House forced to revote on tax reform bill

20 December, 2017, 00:39 | Author: Elaine Woods
  • House forced to revote on tax reform bill

The bill's 529 savings accounts for homeschooling expenses, the bill's title and criteria involving endowments to private universities all came under scrutiny following the House's passage of the legislation by a 227-203 vote.

The legislation also reduces tax rate for most individuals, although the tax cuts for individuals are set to expire.

The bill would almost double the standard deduction used by most taxpayers, while those who itemize would lose some deductions.

The bill reduces the corporate tax rate to 21 percent from 35 percent, gives tax breaks to pass-through businesses and includes provisions meant to encourage domestic business investment.

White House press secretary Sarah Huckabee Sanders says the tax overhaul legislation facing votes today in Congress is a "huge deal for America". "Results are going to make this popular", he said.

The controversial tax reform bill, also known as the Tax Cuts and Jobs Act, hasn't sat well with more than half of Americans, who say it would help neither their family's financial situation nor the US economy, according to research by Gallup. That change is due for 2019. The plan also makes it harder for banks to deduct the costs of Federal Deposit Insurance Corp. premiums.

The compromise, conference bill came after the House and Senate passed their own similar but separate tax plans over the last few weeks, and it is created to win over shakey Republicans in the Senate. They also see the measure as key to retaining their majorities in the House and Senate in elections next November.

At the end of last week, to win the support of Sens. The $1,000 per child tax deduction would grow to $2,000, with up to $1,400 available in IRS refunds for families who owe little or no taxes.

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Several protesters have briefly disrupted House debate on the tax bill, yelling, "kill the bill".

In June, the NBC/WSJ poll showed that Americans preferred Republicans over Democrats in handling the tax issue by 4 percentage points. But one no vote is all the Republicans can afford.

There are still a few hurdles for the bill, though they now appear to be easily surmountable.

Vice-President Mike Pence took the precaution of rescheduling a trip to Egypt and Israel for January so he would be on hand this week in case his tie-breaking voting power is needed to ensure Senate passage of the bill.

Despite many state residents' concerns over losing the full deductibility of local and state taxes and lower mortgage tax deduction limits, 12 Republican representatives from California voted in favor of passing the bill. Republican Senator Jeff Flake was still undecided on Tuesday.

But no Republican senators have so far declared opposition to the bill.

The House passed a sweeping $1.5 trillion tax bill on Tuesday that slashes tax rates for corporations, provides new breaks for private businesses, and reorganizes the individual tax code.



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