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US Republicans confident of passing House tax bill-Brady

US Republicans confident of passing House tax bill-Brady

Yet a congressional analysis finds the Senate measure would actually increase taxes in 2019 for 13.8 million households earning less than $200,000 a year.

Brady said including a repeal of the Obamacare individual healthcare mandate in the tax bill "remains under consideration". It carries high political stakes for Trump and Republican leaders in Congress, who view passage of tax cuts as critical to the GOP preserving its majorities at the polls next year. Senate Republican leaders have said they want to hold a full Senate vote before Thanksgiving. It also goes against his repeated insistence that tax legislation should be focused on providing middle class tax relief rather than cutting taxes for wealthy filers like himself.

An analysis showed, meanwhile, the Senate version of the legislation would actually increase taxes for some 13.8 million US households earning less than $200,000 a year.

Under the new Senate bill, for example, the conservative Tax Foundation estimates the top 1 percent of taxpayers would see a 7.5 percent increase in after-tax income, versus less than 2 percent for the bottom 80 percent.

At times, the president has even predicted he will pay more under a GOP plan (Trump has not released his tax returns, but multiple provisions in the House and Senate bills appear likely to benefit his business and family).

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The U.S. House of Representatives Republican leadership is confident it has the votes to pass a tax overhaul bill when it comes to the House floor later this week, the chairman of the tax-writing Ways and Means committee, Representative Kevin Brady, said Monday.

Brady's comments come as differences between the House and Senate proposals showed the hard road to passage of a tax bill. Both versions would eliminate deductions for state and local income taxes and sales taxes.

The Senate Finance Committee is scheduled Monday to begin considering its version of the bill, which also departs from the House version by delaying a corporate tax cut until 2019. That group pushed Brady to keep the property tax deduction in the House bill. "You can't craft any tax bill that guarantees that every single taxpayer in America gets a tax break".

The deduction is especially important to residents in states with high property values or tax rates, such as New Jersey, Illinois, California and NY.


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