Economist: GOP Tax Bill Offers Little for Poor or Middle Class Americans

Economist: GOP Tax Bill Offers Little for Poor or Middle Class Americans

Businesses income reported on owners' personal tax returns would get a 20% deduction on the first $315,000 of joint income. The Senate version lowered it to 38.5 percent. Two of the most significant changes from either original bill are the income tax rates paid by wealthy individuals and how generous the Child Tax Credit is. Marco Rubio announced that he would vote against it unless the child tax credit is expanded.

Numerous controversial provisions in the House bill, like eliminating the tax credit for adoptive parents or getting rid of the ability of graduate students to waive their tuition from their taxable income, were stripped out in the conference bill.

Before approving the Senate bill on December 2, Republicans had rejected an amendment from Senator Rubio and Senator Mike Lee to increase the portion of the child tax credit that would be refundable under the bill (which is the portion of the credit that is available to low-income families) from $1,100 per child to $2,000 per child.

Rubio, in response, declared his support for the bill Friday, and Lee's spokesman said that the senator would "hopefully" support the bill and was encouraged by the work done in the conference to beef up the child tax credit.

OR lineman changes uniform number to honor Las Vegas shooting victims
The Ducks bounced back from a three-game losing streak in the middle of conference play to win three of four to end the year. That's right: The same play that won the Broncos the 2007 Fiesta Bowl just gave OR its first points of the day.

Closing in on the first major legislative achievement of his term, President Donald Trump on Saturday defended the Republican tax cut as a good deal for the middle class while boldly suggesting it could lead to explosive economic growth. But Rubio is (reportedly) satisfied with the compromise.

The Congressional Budget Office said the repeal would reduce the number of people with insurance by 13 million within 10 years because fewer will enroll in Medicaid or buy coverage in government-managed exchanges, including some who will no longer be able to afford insurance because rates will rise about 10% annually. But it would scale back the deduction for state and local taxes, allowing families to deduct only up to a total of $10,000 in property and income taxes. Initially, the GOP leadership had hoped to repeal the deduction entirely - a change that would have functioned as a large tax hike on affluent, upper-middle-class homeowners in high-tax (i.e., blue) states.

All 29 of the targeted lawmakers voted for the House version last month, including some members from California, New York and New Jersey - high-tax states that have been anxious about the plan's treatment of state and local taxes.

See below for a breakdown of the proposed income tax brackets for singles. The agreement also calls for scrapping Obamacare's individual mandate.

Canadian police probe mysterious deaths of billionaire pharma couple
Forbes magazine estimated Mr Sherman's personal net worth at $3.2bn (£2.4bn), making him the 15th richest Canadian. Sherman's wife, Honey, was a member of the board of the Baycrest Foundation and the York University Foundation.

Lawmakers will vote on the proposal next week, with all nine Republican members of the House and Senate who represent Nebraska and western Iowa expected to support it. In all, the bill would cut taxes by about $1.5 trillion over the next 10 years, adding billions to the nation's mounting debt.

" Universities and nonprofits will have to pay an excise tax on employees making more than $1 million".

Exemption is doubled so no estate worth less than almost $11 million would be taxed. The House would have moved that cap down to $500,000. This would have enabled Evangelical megachurches to donate to political candidates, while also empowering billionaire donors to start using nonprofit public advocacy "charities" as tax-exempt super-PACs.

Apple invests $390M in iPhone laser chip maker
Face ID captures both a 3-D and 2-D image of your face using infrared light while you're looking straight at the camera. Face ID uses infrared to scan your face, so it works in low lighting conditions and in the dark.

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