Bishop Dewane disappointed by House passage of tax cut bill

Podcast: Tax reform and the Constitution

"I'm proud to support this bill and President Trump in his bold efforts to tackle tax reform to a degree in which we haven't seen since Ronald Reagan was President in 1986".

Personal exemptions: now, a taxpayer is entitled to claim a personal exemption of $4,050 for himself or herself, a spouse and each qualified dependent.

The act would almost double the standard deduction to around $12,000 for individuals and about $24,000 for married couples - reducing incentives for charitable donations.

Slaughter and dissenting voters, including several New York City-area Republicans, said they their opposition was triggered because the bills would - counter to Collins' estimations - raise taxes on middle-class households.

Eliminates special-interest tax breaks that increase rates and complicate Americans' taxes - so an individual or family can file their taxes on a form as simple as a postcard. The deduction for mortgage interest would be reduced to cover $500,000 of acquisition debt, down from $1 million, but interest deductions for existing loans would be grandfathered.

Norway's pension fund could cut billions in oil stocks to spread risk
The proposal has to be reviewed by the Finance Ministry, which in turn needs to decide whether to propose it to parliament. The Stoxx Europe 600 oil and gas index reversed gains after the announcement, sliding 0.4% as of 1.14pm in London.

Kevin Diaz, Washington correspondent for the Houston Chronicle says Brady has been working his way through the House leadership ranks for years, with the goal of implementing significant tax cuts. He says the House's retroactive rule runs counter to that.

Lowering the corporate tax rate to 20%. Brady said he's confident the House bill would benefit small businesses and spark job growth, noting that the legislation allows for things like immediate expensing, which would allow business owners to write off the total cost of business expenses right away. The law gives companies up to eight years to pay up. Those profits are now not taxed until they are returned to the United States, giving companies an incentive to keep that money offshore since they would be taxed at the current corporate tax rate of 35 percent.

He welcomed expansion of the child tax credit and a provision that incentivizes paid family and medical leave, but called for that provision to continue beyond 2019, when the bill calls for it to end. For illiquid assets, like equipment or property, the tax rate would be 5 percent.

"For far too long, New Yorkers have been saddled with one of the highest tax burdens in the country". The repeal would not completely take effect until 2024 and would be combined with a doubling of the estate tax exemption.

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