Deal reached on US tax overhaul: AP sources

by
December 13, 2017

1513184670731WASHINGTON (AP) — The Latest on the Republican tax overhaul (all times local):

11:56 a.m.

House and Senate GOP leaders have forged an agreement on a sweeping overhaul of the nation’s tax laws. That paves the way for final votes next week to slash taxes for businesses and give most people tax cuts starting next year.

Top GOP aides say the deal was reached on Wednesday. They spoke on condition of anonymity because they were not authorized to speak publicly about the deal. Details still need to be drafted and assessed by congressional scorekeepers but the final House-Senate compromise is on track to be unveiled this week.

4 Comments - what are your thoughts?

  • Pete says:

    If they keep the provisions that state and local tax is no longer deductible I will not have to offset that deduction with increase in my federal taxes what is given to the high tax states like New York California, New Jersey ETC.
    If those states want to stick it to their residents, I shouldn’t have to make up for it in a higher federal tax burden.

  • DrBillLemoine says:

    I’m against the few details already revealed in this tax bill–one must not call it reform which implies improvement for the American people. 1. The national debt is increased by up to $2.2 trillion dollars–our children will be saddled with its payment. 2. It’s double taxation to omit deduction of state and local taxes even for those who can choose them vs. deduction of personal (home) property taxes. 3. Ditto, local property taxes, an option to choose if state/local taxes are lower–either/or doesn’t help ordinary Americans whose income takes a bigger relative hit than rich people with vast disposable incomes. 4. Large scale corporate and wealthy people’s tax reductions paid by bigger national debt and the dubious promise of larger economic activity that never makes up for the cuts is simply robbing American workers and transferring their wealth to the rich–not ethical, moral or practical. 5. Lowering the number of tax brackets increases the taxes paid by consumers, Americans who drive the economy but won’t have higher paying jobs to generate disposable income driving the economy. And these are just starters which tax monitoring authorities haven’t had long enough to thoroughly delve into projected deficits or impacts on various classes of earners. It’s a terrible bill even in compromise with the worse House version and should be defeated by legislators who actually listen to their constituents like me in retirement and others.
    Down the line taxes go up for me and the deficit will be covered by demands of conservatives to pay for the deeper hole by cutting my social security and Medicare which keep me alive and ticking and living a modest but dignified life for all the public sector work I did in public education in the poor-paying deep South for decades. I don’t like it one bit.

    1. Pete says:

      Professor, Since your a progressive/socialist, if you don’t like the tax plan, it’s gotta be good,
      The day to day worker (married family) standard deductions of $24.000 & $2,000 per child tax credit. That’s gonna help the little guy whether you like it or not.

  • WhiteFalcon says:

    I guess we will finally get to see what the deal actually is going to be. I hope it is as good as President Trump wants it to be, but it is the Republican Party that wrote it, not President Trump.

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