Manage episode 193702691 series 1734191
Friday, December 15, 2017
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What's in the GOP tax bill.
Top income tax rate drops to 37% from 39.6%
Corporate tax rate cut to 21% from 35%
Eliminates the Affordable Care Act's individual mandate that requires most Americans to buy health insurance or pay a penalty
The estate tax would remain but the exemption from it would be doubled.
The seven individual income tax brackets will remain, but at different rates: 10%, 12%, 22%, 24%, 32%, 35% and 37%.
Latest Senate version will cost $1.5 trillion over 10 years
The child tax credit will double
The standard deduction will increase to $12,000 for an individual or $24,000 for a family
The Senate is expected to vote Monday and House is expected to vote Tuesday
1/ Marco Rubio and Bob Corker will vote "yes" on the GOP tax bill, giving Republicans the votes needed to pass the measure in the Senate. Rubio announced his support after Republican leaders agreed to expand the Child Tax Credit for low and middle-income families. Corker called the bill a "once-in-a-generation opportunity." Republicans will release the bill's text today and will vote on it next week. (Politico / New York Times / Washington Post)
For far too long, Washington has ignored and left behind the American working class. Increasing the refundability of the Child Tax Credit from 55% to 70% is a solid step toward broader reforms which are both Pro-Growth and Pro-Worker.— Marco Rubio (@marcorubio) December 15, 2017
2/ Cambridge Analytica handed over employees' emails to Robert Mueller's team as part of the special counsel's investigation into Russian interference in the 2016 election. The firm provided the Trump campaign with data, polling, and research services during the race. The emails had previously been voluntarily turned over to the House Intelligence Committee. (Wall Street Journal)
3/ Trump called the FBI a "shame" shortly before speaking at the FBI's National Academy. He told the graduating class of law enforcement managers that he has their "back 100%." Trump promised "to rebuild the FBI" and make it "bigger and better than ever." He called himself a "true friend and loyal champion" of law enforcement – "more loyal than anyone else can be" – but also said "people are very angry" with the FBI and Justice Department. Last week Trump said the FBI was in "tatters." (NPR / WTF Just Happened Today? for more news and headlines, brought to you by Matt Kiser. The WTFJHT Podcast is narrated and produced by Joe Amditis.
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