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GOP advances tax reform bill with insurance mandate repeal
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Trade Publication Article
GOP advances tax reform bill with insurance mandate repeal
2017
Overview
WASHINGTON (AP) - Republicans began pushing a broad tax cut for businesses and many individuals through the Senate Finance Committee on Nov. 15, a measure complicated by a late addition - repeal of the Affordable Care Act requirement that Americans get insurance coverage. Promoted as needed relief for the middle class, the House and Senate tax overhaul bills would deeply cut corporate rates, double the standard deduction used by most Americans and limit or repeal completely the federal deduction for state and local property, income and sales taxes. Beyond Trump's prodding, the repeal move was dictated by the Republicans need to find revenue sources for the massive tax-cut bill, which calls for steep reductions in the corporate tax rate and elimination of some popular tax breaks.
Publisher
MCC Magazines, LLC d/b/a Alaska Magazine
