"And I will say that because of what we've done with regulation and other things our economy is doing fantastically well". The corporate tax rate is to be cut from 35 percent to just 21 percent. The Senate version lowered it to 38.5 percent. Previously, the top rate kicked in for people with incomes above $418,401 for single people and $470,701 for married, joint filers.
The size of the child tax credit was one of the final points being ironed out as GOP leaders drive to push through their big tax package.
Republican legislators haggled over the Tax Cuts and Jobs Act up to the last minute on Friday, garnering support that very day from holdouts Senators Bob Corker, R-Tenn., and Marco Rubio, R-Fla. The credit begins to phase-out for couples who earn more than $110,000.
Republican's final tax plan would expand the child tax credit from $1,000 to $2,000 and allow those making up to $400,000 to benefit from the credit. So have at least a few Republican senators, including Susan Collins of ME, who has expressed reservations about reducing the top tax bracket, and Marco Rubio of Florida, who held out for an expanded child tax credit to steer a little more of the bill's rewards toward working-class taxpayers.
Republican leaders met Rubio halfway, increasing the credit's refundability but not lowering the eligibility threshold.
One of the most controversial parts of the plan is the push to greatly scale back how much state and local taxes Americans can deduct on their federal taxes.
One of the primary sources of new revenue in both the House and Senate bills comes from scaling back the state-and-local tax (SALT) deduction. Unfortunately for Paul Ryan, such homeowners are the core constituency of Republican House members from New Jersey, New York, and California.
However, a study by the nonpartisan Tax Policy Center of the Senate bill - which is likely to bear the most resemblance to what comes out of conference - found that 62 percent of the benefits from the tax cuts would be accrued by income earners in the top 1 percent, while 0.1 percent of income earners would suck up 42.3 percent of the benefits from the tax overhaul.
Jurgen Klopp speaks out as Liverpool cruise to victory over Bournemouth
It also erased memories of this fixture last season when Liverpool famously surrendered a 3-1 lead with 15 minutes to go to lose 4-3.
Trump and congressional Republicans initially sought to eliminate the state income and local property tax break entirely, but agreed to the $10,000 cap to placate enough Republican lawmakers from high-tax states to ensure the bill's passage.
The agreement also calls for repealing ObamaCare's individual mandate, a major step toward the ultimate GOP goal of unraveling the law. The House bill would have eliminated the deduction, while the Senate would have doubled it. We also discuss the impact of the tax bill on the national deficit.
A slightly less generous mortgage interest deduction.
The bill would allow homeowners to deduct interest only on the first $750,000 of a new mortgage, down from the current limit of $1 million.
The House bill would have repealed the Johnson Amendment - a law that prohibits nonprofit groups with tax-exempt status (like churches and charities) from directly participating in partisan politics.
The bill does not change the ban on churches and other charities from endorsing political candidates. The Senate parliamentarian ruled that the provision violated the rules of budget reconciliation.
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. The final bill retains it.
Student loan interest would continue to be deductible.