NFIB now says it supports House tax bill

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10 November, 2017

The Senate plan largely overlaps with the House proposal, but does not repeal the estate tax and leaves the mortgage interest deduction unchanged. It changes some popular provisions such as the mortgage interest deduction, but leaves others, like the 401 (k) tax benefit, unchanged.

The move means homebuyers would still to be able to deduct interest payments on loans of up to $1 million as permitted under current law.

Amid intense political pressure to achieve results, Senate Republicans prepared to unveil sweeping tax legislation Thursday that would usher in billions in cuts for people and corporations and repeal the federal deduction for state and local taxes.

The House bill, called the Tax Cuts and Jobs Act, cuts the corporate tax rate from 35 percent to 20 percent, while moderately reducing household income-tax rates.

"The president would like this to go into effect right away", Treasury Secretary Steven Mnuchin said Thursday on Fox Business Network. David Perdue, R-Ga., said the Senate measure would fully eliminate the deduction people can take for state and local property, income and sales taxes. "The sooner we get this in place the better we are".

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That's according to a Senate GOP source familiar with the details on the legislation being released Thursday afternoon. But the Senate already seemed unlikely to meet that deadline because of complex rules governing how it must consider the tax bill.

Republican leaders' goal is for Congress to send legislation melding both House and Senate versions to Trump by Christmas, in hopes of protecting their congressional majorities in next year's elections.

The plan establishes a new family credit, and would expand the child tax credit from $1,000 to $1,600. And the updated House plan also includes a new lower tax rate for businesses earning less than $75,000 in income, among other changes. House Republicans appear on track to pass their version of the bill next week, but in the Senate Majority Leader Mitch McConnell has a slim 52-48 majority that has proven hard to corral. The bill would eliminate certain taxes, like the Alternative Minimum Tax and the so-called "death tax". But those rules also require that the bill not raise the deficit by more than $1.5 trillion, leaving lawmakers scrapping for revenue to offset cuts.

And unlike the House version, the Senate bill would fully repeal the deduction for state and local taxes, which has become a sticking point with GOP congressmen from high-tax states like NY and New Jersey, whose constituents depend on that deduction. It also can not add to red ink beyond the first 10 years without facing the same fate.


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