Treasuries Close Firmly Negative As House Approves Tax Reform Bill

Treasuries Close Firmly Negative As House Approves Tax Reform Bill

Treasuries Close Firmly Negative As House Approves Tax Reform Bill

They took nearly no public testimony and powered it past Democrats in a matter of weeks.

"AGAIN!" the president said in an early morning tweet.

In June, the NBC/WSJ poll showed that Americans preferred Republicans over Democrats in handling the tax issue by 4 percentage points.

Democrats for weeks have been busy warming up their attack lines, accusing them of giving favorable treatment to Republican campaign donors while leaving average Americans a more modest - and temporary - tax cut.

Bill opponents argued it will give an inordinate amount of money to the wealthy at the expense of poor Americans.

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British Minister of State for Digital Matthew Hancock tweeted that the account suspensions were a "good step forward" for Twitter. Twitter announced the changes to its guidelines last month, warning people they would come into effect on December 18.

A representative for the House Ways and Means committee said the House will take up the version that is expected to pass the Senate on Wednesday. In addition, all Americans will see lower rates. The bill makes $1,400 of the credit refundable, so families who pay little, or even zero, income tax are able to take advantage of the credit. It eliminates the deduction for banks with more than $50 billion in assets, and limits the deduction for banks with assets of $10 billion to $50 billion. All individual tax breaks expire at the end of 2025, while the corporate tax reductions will remain.

The complex measure takes money away from millions of families at the same time as it provides benefits, which has made it hard for most people to understand how it will affect them.

Indeed, by an overwhelming 63 percent to 7 percent margin, Americans say the plan was created to help corporations and the wealthy rather than the middle class. Though the plan includes a provision that increases the child tax refund, it will, like the rest of it, mostly benefit rich families.

Passing the bill in December, with many provision set to take effect January 1, 2018, leaves employers and employees little time to figure out how to adjust take-home pay under the new bill and it remains unclear how long it will take the Internal Revenue Service and payroll professionals to figure out how to adjust withholdings under the new law. Analaysts say the tax cuts will cost the US government $1.5 trillion in revenue over the next decade, The New York Times reported. That includes Sen. Bob Corker, the only Republican to vote against the Senate's initial tax bill, who said in a statement at the end of last week that he would back the new, compromise version, despite his earlier concerns about projections that the legislation would add almost $1.5 trillion to the deficit over a decade.

Rep. John Faso, an upstate New York Republican who voted against the bill Tuesday, said in a Monday statement that the change in the SALT deduction "will accelerate the trend of hardworking individuals and businesses already leaving our state - further eroding New York's tax base".

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