Bravo to Idaho Republican Senator Mike Crapo, who has just released the design of the Senate tax assessment. In many ways this version is a polished improvement in the house account. The most important thing is that it makes almost all Trump tax reductions 2017 permanent. It also knew some of the disturbing aspects of the house account.
The biggest mistake is the shortage of meaningful expenses that are from our inflated company of $ 7 trillion, but I am convinced of the leadership of the Senate that there should be more cuts this fall when the budget has been completed.
Reporter’s Notebook: why it is unlikely that the Senate will debate about the ‘big, beautiful Bill’ until next week
Here is my rapid assessment of the best and worst functions of the tax components of this latest version of the bill that goes to the senate floor in just a week or so:
Good
- Restores the $ 10,000 salt cap – in contrast to the ridiculous $ 40,000 cap in the house account.
- Makes almost all 2017 Trump tax reductions permanent, including capital -expending provisions, tax choice credits and opportunities zones.
- Limits the transfer tax to cash transactions instead of the house approach that bank transactions have applied – that would hinder foreign investments in the US
- Caps no tax on tips for $ 25,000 and on tax on overtime for $ 12,500 per year
- The basis of the “current policy” is to reduce the assumed “costs” of the account.
Senate panel navigates Delicate compromises on Medicaid, taxes in the last part of Trump’s Megabill
The bad and the ugly
- No reduction in corporation tax (Trump wanted 15%).
- Reduces the tax on the income of university donations to only 8% versus 21% in the house account
- No private foundation excise duty on their investment revenues.
- If the Trump idea is a business load of 15% on made-in-the-usa products.
- Eliminates the expansion of health savings accounts (HSAs) that helps reduce medical costs.
- Extends many green new deal -energy -roads actions after the end of Trump’s period.
- Retains the unfair double taxation on transferring immigrants.
The finish line is now on site. The two rooms are not too far apart and reconcile the differences quickly and get the gemp agenda on the president’s desk agenda for signature very soon must be easily feasible.
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This will be a huge victory for American families, employees and companies and will prevent a tax increase of $ 4 trillion on January 1 – something that the congress democrats look great with.
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Failure is not an option unless some Republicans prefer a suicide mission to blow up the economy and be wiped out in the interim elections of next year.
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