At The White House, A Celebration For Trump And Tax Reform

At The White House, A Celebration For Trump And Tax Reform

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. "The average taxpayer in every income group is getting a tax cut". It's important to note that the majority of changes made to the individual income tax are temporary and will expire in 2025, while the lower corporate tax will remain in place. Congressman Roger Marshall said, "The Tax Cuts & Jobs Act allows Americans to keep their hard-earned income and ends costly penalties placed on individuals that do not wish to purchase Obamacare".

"By cutting taxes and reforming the broken system, we are now pouring rocket fuel into the engine of our economy", Trump said in a statement after the vote. It sounds like the Senate may not vote on an $81 billion disaster funding bill that also just passed the House.

Among the highlights of the Senate bill is the 40% tax cut for corporations.

Republicans packaged the bill under the budget reconciliation rules, in order to prevent the Democrats from stopping it with a Senate filibuster. There has been strong House Republican resistance to the idea.

Some of the bill's biggest changes come up in the corporate side of the tax code, where the overall rate is lowered and various provisions are scaled back or changed.

SNELL: Yeah, so this is where things get a little bit more complicated.

The bill includes a short-term, six-month extension of CHIP, the Children's Health Insurance Program, that expired October 1 and covers some nine million children. The measure caps at $10,000 the amount that can be deducted for those taxes, as well as property and sales taxes. It aims to simplify the tax code, with Republican leaders toting a "postcard" tax form prop throughout the process of writing and selling the bill. The deduction is especially vital to residents of high-tax states like New York, New Jersey and California.

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In a Twitter comment Thursday, Trump said opposition Democrats, who uniformly voted against the legislation, "want to raise taxes" and "hate these big cuts".

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

"We believe you're messing up America". If achieved, that would drive up deficits even further. NPR's Kelsey Snell speaking with us from Capitol Hill - thanks so much.

"Hasn't been done in 34 years, but really hasn't been done", said the president. Congressional Republicans, who faltered badly in trying to dismantle Barack Obama's Affordable Care Act, see passage of the tax bill as crucial to proving to Americans they can govern.

"When the individual mandate is being repealed, that means Obamacare is being repealed", said Trump.

Despite Republican talk of fiscal discipline, the legislation is projected to add $1.46 trillion to the nation's $20 trillion debt over a decade.

Trump had congratulated McConnell after the upper chamber passed the bill early Wednesday morning. That provision was not part of the final bill. "This tax bill attracted zero support from Democrats". They say the real winners are the rich and not the middle class. "Otherwise, Americans have a lot to regret", Senate Minority Leader Chuck Schumer said.

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