Trump rejects caps on 401(k) plans as part of GOP tax plan

Trump rejects caps on 401(k) plans as part of GOP tax plan”

President Donald Trump is warning House Republicans that 2018 would be a political failure for the GOP and a disappointment for the nation if they fail on tax overhaul.

The GOP on Thursday narrowly backed the budget plan, a prerequisite to major tax legislation. Passage of the budget resolution is vital if Republicans want to eventually pass a tax-cut package without support from Democrats. The final vote was 51-49 with deficit hawk Sen. Rand Paul, who hails from McConnell's state of Kentucky and voted against the bill because he said it did not cut spending enough.

Meanwhile, Republican leaders, who can afford to lose only 22 members of their caucus, are scrambling to find a solution that would get enough Republicans on board to move forward with the budget, which is considered the first step in tax reform.

Republicans are now trying to push tax reform after their failed 9-month long attempt to repeal, replace and replace and even fundamentally tweak Obamacare.

It's unclear if this is the precise plan that House Republicans will try to advance.

"It would be a complete disaster", Sen.

"That language shouldn't have been added to the Senate budget", said Rep.

The $4 trillion budget proposal includes Senate budget reconciliation rules, which allow leadership to pass legislation with a simple majority, bypassing filibusters from Democrats altogether.

But the Republicans are split. It would also give states some new flexibility to offer cheaper, less generous health plans. Taxpayers are now allowed to deduct these taxes in a way that lowers their taxable income, but GOP leaders want to prohibit the practice going forward, in part to raise more revenue.

Their vocal opposition has led Republican leaders in Congress like House Speaker Paul Ryan and Rep. Kevin Brady, R-Texas, who heads the tax-writing Ways and Means Committee, to hear out the fractious GOP members and seek a compromise with them. Most heavily courted have been Sens.

"There are plenty of Democrats who would probably benefit from helping President Trump on tax cuts if they help working people", said Graham. "Saving, planning and frugality should be rewarded", Grassley said in a statement.

But Manchin said after Thursday's vote, "I fear that passage of this budget today will make it hard to pass bipartisan tax reform in the coming weeks".

Congressional Republicans, as part of a plan to offset an expected drop in tax revenue from the White House's ambitious tax overhaul framework, had been reportedly discussing lowering the cap on tax-deferred payments to $2,400 from the current $18,000 level for most workers.

Senate Majority Leader Mitch McConnell stood by his previously stated goal of passing tax reform without reducing revenue just days after the Senate passed a budget to pave the way for tax cuts that could add an estimated 1.5 trillion to the deficit over the next decade.

The money would be used for the tax plan's cut in the corporate tax rate from 36 percent to 20 percent, reduced taxes for most individuals, and the repeal of inheritance taxes on multimillion-dollar estates. For workers over 50 years of age, that number is $24,000.

The bare-bones plan is still evolving with lawmakers left to fill in the details. It's been in place since the birth of the federal income tax in 1913.

The Republican margin-for-error on the budget resolution is razor thin. This year's measure calls for $473 billion in cuts from Medicare over 10 years and more than $1 trillion from Medicaid.

Like this


25 October 2017
Storm damages reported in North Carolina storm
Authorities in Watauga and McDowell counties reported completing water rescues as heavy rains caused flash floods in some areas. In South Carolina, tractor trailers were flipped, homes damaged and trees downed by a possible tornado in the Spartanburg area.

25 October 2017
Align Technology, Inc. (ALGN) Ownership Decreased by Robeco Institutional Asset Management Bv
On average, analysts expect Align Technology to post $3.41 EPS for the current fiscal year and $4.09 EPS for the next fiscal year. Align Technology's revenue was up 32.3% compared to the same quarter past year . ( NASDAQ ALGN ) opened at 202.76 on Tuesday.

25 October 2017
Cross-country woman biker Sana Iqbal dies in auto accident in Hyderabad
Although the cause of the accident is still not known at this point of time, it is claimed Sana was declared dead at the hospital. An email sent by Sana Iqbal to her friends detailing how she was being tortured by her husband has gone viral after her death.

25 October 2017
Analysts Review: Precision Drilling Corp (PDS)
Analysts are also projecting an Average Revenue Estimate for Precision Drilling Corporation as $261900 in the Current Quarter. Dimensional Fund Advisors LP grew its stake in shares of Precision Drilling Corporation by 0.4% during the first quarter.

25 October 2017
Schlumberger NV (SLB) Given a $71.00 Price Target at Credit Suisse Group
October 5 investment analysts at Citigroup held the company rating at "Buy" and moved down the price target from $93.00 to $80.00. On September 12 JP Morgan kept the stock rating at "Overweight" but moved down the price target to $76.00 from $101.00.

25 October 2017
Target seeking to avoid 'Christmas creep' advertising by focusing on Thanksgiving
The box store is also starting to follow in Walmart's retail footsteps by offering curbside pickup at 50 Minneapolis-area stores . Last month, Target officials said the retailer would hire more than 100,000 temporary workers, a sharp increase over a year ago .

25 October 2017
Goodyear Tire Rubber (GT) Seeing Increased Volatility in Session
This represents a $0.56 dividend on an annualized basis and a yield of 1.65%. 56 funds opened positions while 158 raised stakes. In related news, insider Jean Claude Kihn sold 7,500 shares of the business's stock in a transaction dated Monday, October 2nd.

25 October 2017
Is DeShone Kizer Johnny Manziel 2.0?
After twice saying he was not going to talk about his personal life, Kizer was told about the video. "I don't think DeShone has that kind of character or personality that way". "That is what it is".

25 October 2017
New Metal Gear Survive Announcement Is Coming On October 25
I'm not expecting much from it, but Metal Gear Solid V had some fantastic controls and could easily be adapted into a co-op experience.

25 October 2017
Caterpillar profits top expectations, lifting shares
Of the analysts who provided ratings, 7 rated the company a Hold, 1 rated it a Strong Sell, and 4 rated it a Strong Buy. Caterpillar, Inc . has a 12 month low of $80.33 and a 12 month high of $132.34. ( CAT ) opened at 131.68 on Tuesday.