They Have A Deal; Now Can Congress Follow Through On Tax Reform?
WASHINGTON, D.C -- Congressional Republicans have come to an agreement on a massive tax overhaul, now the trick is getting it through both chambers.
Indiana Congressman Luke Messer (R-IN06) is optimistic that both the House and Senate can get a tax reform bill on the President's desk by Christmas.
"We are closer than ever to delivering on one of President Trump's key agenda items, and it's great for working Hoosiers," said Messer.
"We're going to double the standard deduction, lower rates for middle class families as well as for job creators both big and small. This will help our economy grow and give Hoosiers a pay raise."
Some of the changes that would be made if the bill passes and is signed by President Trump:
- The corporate rate would be reduced to 21-percent from 35-percent in 2018.
- The individual alternative minimum tax would remain, but the threshold would be changed to omit any individual under 500-thousand or family below one-million.
- The state and local tax deduction will be expanded to include income tax and be capped at 10-thousand dollars.
- The mortgage interest deduction threshold would be set at 750-thousand.
- The estate tax exemption would not be repealed, but would be doubled.
Messer adds it will also enable you to fill out your taxes on a single sheet of paper as well as repeal the individual mandate under the Affordable Care Act. A vote on the tax overhaul could come as soon as this weekend.
Vice-President Mike Pence has put his planned trip to the middle east on hold in anticipation of the vote, since his tie-breaking vote might be needed in the case of a deadlock in the Senate.
(PHOTO: Fairfax Media/Getty Images)