Published: Thu, January 18, 2018
Finance | By Loren Pratt

NJ Congresswoman Urges Public to Speak Out Against Tax Bill

NJ Congresswoman Urges Public to Speak Out Against Tax Bill

Republican leaders had appeared at an impasse over the spending bill just hours before the House voted, though signs of progress toward a resolution began to emerge throughout the day. Almost half of all New Mexicans don't make enough money to owe federal income taxes. In the end, Ryan oversaw compromises that trimmed some personal deductions and settled for temporary individual tax relief to help cover the cost of the deep corporate tax cut.

Now that the Tax Cuts and Jobs Act has made it through Congress and the Senate, and is just a presidential signature away from becoming the law of the land, exactly how do Americans view the prospects of the landmark legislation?

The final legislation restores some tax benefits that had been stripped in the House-passed bill, including the deduction for medical expenses not covered by insurance, the deduction for interest paid on student loans and the $7,500 tax credit for electric vehicles.

President Donald Trump in earlier tweets celebrated the passage of the bill and praised the Senate for approving it, though narrowly.

The massive Republicans tax bill passed. But there's no Republican support for the plan in the House. But the gathering won't be a signing event, which will happen at a "later date", White House Press Secretary Sarah Huckabee Sanders said in an emailed statement.

The bill slashes the corporate tax rate to 21 percent from 35 percent, enhancing the US position against other industrialized economies, which have an average corporate rate of 22.5 percent.

Several other cuts since 1918 have been larger. That, in addition to their base's and donors' desire to cut taxes, put serious political pressure on the party to get the tax bill through. "What are you celebrating?" he asked, drawing a parallel with Democrats' celebration of Obamacare in 2010, which was followed by their defeat in the midterm elections a few months later. Those who make between $50,000 and $75,000 now would pay $90.3 million, but they will pay $23 billion less, a 25.5 percent cut.

The bill also limits what homeowners can deduct in terms of state and local property taxes and income and sales taxes from their federal returns. It's not a lot of money, but our public school teachers should not have to pay for school supplies at all, much less then be taxed for it on top of that. Susan Collins of ME, who voted for the Senate tax bill on Wednesday morning, but also acknowledged publicly that health care subsidies she wanted as part of a government spending deal will not be included before Congress leaves for its holiday break.

The House Republican plan extends spending through January 19, and reauthorizes the Children's Health Insurance Plan (CHIP).

"We are making America great again", Trump told a crowd gathered on the lawn of the White House on Wednesday. This tax cut will inspire thousands more would-be entrepreneurs to start their own business, reversing the decades-long slide in new small business creation. "I said I wanted to have it done before Christmas; we got it done", Trump said. This will lead to an increase in the deficit by $1.455 trillion over the next 10 years, the CBO said. GOP lawmakers say they'd expect a future Congress to continue the tax cuts so they won't expire. "That may determine whether or not the president is re-elected in 2020", Trump's 2016 campaign advisor Michael Caputo said.

McConnell said Tuesday he would offer such provisions in a spending bill "later in the week". The nonpartisan Tax Policy Center estimates that about three-quarters of taxpayers will be getting bigger paychecks next year, with less in taxes being taken out.

Sen. Susan Collins of ME agreed to back the tax bill only after getting assurances that Congress would vote on two health care measures.

The bill has only tiny benefits for the middle class, said Rep. Peter Welch, D-Vermont.

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