tinyfav.com
tinyfav.com April 19, 2018


Final tax reform bill passes House, now moves to Senate

20 December 2017, 01:22 | Myrtle Vega

Image via AP

Image via AP

The bill's main features are cuts in the corporate tax rate, an end to the estate tax, a reduction in rates for most tax filers and an increase in the individual exemption.

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

President Trump and Republicans crowed that their cuts will give most Americans an immediate tax cut next year, and that its steep cuts to corporate tax rates would create jobs, grow paychecks, and deliver a big boost to the economy.

The top Democrat on the House Ways and Means Committee, which drafted the bill, said Republicans falsely promised their revision would simplify taxes so much that it would allow people to file taxes on a postcard.

Following the vote in the House, the Senate is expected to approve the bill later in the day by a narrow margin.

The House's vote puts the Republican Party and President Donald Trump on the brink of their first major legislative success of the year, one that's always been a priority for Ryan, many congressional Republicans, and the party's high-dollar donors.

The plan - which maintains the same number of income tax brackets as under current law but adjusts their parameters - cuts individual tax rates, including slashing the top rate for the highest earners from 39.6% to 37% and shifting the top bracket up slightly to income over $600,000 for people filing jointly or $500,000 for single filers.

Lane Kiffin, FAU finalizing 10-year deal
For FAU , the Boca Raton Bowl gives the local fans one last chance to watch this high-powered offense play in their own stadium. Allen (1,658 yards, 13 TD) has practiced for the bowl game and says he wants to play, but also says he still has shoulder pain.

Benitez hits latest rut as Newcastle fall into drop-zone
We are a young team and when you are not winning you lose confidence, so we have to keep working this way. "We are a young team". Benitez's side are now without a win in their last nine Premier League matches and are in serious danger of relegation.

USA blames North Korea for major cyber attack
Whenever possible, we will work with partners, industry and allied governments, who share our market based values. Late on Monday, the Trump administration officially cast blame for WannaCry on North Korea.

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. That has helped fuel its deep unpopularity, according to polls that show only a minority of Americans support it - just 33 percent according to a CNN poll released Tuesday. Analaysts say the tax cuts will cost the USA government $1.5 trillion in revenue over the next decade, The New York Times reported.

"Today, we are giving the people of this country their money back", said Ryan whose remarks were interrupted by protestors shouting from overhead viewing galleries.

"For a lot of folks its going to be the Democrats who get the luxury - just as Republicans have had for awhile with President Obama - of just saying 'No, everything is awful.' And unfortunately that sort of fits the mood of the country", said McHenry.

But his certitude ignores recent history.

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

The GOP did not, in the end, do much to simplify the tangled USA tax code.

The Democratic opposition has denounced the measure as most benefiting companies and the wealthiest Americans - including Trump himself. "Who's going go to be great again here? It's a way to anchor a populist overall flipping of his fundamental frame".



Other News

Trending Now

Angels add Zack Cozart to upgraded infield on a three-year contract
Cozart became the third Reds shortstop to earn a fan election, joining Dave Concepcion and Hall of Famer Barry Larkin . Because Cirque du Soleil performer Andrelton Simmons is already at shortstop, Cozart is going to slide over to third.

Shinee singer Kim Jong-hyun: K-pop boy band superstar dies
Kim Jong-Hyun 's tragic suicide note has allegedly been released, citing the high pressure of being a celebrity in Korea. SHINee has "been a top 3 popular boy group for almost 10 years now", Paul Han, co-founder of allkpop, told CNN in May.

Trump Says Russia 'Not Helping' On North Korea; Russia Fires Back
During his press conference, President Putin praised Trump for making some "major achievements" since he took office. Mr Trump has repeatedly said all options remain on the table.

Senate Dems' campaign arm: Trends seen in Alabama emerging across US
Moore said his campaign is collecting "numerous reported cases of voter fraud" to send to the secretary of state's office. The election must undergo a certification process that will make sure votes are valid.

U.S. vetoes Security Council draft resolution on Jerusalem
Abbas also signed 22 agreements and worldwide treaties to strengthen the legal status of the state of Palestine on a global scale. The deputy prime minister said Turkey believes that United Nations members will stick to their earlier decisions and global law.

NASA's Kepler telescope discovers a solar system with eight planets
It can potentially be used to find astronomical bodies that have been missed in previous searches. Additionally, an Earth-sized planet was spotted orbiting Kepler-80, the release said.

AAA Survey: Gas Prices Continue to Dip
Just in time for the holidays, gas prices in Florida have finally returned to pre-Hurricane Irma levels. Gas prices have finally dropped below where they were when Hurrican Harvey sent them skyrocketing.

New Twitter Rule Suspends Users Affiliated With Hate Groups
Twitter users may have to start thinking twice about what they post on social media. The move comes after Donald Trump retweeted anti-Muslim videos posted by Fransen.

NBC Paid Off Chris Matthews Accuser Over Sexual Harassment Claims
She brought the incident to the attention of CNBC executives after being subject to Matthew's "jokes" in the presence of a group. The NBC employee was an assistant producer on " Hardball with Chris Matthews ".

Canadian billionaire couple found dead in mysterious circumstances
Police said homicide investigators are involved in the case, though the deaths have not officially been classified as homicides. The Shermans recently listed their home for sale for almost 7 million Canadian dollars, about $5.4 million.