Economy

Senate Tax Bill Likely to Keep $1 Million Mortgage Cap

Senate Tax Bill Likely to Keep $1 Million Mortgage Cap”

Next year, the average tax cut would be $1,100 under the legislation, but the amount would vary by income.

"The largest cuts in terms of dollars and as a percentage of after-tax income would accrue to the higher-income households", TPC wrote. Meanwhile, taxpayers in the top 1 percent (those making more than $730,000) would receive an average cut of $37,000 next year, and the top 0.01 percent (those making more than $3.44 million) would see their after-tax incomes rise by an average of $179,000 in 2018. The panel's Republicans and Democrats bickered heatedly over the impact of the legislation.

Brady rebutted recent studies, including from the nonpartisan congressional Joint Committee on Taxation, that suggest that the GOP tax bill is heavily tilted in favor of businesses and the wealthy. "It's helping teachers, it's helping students, it's helping struggling families that are living paycheck to paycheck", said GOP Rep. Erik Paulsen of Minnesota.

Democrats returned repeatedly to a section of the analysis showing taxes would actually go up beginning in 2023 for some 38 million taxpayers or families making $20,000 to $40,000 a year. "This is a joke and you've got to face up to it".

Winning over MacArthur is a big victory for House GOP leaders trying to bring on lawmakers from those states.

The vast majority of Americans would get a tax cut if the bill becomes law, TPC found, but the rich would benefit the most.

As Democrats slammed the legislation as a giveaway to the rich, Rep. Kevin Brady asserted that his bill would increase wages and take-home pay for the middle class while simplifying a loophole-ridden tax code.

Despite the various analyses, Republicans argued vociferously that the legislation is targeted toward the middle class.

"This is liberation from high tax rates that punish hardworking Americans while Washington special interests get a pass", Brady said.

The Senate Finance Committee is expected to unveil its version of a tax bill on Thursday once the Ways and Means proceedings end, according to multiple aides familiar with the plans.

The Tax Policy Center retracted its analysis of the GOP tax reform bill after releasing it Monday.

The committee's top Democrat, Richard Neal of MA, countered that the bill "puts the well-connected first while forcing millions of American families to watch while their taxes go up". Under their budget resolution, Republicans must stay within a total of $1.5 trillion in net deficit increases for the bill to pass the Senate without Democratic support.

The proposal is the first major rewrite of the tax code in three decades, mixing tax cuts for corporations and businesses with more modest relief for individuals.

But there's considerable trepidation as well.

MacArthur had expressed concerns about the elimination of much of the state and local tax deduction, which benefits many in high-tax states like New Jersey.

"It's wrong and it would have an extremely damaging effect on my constituents", Republican Representative Peter King of NY said on ABC's This Week of the proposed state and local tax deduction repeal.

Powerful lobbyists are fighting to protect favored deductions, while a few well-financed interest groups, including the National Association of Homebuilders, have already vowed to oppose the legislation.



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