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GOP hopes to boost its popularity with woefully unpopular tax plan

GOP hopes to boost its popularity with woefully unpopular tax plan”

Additionally, the overhaul would reduce the number of income tax brackets from seven to four and would almost double the amount of the standard deduction.

Because of that tax exemption, investors are willing to buy bonds with lower interest rates, which means lower borrowing costs for bond issuers.

In addition, 52 percent disapproved of the plan, more than twice as much as the 25 percent who supported it. "We're trying to expand the economy, and these sectors are critical to California's well-being".

Sen. Shelley Moore Capito (R-W.Va.) boasted yesterday that the goals of the Republican Party's tax plan "are shared by many Americans".

U.S. House leadership touts the bill's purported $1,000 in annual tax savings for a middle-class family. More broadly, the Senate plan would sharply hike taxes on millions of families that earn less than $75,000 a year beginning in 2027. In contrast, Mr Trump's Treasury department is yet to find a credible study supporting its claim that tax cuts will deliver enough economic growth to pay for themselves.

The House bill ends federal tax benefits on a kind of debt known as private activity bonds.

Take, for example, a national Quinnipiac poll released yesterday.

Virginia Transportation Secretary Aubrey Layne said the commonwealth has issued more private activity bonds for transportation than any other state, more than $2 billion.

Over the 30-year life of the bond, that extra one percent would add up to $14.8 million in additional interest, he said. How does a short-term $1,000 annual tax savings compare to a real rent increase of $500 to $1,000 per month?

"It is no surprise that Trump's lapdogs in the Senate want to use the Trump tax scam to try to gut healthcare for millions of Americans", Zaheed said, "but the grassroots resistance they're about to experience will be just as intense as the tidal wave of opposition that repeatedly stopped the zombie Trumpcare bill". And according to figures from the Joint Committee on Taxation, most of the benefits will go to the rich. Reagan's reform did the opposite (see charts). There is not a rational policy argument here.

It may raise taxes on people with large medical expenses, and parents who adopt children, and people with student loans, and graduate students (these provisions are in the House bill, which ends these deductions, but not the Senate bill).

Rahn, a Republican, said officials will have to wait for private partners to outline potential cost increases, but they will not be a "deal killer" for such a massive project.

Housing bond allocation may also be exchanged for mortgage credit certificates.

One of the types of credits, though, is available only to projects that are financed mostly with tax-exempt bonds.

Will Cooper Jr., chief executive of Irvine affordable housing investment company WNC Inc., estimated that the combined loss of tax-exempt bonds and the related tax credit program could reduce the number of affordable housing units built in California by 200,000 over the next decade. That may have less to do with enthusiasm for the bill itself than with Republicans' belief that they need to approve some form of major legislation to avoid a wipe-out in next year's midterm elections. "Republicans are willing to put this back on the table".



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