Republican Tax Bill Almost a Reality - | SoKY Community, Events, Weather


Republican Tax Bill Almost a Reality

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It appears this morning the deal to change what you pay in taxes is almost done. Republicans have merged their two plans into one, and they think they can get it on the President's desk next week before Christmas.

President Trump calls it a gift, while Democrats call it a charade.

Here's what the new tax plan looks like, according to multiple Republican sources:

The top tax rate for the wealthiest Americans drops to 37%. Corporate taxes drop to 21%, slightly higher than Republicans wanted.

Popular deductions remain, with limits: state and local taxes up to $10,000, and home mortgage interest up to $750,000.

Also, no requirement to buy health insurance, since the Affordable Care Act mandate would be overturned.

Democrats claim the middle class gets the shaft, but they don't have the votes to stop it. Senate Republicans have no incentive to delay the vote for Alabama’s new Democrat. In fact, they may already be one vote short, now that John McCain is in the hospital. 

It's on a fast track for House and Senate approval by next Wednesday. If that happens, check your pay stub. President Trump says Americans could see payroll tax changes in their checks as early as February.

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