Republicans in the House of Representatives issued part of the President Donald Trump The tax agenda late Friday evening, making them closer to completing the “big and beautiful bill” of the leader.
The legislation includes an increase in child tax credit (CTC), a higher threshold for real estate tax commitment – what Republicans referred to as “death tax” – and many other measures.
It also sets the basis for making the Trump law for taxes and jobs 2017 (TCJA) permanent. Republican leaders have warned that failure to do this would lead to a tax increase of more than 20 % for millions of Americans, if TCJA is allowed to end at the end of this year.
There is no information in the bill yet about the covers of local tax deduction and local tax, which was a An important point of disagreement Among the Republicans in the Blue State, the majority in the House of Representatives, and the Republican Party’s legitimates from the deep red countries and tax.
President Donald Trump helps to obtain a budget budget bill in the House of Representatives on the line. (Getty Images)
Another noticeable exclusion is New millionaire tax chip. Trump had put forward the idea of a small tax increase over the wealthy, and informed a source familiar with his thinking news this week that Trump is considering allowing a 2.6 % tax increase before TCJA on people who get $ 2.5 million annually or more.
These and other measures are not necessarily excluded from the final bill.
The legislation is also expected to include new Trump tax pledges such as canceling taxes on advice, additional wages and social security checks for retirees.
It is expected to add more elements in the coming days through the amendments. Full legislation is expected to submit through the Roads and Means Committee, the Tax Writing Committee in the House of Representatives, on Tuesday afternoon.
The issuance of the legislation is a major sign of the progress of the leaders of the Republican Party in the House of Representatives, who were forced to overcome the initial deadline planned in obtaining a draft law on the Trump office at one time between the day of the anniversary and the fourth of July.
But the salt discount caps and the tax height of the millionaire are among the most volatile points of discussion.
Jasson Smith, head of the House of Representatives Roads and Ways Committee, said his committee will submit the bill on Tuesday. (Tom Williams)
Republicans in the House of Representatives currently have a triple margin in three boxes, which means that they cannot bear any few opposition and still may pass anything without democratic support.
They hope to do this, with the absence of democrats on board with Trump’s enormous policy reforming.
Republican lawmakers are working to pass their legislation through the budget reconfiguration process, which reduces the Senate Traffic threshold from 60 to 51 votes, which line up on the simple majority threshold in the House of Representatives.
The reconciliation of the party in power allows the minority to avoid effectively and pass large parts of the legislation – provided that it addresses taxes, spending or national debt.
Trump wants Republicans to use maneuvering to address his priorities on borders, immigration, taxes, defense, energy and lifting the debt roof.
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Each of the House of Representatives and the Senate approved work frameworks that pave the way for the draft law earlier this year.
Now, the relevant judicial committees must make both political aspects in line with this framework, before all parts of a final bill are installed that must be passed again by the congressional councils before it is signed in the law.
The latest part of the House Ways & Exply Committee will increase the current maximum CTC from $ 2000 to $ 2,500.
It will also enhance the maximum deduction of qualified business income, a tax rule known as 199A, from 20 % to 22 %. This would greatly affect the small business owners whose entities are taxes taxes on individual income tax rates.
On the real estate tax, which is imposed on assets after the death of a person, it raises the level of exemption to $ 15 million from the current level of approximately $ 13.9 million.
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The Republicans have Long ago, real estate tax was criticized As an unnecessary financial burden on the sad families, especially hitting the small companies owned by the family. Federal real estate tax supporters indicate that it affects a relatively small number of real estate.
“Seven years ago, Trump’s tax discounts sparked an economic boom and provided the necessary relief to working families. The pro-family tax provisions are the heart of President Trump’s economic agenda that puts families working on Washington and will create job opportunities, develop wages, investment and assistance on Friday in the new golden age,” House & Mission Mission, R-MO.
“The roads and means spent by the Republicans are two years in preparation for this moment, and we will present the American people.”
