It’s amazing. They simply cannot give the middle class a tax break. First the house bill was essentially a wash for middle class taxes- 25% + 15% SSN + 2% SSDI = 42%. About as bad as france except we get free nothing.
And now the Senate says that’s not even good enough.
And setting the rate at 25% for pass through corporations like s-corps but only 20% for big corporations, thats just sick.
In their horrific need to feel important the Senate will fuck with everything until its absolutely undone. Because they aren’t Republicans they are sellouts and shills and absolute disgraces.
Get better soon Dr. Paul, we need you bad.
As they prepare to unveil their own sweeping tax plan, Senate Republicans are revisiting key provisions of the GOP House proposal, including possibly eliminating property tax deductions as well as state income tax deductions, increasing the size of child-care credits, offering more help to small businesses and having corporate tax cuts phase in or expire, according to those familiar with the negotiations.
The final outline of the Senate plan, scheduled to be released Thursday, remained a work in progress, officials cautioned.
“Everything is on the table,” said one Republican official Tuesday evening, who did not want to be identified discussing the talks.
House and Senate Republicans agreed on an early framework for the tax overhaul — lowering corporate rates to 20% and consolidating individual brackets.
But as House Republicans push ahead with a vote next week on their bill, Senate Republicans are constrained by Senate rules that require their package not increase the federal deficit by more than $1.5 trillion over a decade.
Core to the Senate’s dilemma is how to make the corporate tax rates immediate and permanent — as President Trump wants — which has left them searching for revenue streams so they don’t add to the deficit.
They are considering various options: Fully repealing state and local tax deductions that are important to California and other high-tax states, including property taxes; adjusting individual tax brackets so higher-income households that earn less than $1 million fall in the top 39.6% rate; retaining some type of estate tax; or repealing parts of Obamacare.
They are also considering simply allowing the corporate rate to expire at the end of the decade, sources said.
At the same time, senators are trying to make the bill more beneficial to small businesses and middle-income households, in response to Democratic complaints that the bill mostly aids corporations and the wealthy. President Trump interrupted his Asian trip Tuesday to dial in to a meeting of 12 Democratic senators he is hoping to win over, telling them it was an “awful” bill for rich people, according to a source familiar with the call.
Senators in recent days have responded to concerns raised by the National Federation of Independent Businesses that few small-business owners would benefit from a provision in the House plan to lower the tax rate on so-called pass-through businesses to 25%. Currently such businesses pay at the individual rate, topping at 39.6%
But the vast majority of small businesses already pay about 25%, the NFIB complained.
Some senators are talking about raising the House bill’s 30% cap on business income that can receive the 25% rate to 50% or more, to allow a greater number of small-business owners to benefit.
Others want to increase the child tax credit to help families. Florida Sen. Marco Rubio, working with Ivanka Trump, wants the credit increased to $2,000. The House bill, which would boost the credit from $1,000 to $1,600, “falls short,” he said.
Senators are also hearing from lobbyists who want to reverse certain provisions in the House bill, such as restoring an adoption tax credit supported by evangelical Christians.
“This is just like Republicans not to think this through and put it on the backs of orphaned kids,” said Jim Daly, president of Focus on the Family. “Can we just have a little bit of heart?”
Representatives for the Koch brothers are planning to target a complicated excise tax in the House bill that affects foreign transactions of multinational companies.
But such changes will increase costs substantially, forcing senators to search for new ways to raise revenue, such as delaying the corporate tax cut, which takes place immediately under the House version.
Senators are also likely to give up hopes of a full repeal of the estate tax, paid mostly by the wealthy. The House plan doubles the exemption to $22 million for couples and eventually repeals it fully after six years.