Day 334: "The single worst piece of legislation."

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Tuesday, December 19, 2017

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1/ The House passed tax reform today, but will have to vote again tomorrow after the Senate parliamentarian said three provisions violated the Byrd Rule and would have to be removed from the bill. Senate Republicans plan to vote on the measure tonight with the provisions removed, which would require the House to revote on the measure tomorrow, since both chambers must pass identical bills. The House initially passed the bill in a 227-203 vote with all but 12 Republicans voting for the bill. No Democrats supported it. Trump is expected to sign the Tax Cuts And Jobs Act into law before the end of the week. The bill will add $1.5 trillion to the federal debt over the next decade as it cuts tax rates for corporations, provides new breaks for private businesses, and reorganizes the individual tax code. The legislation also repeals the Affordable Care Act's individual mandate that most Americans buy health insurance coverage or face a fine. (NBC News / New York Times / Washington Post)

  • Tax Bill Calculators: Will Your Taxes Go Up or Down? (New York Times) / Washington Post)

  • What's in the final Republican tax bill. The legislation would cut taxes for corporations. Taxpayers in large part would receive temporary tax cuts that expire after 2025. (New York Times)

  • The GOP tax bill will impact large, high-tax, high-cost-of-living cities most by capping the state and local income and property deductions at $10,000. Capping the benefit will potentially expose residents of those areas to a higher tax liability and reduce their property values. (Politico)

  • Senator Mark Warner called the GOP tax plan "the single worst piece of legislation that I've seen." (CNBC)

2/ The GOP tax bill will lower taxes for 95% of Americans in 2018, but within a decade 53% of Americans will pay more in taxes under the plan with 82.8% of the bill's benefit going to the top 1%. In 2018, the highest earners on average will receive a larger tax cut than those making less. Those earning between $49,000 and $86,000 will receive an average cut of about $900, or roughly 1%. Those earning more than $733,000 would receive a cut of about $51,000, or roughly 6.9%. (Washington Post / Vox)

3/ Trump's new campaign slogan is "How's your 401(k) doing?" More than half of Americans don't have one. (Bloomberg)

4/ Visit 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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