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

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

With nearly all players aligned, the House and Senate will vote on the final bill next week.

Having Corker and Rubio on board makes it very likely the Senate will approve the bill next week, possibly with unanimous Republican support.

Here's a quick rundown of how the GOP's final bill will (reportedly) differ from the party's earlier versions. The proposed bill would slash it to just 21 percent.

The previous bills would have slashed the top corporate tax rate from 35 to 20 percent.

"And I will say that because of what we've done with regulation and other things our economy is doing fantastically well". Now the individual tax brackets sit at 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent, and 39.6 percent. Previously, the top rate kicked in for people with incomes above $418,401 for single people and $470,701 for married, joint filers.

US President Donald Trump ran on a populist platform to uplift people sweeping tax cuts, but "there's not much" in the final version of the Republican tax bill "for low- and middle-income people", Dean Baker, economist and co-founder of the Center for Economic and Policy Research in Washington, told Radio Sputnik's Loud & Clear Friday. The credit begins to phase-out for couples who earn more than $110,000.

Rubio was holding out for a new provision to give people with children a higher tax credit. The bill would have also expanded access for the subsidy on one front - the legislation makes families that earn between $110,000 and $500,000 a year newly eligible for the tax credit - while contracting access on another: the bill would restrict eligibility to parents who have Social Security numbers, thereby cutting off a form of cash assistance to American children with undocumented guardians. The original Senate bill made only $1,100 of the credit refundable. But Rubio is (reportedly) satisfied with the compromise.

Under current law, the state and local deduction is unlimited. Because President Trump and Congress are still searching for an achievement - any achievement - and Jones' swearing-in would put the tax bill at the brink of oblivion, the GOP majority is determined to ram it through the Capitol while Alabama bureaucrats slow-walk certification of the election results. Unfortunately for Paul Ryan, such homeowners are the core constituency of Republican House members from New Jersey, New York, and California. The bill that passed the House would have repealed this restriction. The deduction that millions use in connection with state and local income, property and sales taxes would be capped at $10,000. The House will vote on Tuesday, and then the Senate will follow, according to lawmakers, The Hill reported.

Obamacare individual mandate: Individuals who fail to buy health insurance are subject to a "tax" for not doing so.

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 proposal would double the threshold.

A slightly less generous mortgage interest deduction.

Home mortgage interest. The interest taken out on new loans of up to $750,000 for first or second homes is deductible.

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.

While claiming that their bill is created to help the middle class, Republicans curbed a tax break used primarily by middle-class taxpayers.

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