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Marco Rubio demands bigger child tax credit in bill

16 Décembre 2017

A few days after the earlier Senate vote, Rubio tweeted a link to a news story that said GOP leaders were indeed considering scaling back the corporate tax cut - but not to pay for an expanded child tax credit.

"The US Congress is trying desperately to pass a tax bill that, if adopted, would represent the single most dramatic increase in inequality that could be imagined", he said. The final bill expands the child tax credit in a couple of key ways.

Pence has delayed a planned trip to the Middle East in case his vote is needed on the final tax bill. Mike Lee of Utah, is undecided on the overall bill and is pushing to make the credit as generous as possible, said Lee spokesman Conn Carroll. With Democrats unanimously opposed to the plan, Republicans can afford to lose no more than two members of their caucus in a final vote. Moore said it remained unclear what Republicans would do if Rubio remains intractable. "This is for very, very special people, the great people of America". "I think that Senator Rubio will be there". "But you know, we've got to deal with the art of the doable".

Changes to the individual tax code are effective January 1.

Ramming the sweeping tax package through Congress would represent their first significant legislative achievement and fulfill promises about a tax overhaul that Trump made to voters past year on the way to his unexpected capture of the White House.

"Both couples itemize their deductions under current law, claiming state and local income taxes of $17,500, property taxes of $8,000, and combined mortgage interest and charitable contributions of $20,500", the TPC report said.

The House version generally provides for the business income of the "pass-through" companies to be taxed at a maximum of 25 percent, compared to the current top personal income tax bracket of 39.6 percent.

Republicans view passage of the legislation as a political imperative, proving to voters they can govern as the GOP fights to hold onto its majorities in the House and Senate in next year's elections.

Republicans released the final version of their massive tax bill on Friday, setting up a frantic stretch to pass the plan through Congress next week.

Trump and Rubio have a history.

Both bills would simplify financial record-keeping for many small businesses that have inventory, making the cash method of accounting available to them. Rubio is seen as considering a future presidential run. Noem said Friday the amount has been increased from $1,100 to $1,400. Tim Scott, R-S.C., one of the conferees, intervened in bid to keep Rubio negotiating - an effort Scott continues to pursue. Marco Rubio, R-Fla., who threatened on Thursday to vote against the bill unless the credit was expanded, injecting last-minute chaos into a process.

Republicans leaders want to vote on the bill as early as Tuesday. Luther Strange, R-Ala., this month or early next month.

Asked about Rubio and Lee as he left the White House for a speech Friday, President Trump was confident.

"I'm confident that at the end of the day, the Senate will approve this conference committee report because no one should be defending the status quo in this terrible tax code Americans have had to live with for too long", said Rep. Kevin Brady of Texas, a top House negotiator.

"They freaked out when I proposed small reduction in Corporate tax cut to pay for cut for working families".

The bill would cut the corporate income tax rate to 21% from 35%, according to the summary. Later developments led to preserving deductions for state and local property tax, but even that wasn't enough to put lawmakers entirely at ease. The agreement reached Wednesday by House and Senate GOP leaders also calls for scrapping a major tax requirement of the "Obamacare" health law, a step toward the ultimate GOP goal of unraveling the law.

Owners of pass-through companies who won't get any tax breaks might decide to change their business structure to a C corporation, Reitmeyer says.

It would lower the top marginal tax rate.

Marco Rubio demands bigger child tax credit in bill