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Republican tax bill passes House: What California leaders say will happen next

Republican tax bill passes House: What California leaders say will happen next

Republican tax bill passes House: What California leaders say will happen next

The $1,000-per-child tax credit doubles to $2,000, with up to $1,400 available in IRS refunds for families who owe little or no taxes. More holdout GOP senators- moderate Susan Collins of ME and Mike Lee of Utah - came into the fold on Monday.

"Future generations will remember who cast votes to raise taxes on 86 million middle class households and heap $1.5 trillion in deficits on our children and grandchildren", added House Democratic Whip Steny Hoyer of Maryland. Republican leaders intend to send the bill to President Trump before the end of this week. That includes Sen. Bob Corker, the only Republican to vote against the Senate's initial tax bill, who said in a statement at the end of last week that he would back the new, compromise version, despite his earlier concerns about projections that the legislation would add almost $1.5 trillion to the deficit over a decade.

The bill's main features are cuts in the corporate tax rate, an end to the estate tax, a reduction in rates for most tax filers and an increase in the individual exemption.

The House's vote puts the Republican Party and President Donald Trump on the brink of their first major legislative success of the year, one that's always been a priority for Ryan, many congressional Republicans, and the party's high-dollar donors. Families earning less than $25,000 would receive an average tax cut of $60, while those earning more $733,000 would see an average cut of $51,000, according to the nonpartisan Tax Policy Center. It is expected to add to the nation's $20 trillion debt.

Ryan expressed confidence that the public's view of the tax bill will change, telling reporters "results are going to make this popular". On the eve of passage of Obama's signature health care law, Gallup found that 46 percent of Americans supported its passage, while 48 percent opposed it - and the law proved to be a political albatross hanging around Democrats' neck for the next eight years.

Reduces the top tax rate for the wealthiest Americans to 37 percent from 39.6 percent.

Corker disputes reports about his flip to yes
Republican tax bill passes House: What California leaders say will happen next

The GOP did not, in the end, do much to simplify the tangled United States tax code. "That's just cherry-picking the numbers", Rep. Kevin Brady, R-Texas, head of the tax-writing House Ways and Means Committee, told reporters Monday.

The tax bill also removes both student loan interest deduction and employer-provided educational assistance-two hits that disproportionately affect women, who statistically carry more educational debt. "People are excited about a stronger economy and bigger paychecks", Brady said.

Democrats say three provisions in the GOP tax bill violate Senate rules and will be removed, forcing the House to re-vote Wednesday. Some members from high-tax states and cities, like New York, California, and New Jersey, voted against the bill Tuesday because of how it changes the State and Local Tax Deduction.

A Senate vote later in the day on Tuesday is expected to seal the deal. John McCain, R-Ariz., is at home battling brain cancer and is expected to miss the vote.

The GOP tax bill polls far worse.

Vice-President Mike Pence took the precaution of rescheduling a trip to Egypt and Israel for January so he would be on hand this week in case his tie-breaking voting power is needed to ensure Senate passage of the bill.

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