Congress Readies New Tax Bill for President's Desk - | SoKY Community, Events, Weather


Congress Readies New Tax Bill for President's Desk

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Congressional negotiators have reached a compromise which is expected to clear the way for final passage of President Trump's tax reform plan.  A vote in both chambers is expected next week, but Democrats want to slow the process down.  

The deal on tax reform is, supposedly, one that can pass both the House and Senate.

The combined bill would eliminate Obamacare’s health insurance mandate, double the standard deduction for individuals and married couples, and allow taxpayers to deduct a combined $10,000 from state and local income and property taxes.

Democrats say the biggest windfall would go to the wealthy, and to corporations which would see their taxes cut to 21%.

The House and Senate are expected to vote on the bill next week, giving President Trump what he has asked for; a tax reform victory before Christmas. However, Democrats say that's too soon and want newly-elected Democratic Senator Doug Jones to vote on the bill.

Jones defeated Roy Moore in a special election Tuesday, but won't take his seat until January. Senate Majority Leader Mitch McConnell says the vote will proceed as planned.

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