Reporter. Erik wasson covers congress for newport news. The Senate Finance committee begins its markup on monday. You have been writing about some of the key details. What are they . Basicasson the architecture is the same. They have big Corporate Tax cuts. The house bill was dropped from 35 to 20 effective in 2018. The senate has the same thing, although it delays that i one year. Both would reduce the individual tax rate and double the standard deduction. Both would have some tax increases for those who itemize their deductions. The big issue that is controversial in both is the state and local Tax Deduction. This one is taken by a lot of uppermiddleclass individuals. In the house they would retain the ability to deduct property taxes up to 10,000 a year. The senate, it would go away. The main points people will be looking at in these bills, one of the things that was surprising is the senate retained the medical expense deduction, something if you repeal that it would cause hardship
Reform bill. We talked with a capitol hill reporter. Eric wasson covers congress for bloomberg news. The house and the Senate Republicans are working on tax reform legislation. The Senate Finance committee begins its markup on monday. You have been writing about some of the key details. What are they . Their basic architecture is the same. They both have big Corporate Tax cuts, the house bill would drop the corporate rate from 35 to 20 effective in 2018. The senate does the same thing, but delays that by one year. Both would reduce the International Tax rate and both would have tax increases for those who itemize their deductions. The big issue that is controversial is the set state and local tax deduction. This is one taken by a lot of uppermiddleclass individuals in the house. They retain the ability to deduct property taxes up to 10,000 a year. That would go away. In the senate, that would go away. Those are the main points that people are going to be looking at in these bills. One
Announcer this week, the senate and house continue work on the Republican Health care bill. We spoke with a reporter. Eric wasson covers congress for bloomberg news. The house and the Senate Republicans are working on tax reform legislation. The Senate Finance committee begins its markup on monday. You have been writing about some of the key details. What are they . The important thing to say is their basic architecture is the same. They both have big Corporate Tax cuts, the house bill would drop the corporate rate from 35 to 20 effective in 2018. The senate does the same thing, but delays that by one year. Both would reduce the International Tax rate and both would have tax increases for individual tax rate and double the standard deduction and both would have tax increases for those who itemize their deductions. The big issue that is controversial is the set state and local Tax Deduction. This is one taken by a lot of uppermiddleclass individuals in the house. They retain the ability
Mr. Burgess mr. Speaker, after seven years we have heard the stories from our constituents, from our patients, from our friends, from our families who have suffered under the Affordable Care act. Today, well have a chance to vote on a plan that will rescue and revitalize the market and lower costs and increase flexibility for patients to choose and keep a Health Insurance plan that works for them and their families. However, before we can do that, we have to pass a bill that will insure that members of congress and their staffs are treated the same way as the rest of america. So lets be clear. We firmly believe that members of congress should live by the same rules as everyone else. Period. The bill were considering now will make a simple technical correction to insure that the American Health care act and its amendments apply equally to everyone when signed into law. Over the last several months we have worked thoughtfully and thoroughly with our colleagues in the senate to achieve ou
Mr. Burgess mr. Speaker, after seven years we have heard the stories from our constituents, from our patients, from our friends, from our families who have suffered under the Affordable Care act. Today, well have a chance to vote on a plan that will rescue and revitalize the market and lower costs and increase flexibility for patients to choose and keep a Health Insurance plan that works for them and their families. However, before we can do that, we have to pass a bill that will insure that members of congress and their staffs are treated the same way as the rest of america. So lets be clear. We firmly believe that members of congress should live by the same rules as everyone else. Period. The bill were considering now will make a simple technical correction to insure that the American Health care act and its amendments apply equally to everyone when signed into law. Over the last several months we have worked thoughtfully and thoroughly with our colleagues in the senate to achieve ou