WASHINGTON – The Latest on Republican tax overhaul legislation (all times local):
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5:45 p.m.
A nonpartisan analysis says the Senate tax overhaul bill would produce tax increases for half of all taxpayers by 2027.
The Tax Policy Center says that’s because most of the legislation’s personal tax reductions expire in 2026.
The organization says compared with current law, 9 percent would see higher levies in 2019, a year after the package would take effect.
The analysis says that generally, higher earning people get proportionately larger reductions.
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In 2019, people earning below $25,000 would get average $50 in cuts, 0.3 percent of their after-tax income. Those earning above $746,000 would see average reductions of $34,000, or 2.2 percent of their income.
The report says the plan would cut taxes on average for all income groups in 2019.
Senate leaders hope for passage next week.
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1:50 p.m.
Sen. Bob Corker says he’s “all for” taking out a health care provision from Senate legislation to overhaul the tax code if it stands in the way of passing the bill.
The provision would repeal a requirement that everyone have health insurance or pay a fine. President Donald Trump’s budget director, Mick Mulvaney, said the White House is open to scrapping the provision, which would repeal a key component of the Affordable Care Act.
Corker said Monday he would like to see the so-called “individual mandate” repealed, but said if it “causes some people to not support the bill, I’m all for taking it out.” The health care provision could be dealt with “in another piece of legislation,” the Tennessee Republican said.
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12:15 p.m.
President Donald Trump is promising to give Americans “a huge tax cut for Christmas.”
Trump said Monday before a Cabinet meeting that a tax overhaul “will bring urgent to relief to hardworking families.” Trump praised the House passage of a tax bill last week and said he said he was “very hopeful” that the Senate would also approve a version.
The president said he expected to work with Republicans in the House and Senate on a plan that will be “spectacular for growth and spectacular for the people of this country.” He said it would reduce rates, simplify the tax code and promote job growth.
Trump said that the administration would also be working on health care, infrastructure and welfare, “after taxes.”
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3:26 a.m.
The White House says it’s willing to strike a health-care provision from the Senate tax-cut bill if the provision becomes an impediment to passing one of President Donald Trump’s top priorities.
The provision would repeal a requirement that everyone in the U.S. have health insurance or pay a fine. But it has emerged as a major sticking point for Republican Sen. Susan Collins of Maine, who says the issue should be dealt with separately.
Trump’s budget director, Mick Mulvaney, says the White House would like to repeal the health care requirement and still have a good tax bill.
But he told CNN’s “State of the Union” on Sunday that “we’re OK” with removing it if keeping it becomes an impediment to passing the legislation.
