The Latest: Trump kisses Republican tax plan
President
In a
The president said, "great job!" and added that he didn't know he was going to be given a prop. To show his approval, Trump kissed one of the postcards before giving it back to Ways and Means Chairman
Trump is trying to build momentum for the plan ahead of his trip to
President
Attending an event with House Speaker
Trump says many people will be able to file their taxes on a postcard should the plan become law.
Praising the drafters of the
Trump says he hopes to have the tax reform package signed into law by the end of the year.
Churches would gain the right to endorse political candidates and still retain their tax-free status under a provision in the
The bill would repeal a 63-year-old law credited to former President
Critics warn it could open a loophole that could funnel tax-free money into campaigns. The provision would cost
The Johnson amendment law prohibits tax-exempt charitable organizations such as churches from participating directly or indirectly in any political campaign to support or oppose a candidate. If the
The
President
Trump says his administration is "working to give the American people a giant tax cut for Christmas." Calling tax cuts "a big, beautiful Christmas present." Says Trump: "It will be the biggest cut in the history of our country. It will also be tax reform, and it will create jobs."
Trump adds that the Republican proposal, which would slash corporate rates and simplify the personal tax code, has been "met with really a great response."
The
Minority Leader
One by one, Democratic members cited a Republican lawmaker from the state and how many people in their district use the deduction at a
Pelosi says "every single
The top lobby for small businesses says it opposes the newly-released
The
It says too many small businesses currently taxed at individual rates of up to 39.6 percent won't be able to take advantage of a new 25 percent top tax rate. The
The NFIB said that "tax reform should provide substantial relief to all small businesses."
President
But Trump cautions that Thursday's unveiling marks the beginning of the legislative process and that there is "much work left to do." The president says special interest groups will distort the facts, lobbyists will try to save their "special deals" and the news media will "unfairly report on our efforts."
He is pledging a tireless effort by the administration to deliver on his promise to cut taxes for working people.
Trump says tax cuts are the "rocket fuel our economy needs to soar higher than ever before."
The legislation would slash corporate tax rates and lower taxes for most Americans. It would also limit a cherished deduction for homeowners, among other proposed changes.
President
The proposal would add
Middle-income families would pay less thanks to doubling of the standard deduction and an increase in the child tax credit.
The wealthy would benefit from the repeal of the alternative minimum tax and a phase out of the estate tax.
Some two-income, upper middle class families would pay more after being bumped into a higher tax bracket and losing a valuable deduction on state income taxes.
The
The result would be to increase the tax burden on those subject to a lower rate under the current system.
Families earning more than
High-bracket earners, especially in high-tax states, would lose the benefit of deducting state income taxes.
But middle-class earners would benefit. That's because the bill would nearly double the standard deduction to
And the child credit would be available to households earning up to
A summary of the plan says it would reduce the cap on the popular deduction to interest on mortgages of
The idea is sure to generate opposition from the real estate lobby, but it's being used to help pay for tax cuts elsewhere in the plan.
The plan also limits the deductibility of local property taxes to
The child tax credit would rise from
Still, they missed a self-imposed Wednesday deadline as leading
The legislation is a longstanding goal for Capitol Hill Republicans. They see a once-in-a-generation opportunity at rewriting the tax law.
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