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State tax deduction still on chopping block, Brady says

State tax deduction still on chopping block, Brady says”

The Texas Republican made his comments after GOP sources said a Wednesday release of the measure would be delayed amid continuing negotiations over the complicated measure.

But his overly optimistic timetable didn't address the concerns of lawmakers from states such as NY and New Jersey who have opposed a proposal to eliminate the federal deduction for state and local taxes, arguing it would hurt their constituents and subject them to being taxed twice.

Treasury Secretary Steven Mnuchin and Gary Cohn, director of the National Economic Council, appeared sympathetic to the concerns of Republican members of Congress from NY about losing the SALT tax break during a conference call on Monday night, Fox Business Network reported. He says "we are making excellent progress - we are very close".

A White House aide said the administration is not anxious about the one-day delay in unveiling the tax plan, saying it allows House members more time to discuss the language and resolve differences.

Despite the uncertainty, Brady had said earlier on Tuesday the GOP plan was still on track. The aide spoke on condition of anonymity because the individual was not allowed to publicly discuss the schedule.

The tax-writing Ways and Means Committee was working throughout the day and evening to produce a sweeping plan, the first overhaul of the nation's tax code in three decades.

The House bill is expected to cut the top corporate income tax rate to 20 percent from 35 percent and phase out the estate tax paid by the wealthiest taxpayers over two or three years.

The breakaway lawmakers, from states such as NY and New Jersey, had threatened to sink the sweeping tax-cutting plan that is a pressing legislative imperative for Trump and the Republicans.

Republicans struggled in recent weeks to decide which breaks to eliminate and members were still at odds over fears that the plan could raise taxes on some middle class families in high-cost of living states.

Ryan, according to multiple sources, told conservative leaders in the meeting that the bill will keep the top rate, but it would apply to people who make substantially more money than those who now pay the same rate.

The Capitol is seen at dawn as the Republican-controlled Congress prepares for a hectic week unveiling and promoting its tax-cutting plan, in Washington, Monday, Oct. 30, 2017.

The U.S. tax code has not undergone a major overhaul since 1986, when Republican Ronald Reagan was president.

USA stocks fell to session lows on the news as the committee prepares to release the long-awaited text of the tax bill on Wednesday.

And he's calling on industry groups to build momentum for the plan while he's in Asia for 10-and-a-half days.

A gradual phase-in for the corporate tax cuts is part of Republicans' efforts to limit the tax bill's net revenue loss to 1.5 trillion US dollars in a decade to satisfy the parameters of the budget resolution that the House and Senate have approved.

Trump said he's directing Treasury Secretary Steve Mnuchin, White House economic adviser Gary Cohn and other administration officials to stay behind when he heads for Asia on Friday so they can help sell the tax proposal.

The first daughter is going to Japan for a speech Friday, but has canceled plans to continue on to China and South Korea and will return to the USA over the weekend.

President Donald Trump leaves Friday for a lengthy trip through Asia.

Ryan and other leaders hope the tax bill will be the best chance the Republican-held Congress has to enact one of Trump's key policy proposals.

Trump said at the White House he wants Congress to pass tax reform bills by the U.S. Thanksgiving holiday on November 23.



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