The Latest: House panel backs late changes to tax proposal
A key House panel has approved late changes to the
They restored the tax exemption for employees receiving child care benefits from their companies, but also put new requirements on a tax credit used by working people of modest means.
The vote on the amendment capped a rancorous session in which
It was the first of what's expected to be several days of work on the bill.
The nonpartisan Tax Policy Center says it has found an error in its analysis of the House Republican tax overhaul and is revising its review.
In a statement late Monday, the Center says, "TPC staff found an error in the preliminary distributional analysis of the Tax Cut and Jobs Act (TCJA) that we released today. This error involved the additional child tax credit component of the proposed legislation."
The center says it is removing all related analysis from its website.
The center adds, "We regret this error and will provide corrected analyses as soon as we can."
They also propose tightening restrictions on the use of the earned income tax credit.
The chairman of the
The move unleashed anger from
Analysts say
The experts say the
But they say Hatch's plan could restore the House bill's elimination of the adoption tax credit, and revive at least some deductions people are allowed for medical expenses. Those proposals have drawn howls of protests.
It might also ease the House bill's elimination of the inheritance tax on large estates.
A nonpartisan tax analysis group says the proposed House Republican tax cut would leave 28 percent of people facing tax increases by 2027. The Tax Policy Center also says that in 2018, when the measure would first take effect, 12 percent of people would see higher taxes.
The group says that next year, there would be an average tax cut of
People earning less than
In 2027 the average overall reduction would drop to
Democratic congressman
Other
The measure that would slash corporate taxes, reduce what some Americans would pay and eliminate some prized deductions.
The House Republican tax bill would mean 38 million Americans on average likely will face tax increases by 2023.
That's the word from
Barthold's testimony sparked anger from minority
Texas Rep.
Brady called the legislation a means of spurring job growth and boosting the economy.
Last week,
Speaker
Some want to broaden relief to more small businesses, while others are upset at a provision eliminating a tax credit for adoption expenses.
The proposal is the first major rewrite of the tax code in three decades, mixing tax cuts for corporations and businesses with more modest relief for individuals.
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