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Senate Republicans Pass Tax Bill

   The vote reflects party lines with Sen. Joe Manchin (D,WV) voting against the bill and Sen. Shelley Capito (R,WV) voting for it. The bill now moves into a conference committee to blend the House and Senate versions. While the tax bills approved by the House and the Senate are different in significant ways, the same politics that moved the measures forward appear likely to bond Republicans in the two chambers as they work to hash out the differences. Consider reading this Washington Post analysis…

Among the issues that will need to be worked out…

…under the Senate bill, tax cuts for individuals would expire at the end of 2025 to mitigate the losses in revenue (tax cuts for corporations will be permanent) and

…the mandate that individuals obtain health insurance under the Affordable Care Act would be repealed. The House bill does not have these provisions.

Still, the bills share much of the same design and core elements.

        1. Each would cut the top corporate tax rate to 20% from 35%.

        2. Each would eliminate deductions for state and local income taxes.

        3. Each nearly doubles the standard deduction for individual filers.

        4. Each reduces individual tax rates.

Both bills are projected to cut taxes initially for the bulk of middle-class taxpayers, yet raise them on millions of other middle-class families.

   Democrats charged that the Senate bill had been loaded with last-minute favors for the rich and the well-connected at the expense of the middle class, and complained that the text of the bill had been released only hours before the vote, with handwritten changes scrawled in the margins.

Sources: The NY Times and The Washington Post

Are you pleased???

  " Polls consistently show that more Americans oppose the tax plan than support it — most recently, a survey in November that showed that for every two people who disapproved of the plan, only one supported it. That poll found that fewer than 1 in 6 Americans expect their taxes to be reduced, while more than twice that many expect their taxes to go up. When it comes to just Republicans, a third expect to personally get a tax cut."

Source: The Washington Post

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