Sep 28 2017
Republicans argue that the tax cuts would be offset by new revenues raised from eliminating tax loopholes and would drive more robust US economic growth, predictions that critics are sure to question.
By refusing to specify on Wednesday which tax breaks could be jettisoned, GOP leaders make a calculated effort to try to postpone any backlash while they try to build a coalition. That's not as low as Trump wanted, but is still a huge reduction, to the lowest top rate since 1940.
The only way to make the magic math of the tax cuts work is to take money away from programs that help people at the bottom of the economy and redistribute it to the people at the top.
Another big change for companies would be a limitation of the deductibility for corporate interest expenses in exchange for the opportunity to immediately expense business investments. He said the United States has the highest business tax rate in the world and that causes business leaders to outsource jobs from overseas.
The president, who previewed his plan Tuesday with bipartisan members of the House Ways and Means Committee, said his plan is based on four principles: making the tax code simple and fair, cutting taxes "tremendously" for the middle class, lowering the tax rate for businesses and "bringing back trillions of dollars in wealth parked overseas".
For individuals, there is much less clarity.
Corporations would see their top tax rate cut from 35 to 20 percent. Many details will need to be worked out, including limits on pass-throughs, limits on corporate deductions, and income levels for different tax brackets.
Bali volcano could erupt any moment
The volcano, located some 50 miles from Kuta, a popular tourist destination, has been rumbling since August. The U.S.is advising against any visits to the volcano, warning that an eruption could disrupt flights.
Turnout high as Iraqi Kurds defy threats to hold independence vote
Iran has a Kurdish population, but they have not experienced the same level of violence as Kurds in Turkey and Syria have in recent years.
Merkel wins fourth term as German far-right party makes gains
However, a repeat of the current "Grand Coalition" with the Social Democrats is not the chancellor's only option. The traditionally left-leaning Greens were seen winning around 9.5 percent and the Left Party some 9 percent.
The lowest tax bracket would increase from the current 10 percent. A repeal of the estate tax. It doubles the standard deduction and increase the child tax credit.
The perk - first enacted with the income tax in 1913 - is most heavily used in coastal, bluer states that include New York, California, New Jersey and CT. Trump's plan would eliminate most itemized deductions, with the exception of deductions for mortgage interest and charitable donations. That's because the proposal also almost doubles the standard deduction and increases the child tax credit. Among those that would remain are the prized tax credit for research and development and the low-income-housing credit, which many Democrats support.
After more than eight months of negotiating, the White House and GOP leaders have agreed on several targets for the tax cuts.
"We're going to introduce a tax plan that's the largest tax cut, essentially in the history of our country", President Donald Trump said Wednesday outside the White House.
Tax reform has become a major theme of unity for the Republican Party amid rising frustration among conservative lawmakers who have failed to repeal and replace Obamacare.
The tax plan was created by the so-called "Big Six:" Treasury Secretary Steve Mnuchin, National Economic Council director Gary Cohn, House Speaker Paul Ryan (R-Wisc.), Ways and Means Committee Chair Kevin Brady (R-Texas), Senate Majority Leader Mitch McConnell and Finance Committee Chair Orrin Hatch (R-Utah). But the rate cuts for businesses and individuals are sure to add to the nation's mounting debt.
The lack of agreement, days before the plan is set to be unveiled more broadly, underscore the hard Republicans face in uniting behind a tax bill.
Sep 28 2017
Saudi Arabia gives women the right to drive in new order
State Department spokesperson Heather Nauert said of Saudi Arabia's decision to end the ban, "We're certainly happy to hear that". One of Saudi Arabia's most vocal women's rights activists says the decision to allow women to drive is a "great first step".
Sep 28 2017
Almost 400 cats, dogs rescued from Virgin Islands
She's focusing her relief efforts and fundraising drives on helping people get supplies specifically to their loved ones. Almost 50 dogs had been rescued by state authorities in Florida before Irma even hit.
Sep 26 2017
FIFA scraps ban on poppies on football shirts
England and Scotland have previously displayed the poppy on a black armband, in a failed attempt to bypass regulations. The report goes on to claim that the IFAB, football's lawmakers, are expected to rubber-stamp the change next month.
Sep 25 2017
Selena Gomez's Best Friend Francia Raisa Reveals Scars From Kidney Transplant
The video of the 29-year-old comes one week after she revealed that she donated her kidney to best friend, Selena Gomez . Gomez described her most-recent transplant as 'what [she] needed to do for [her] overall health'.
Sep 24 2017
Trump holds rally with Luther Strange in Alabama
Trump tells rally-goers Friday night that people have claimed unusual is "friendly" with the Senate majority leader. Trump made little hard news in what was basically a campaign-style speech that ran almost 90 minutes long.
Sep 22 2017
Ryanair offers pay rise to some pilots on top of bonus
The mix-up is expected to cost the company around €20 million (£18 million) in compensation to customers. However Michael O'Leary has told the Ryanair AGM that pilots "do not want unionisation".
Sep 22 2017
Facebook agrees to release information about Russian-purchased ads to Congress
The Facebook ads were bought, through fake accounts, by the Internet Research Agency, a shadowy troll farm based in St. Concerns about the role of political ads on Facebook have not been limited to the US.
Sep 21 2017
Applause, criticism greet leak of Zinke's monument recommendations
He also raised concerns about private property rights, noting that the monument surrounds large areas of state and private lands. Be proactive - Use the "Flag as Inappropriate" link at the upper right corner of each comment to let us know of abusive posts .
Sep 21 2017
Taco Bell to get rid of drive-thru, add booze
For New York, specifically, the chain plans to open 50 locations in Manhattan - where there are only six restaurants now. The cantinas' smaller scale and hipper atmosphere highlight that the chain "isn't afraid to try new things", Grams said.
Sep 20 2017
Florida Sets Emergency Generator Rules for Nursing Homes
Power outages hit other Southeastern states as the storm moved north, including Georgia. Authorities will open up the entire chain of islands to residents Sunday morning.
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