|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | USA

US Lower House Approves Trump Tax Plan

WASHINGTON – The US House of Representatives approved on Thursday a tax reform bill that includes the major cut in corporate levies demanded by President Donald Trump.

The vote was 227-205, as 13 Republicans joined the entire Democratic minority in opposing the “Tax Cuts and Jobs Act.”

Most of the Republican dissidents represent New Jersey, New York and California, where many residents would see their federal tax bill increase under the bill, which reduces deductions for state and local taxes.

The legislation contemplates $1.5 trillion in tax cuts for businesses and individuals.

“What we’re doing here is not just determining the kind of tax code we’re going to have, what we’re doing is determining the kind of country we are going to have,” House Speaker Paul Ryan, one of the drafters of the bill, said before the vote.

The legislation provides “real relief” to middle-income families, the Wisconsin Republican said.

Speaking for the Democrats, California’s Nancy Pelosi accused Republicans of bringing forth “a bill that is pillaging the middle class to pad the pockets of the wealthiest and hand tax breaks to corporations shipping jobs out of America.”

Passage of the bill represents a triumph for Ryan and for Trump, who met with Republican lawmakers on Capitol Hill earlier Thursday.

In the Senate, meanwhile, Republicans have yet to reach consensus on their version of the tax overhaul. Some GOP members have come out publicly against the proposals being discussed by the leadership.

With a majority of only two seats in the Senate, Republicans can’t afford too many defections.

The House bill slashes the corporate tax rate from 35 percent to 20 percent, while reducing the number of tax brackets for individuals from seven to four, with a maximum rate of 39.6 percent.

Another provision would phase out the inheritance tax, a levy that applies only to estates exceeding $5.6 million.

Republicans have long complained about the 35-percent corporate rate, but David Cay Johnston, a Pulitzer Prize-winning journalist who specializes in business and economics reporting, has determined that the largest US firms, using a wide array of fully legal accounting mechanisms, already pay at an actual rate far below 20 percent.

 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2015 © All rights reserved