as part of an agreement to win the the support of Sen. If they had lost Rubio and Corker, they would have been one more defection away from defeat.

While the disappearance of the individual mandate is bound to affect everyone in one way or another, women are more likely to be negatively impacted. In removing the mandate, women could once again find it more hard to obtain and pay for health insurance.

GOP is doing everything they can to rush #GOPTaxScam through Congress, even suspending democracy. But in conference, Republicans concluded that their previous efforts had not redistributed quite enough wealth to the richest people in American society - and brought the top rate down to 37. This is expected to save more than $300 billion over the coming decade, which was applied to offset the cost of tax reductions. And so, Golden State Republicans got the conference committee to let taxpayers deduct $10,000 of state property - or income - taxes from their federal liability, under the terms of the final bill.

After intense last-minute negotiations, Republicans on Friday unveiled a final version of their tax bill that takes the ax to many tax breaks, spares others and creates whole new ones.

The new individual rates would expire after 2025.

The House Ways and Means Committee and the Senate Finance Committee published the conference version of the bill, promising to "make the tax code simpler and fairer", on Friday afternoon. As it stands now, the bill sets the child tax credit at $2,000 per child, and Rubio wants it to be refundable against both payroll and income taxes. The GOP's plan would drop the threshold for the deduction from 10 percent to 7.5 percent for 2017, 2018, and 2019.

The Congressional Budget Office said the repeal would reduce the number of people with insurance by 13 million within 10 years because fewer will enroll in Medicaid or buy coverage in government-managed exchanges, including some who will no longer be able to afford insurance because rates will rise about 10% annually.

In keeping this deduction in place, the plan would enable middle-class and low-income people to continue using the benefit to help alleviate the burden of costly medical bills. Now the individual tax brackets sit at 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent, and 39.6 percent.

Under current law, the seven tax brackets are 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent and 39.6 percent.

" Universities and nonprofits will have to pay an excise tax on employees making more than $1 million".

Personal exemptions would be eliminated under the plan.

While the GOP tax plan would have sweeping effects on all demographics, women, who already grapple with the gender wage gap and are more likely to live in poverty in every state in the US, it would certainly have a disproportionate impact.

New Jersey residents will still lose most of their major tax break in the final Republican tax bill, but it's not as bad as the original version.

This was in the Senate bill but not in the House's. Marco Rubio, who said on Friday he would be a yes after threatening to scuttle the deal only 24 hours earlier.

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