Here's A Look At The Final GOP Tax Bill

Frederick Owens
December 17, 2017

US President Donald Trump ran on a populist platform to uplift people sweeping tax cuts, but "there's not much" in the final version of the Republican tax bill "for low- and middle-income people", Dean Baker, economist and co-founder of the Center for Economic and Policy Research in Washington, told Radio Sputnik's Loud & Clear Friday.

Republicans are expected to vote on this bill as soon as Tuesday.

Florida Senator Marco Rubio threw Republicans a curveball on Thursday after threatening to withdraw his support for the GOP tax plan. The plan reduces rates for the majority of Americans and small businesses, with top income earners seeing their rate drop from 39.6 percent to 37 percent.

The legislation includes seven individual tax brackets, eliminates the Affordable Care Act's individual mandate penalty, and preserves the tax-free status of graduate tuition waivers, among other things.

It was still unclear how they were going to pay for the entire package, which can add no more than $1.5 trillion to the deficit if it is to pass without Democrat support.

Sens. Susan Collins and Jeff Flake, who both supported the first bill in the Senate, have not yet said how they will vote on the combined bill.

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Corker said the bill "is far from ideal, and left to my own accord, we would have reached bipartisan consensus on legislation that avoided any chance of adding to the deficit and far less would have been done on the individual side with items that do not generate economic growth".

In addition to lowering individual rates, the bill doubles the standard deduction, allows for the deduction of state and local taxes up to $10,000, expands the child tax credit from $1,000 to $2,000 - which is fully deductible up to $1,400 for families making under $400,000 - and allows homeowners to deduct mortgage interest on their first and second homes up to $750,000.

The day for the vote remains undetermined as of Friday since Sens.

The move to satisfy Rubio appears to have been financed, at least in part, by reducing the ability of higher earners to take the $2,000 per child tax credit.

The conference bill that came out of negotiations between the two chambers is broadly similar to the legislation that passed the Senate at the beginning of the month.

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