Senate GOP adding Obamacare mandate repeal to tax bill

Republicans are adding repeal of Obamacare’s individual mandate to the latest version of their tax bill, according to several GOP senators, with several key swing votes saying they’re open to the idea.

Finance Committee Republicans decided to include repeal language in the package. The legislation was discussed at a closed-door party lunch meeting Tuesday and several Republican senators said no one spoke out publicly against repealing the mandate.

John Thune (R-S.D.) said adding mandate repeal could allow Republicans to include more middle-class tax relief in the tax bill, and that he was confident it could pass the Senate. The GOP views repealing the mandate as both a down payment on its campaign pledge to undo Obamacare and a source of revenue: Repeal would generate $338 billion to help pay for tax reform.

“It’s been whipped,” said Thune, a member of GOP leadership, adding it’s an idea that “we’ve Continue reading “Senate GOP adding Obamacare mandate repeal to tax bill”

Senate GOP adding Obamacare mandate repeal to tax bill, senators say

Republicans are adding repeal of Obamacare’s individual mandate to the latest version of their tax bill, according to several GOP senators, with several key swing votes saying they’re open to the idea.

Finance Committee Republicans decided to include repeal language in the package. The legislation was discussed at a closed-door party lunch meeting Tuesday and several Republican senators said no one spoke out publicly against repealing the mandate.

John Thune (R-S.D.) said adding mandate repeal could allow Republicans to include more middle-class tax relief in the tax bill, and that he was confident it could pass the Senate. The GOP views repealing the mandate as both a down payment on its campaign pledge to undo Obamacare and a source of revenue: Repeal would generate $338 billion to help pay for tax reform.

“It’s been whipped,” said Thune, a member of GOP leadership, adding it’s an idea that “we’ve Continue reading “Senate GOP adding Obamacare mandate repeal to tax bill, senators say”

8 key differences between the dueling Senate and House tax bills

Who pays more under the Trump-House GOP tax plan?

The House Republican tax bill released Thursday would cut taxes by $1.5 trillion over a decade — but that doesn’t mean there was enough space for every taxpayer or company to be a winner.

The charitable sector, real estate, certain higher earners and even the technology and pharmaceutical industries might not fare so well under this bill. On the flip side, other taxpayers and retailers appear to come out ahead.

WHO COULD PAY MORE TAX OR EARN LESS

Some individual taxpayers: Certain taxpayers could conceivably pay more under the GOP plan. For instance, House Republicans propose taxing family income above $260,000 a year at 35 percent. Currently, that rate doesn’t kick in until income over $416,700, while income between $233,350 and $416,700 is taxed at 33 percent. The Tax Foundation also found that a typical family making $1 million a year would also see a tax increase. Still, those Continue reading “Who pays more under the Trump-House GOP tax plan?”

5 things to know about Trump’s tax plan

Though it broke little new ground, President Donald Trump’s tax reform outline underscores just how arduous a task overhauling the tax code could be for Republicans this year. Treasury Secretary Steven Mnuchin and Gary Cohn, the director of the National Economic Council, handed out a one-page overview of the plan Wednesday — and told reporters that the administration had to fill in many of the key details that make overhauling the tax code so difficult that it’s happened only a handful of times over the last century.

Here are five things to know about the newest version of Trump’s tax plan:

What’s in it?

Trump released a couple tax plans during the campaign, with the most recent coming around seven months ago. Many of the details released Wednesday haven’t changed since that September plan, including proposals to cut the top tax rate for all businesses to 15 percent and to Continue reading “5 things to know about Trump’s tax plan”

Ways and Means’ Brady blasts effort to release Trump tax returns

House Ways and Means Chairman Kevin Brady (R-Texas) on Monday blasted a Democrat’s proposal to use the committee’s ability to access tax records in order to release President Donald Trump’s tax returns.

Brady said that the proposal from Rep. Bill Pascrell (D-N.J.) “misrepresents the legislative intent of that provision, which in fact creates confidentiality and privacy for Americans in their tax returns.”

“My belief is that if Congress begins to use its powers to rummage around in the tax returns of the president, what prevents Congress from doing the same to average Americans?” Brady added to reporters.

Pascrell, also a senior Ways and Means member, has proposed that Brady ask the Treasury Department for 10 years’ worth of Trump’s tax returns, a power granted to the Ways and Means chairman by the Internal Revenue Code. The committee could then vote to send the returns to the Continue reading “Ways and Means’ Brady blasts effort to release Trump tax returns”

Ways and Means’ Brady blasts effort to release Trump tax returns

House Ways and Means Chairman Kevin Brady (R-Texas) on Monday blasted a Democrat’s proposal to use the committee’s ability to access tax records in order to release President Donald Trump’s tax returns.

Brady said that the proposal from Rep. Bill Pascrell (D-N.J.) “misrepresents the legislative intent of that provision, which in fact creates confidentiality and privacy for Americans in their tax returns.”

“My belief is that if Congress begins to use its powers to rummage around in the tax returns of the president, what prevents Congress from doing the same to average Americans?” Brady added to reporters.

Pascrell, also a senior Ways and Means member, has proposed that Brady ask the Treasury Department for 10 years’ worth of Trump’s tax returns, a power granted to the Ways and Means chairman by the Internal Revenue Code. The committee could then vote to send the returns to the Continue reading “Ways and Means’ Brady blasts effort to release Trump tax returns”