On Thursday evening the Senate Finance Committee passed new legislation to overhaul America’s tax code after a week of revisions and markup with a full Senate vote not coming until after the Senate returns following the Thanksgiving holiday.
The Senate version of the new tax legislation, called Tax Cuts and Jobs Act, includes a repeal of the individual mandate of the Affordable Care Act or Obamacare, requiring most U.S. citizens to purchase health insurance.
The House version of Tax Cuts and Jobs Act doesn’t include a repeal of the individual mandate and was approved on Thursday in a House vote, led by House Republicans which hold a majority in the House.
According to the Congressional Budget Office (CBO), repealing the individual mandate would reduce federal deficits by approximately $338 billion over 10 years and increase the number of uninsured Americans by 4 million in 2019 and 13 million in 2027.
Republicans hold a slimmer majority in the Senate and the new tax reform legislation under consideration is expected to face more debate and scrutiny in the Senate.
Senate Majority Leader Mitch McConnell said last week that he will bring the tax reform legislation to the Senate floor for more debate and consideration following the Thanksgiving break.
“When the Senate returns after Thanksgiving, I will bring this must-pass legislation to the floor for further debate and open consideration. I hope my friends on the other side of the aisle will join us in supporting this legislation, because there is universal agreement that a tax overhaul, and taking more money out of Washington’s pocket and putting more in the pockets of American families, is an economic imperative for our nation” McConnell said after the Senate Finance Committee had finished writing their legislation.
California Senator Diane Feinstein tweeted that tax reform should prioritize middle-class Americans, not Republican donors, and cited research showing that under the Republican plan, more than 21 million middle-class households would see their taxes increase by 2025.
Tax reform should prioritize middle-class Americans, not wealthy Republican donors. The Senate Republican bill fails that test!
Under the Republican plan, more than 21 million middle-class households would see their taxes increase by 2025. #GOPTaxPlan
— Sen Dianne Feinstein (@SenFeinstein) November 14, 2017
Based on an Economist/YouGov poll taken from November 12-14th, more Americans (27 percent) strongly oppose the Republican tax plan debated in Congress, compared to Americans who strongly support (10 percent).
Twenty-one percent of Americans somewhat support the Republican tax plan debated in Congress versus thirteen percent who somewhat oppose.
One of the main areas where Americans resist the Republican inspired tax overhaul comes with the elimination of deductions, especially the home mortgage interest deduction.
The House version of Tax Cuts and Jobs Act includes reducing the home mortgage interest deduction from 1 million to 500,000 on new mortgages but the Senate version leaves the home mortgage interest deduction unchanged.
According to the Economist/YouGov poll taken from November 12-14th, more Americans (26 percent) strongly oppose eliminating the home mortgage interest deduction if Congress raises the standard deduction.
Eighteen percent oppose eliminating the deduction somewhat while fifteen percent support it somewhat.
Thirty-four percent weren’t sure.
Trump Continues To Criticize And Rant Against Hillary Clinton
One full year after beating Hillary Clinton in the 2016 U.S. presidential election, President Trump continues to criticize and rant against her for some unknown reason.
On Saturday President Trump tweeted that Clinton is “the worst and biggest loser of all time” and told her to “get on with your life and give it another try in three years.”
Crooked Hillary Clinton is the worst (and biggest) loser of all time. She just can’t stop, which is so good for the Republican Party. Hillary, get on with your life and give it another try in three years!
— Donald J. Trump (@realDonaldTrump) November 18, 2017
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