Republicans in the lower house delay filing their tax reform

The Republican legislators of the House of Representatives delayed today the presentation of their legislative proposal of fiscal reform before the difficulties to agree mechanisms that avoid that the deficit soars due to the promised cuts of taxes of president Donald Trump.

“In consultations with President Trump and our leaders, we have decided to release the text on Thursday,” said Kevin Brasy, chairman of the House Ways and Means Committee, announcing the delay over the previous announcement that it was going to be today.

Brady said that “we are happy with the progress made”, but acknowledged that they need more time to refine the final text.

The tax reform, which includes sharp tax cuts for companies and workers, is the great legislative commitment of President Trump, who has affirmed that his goal is for the House to approve the proposal “before Thanksgiving”, at the end of the month, and be signed “for Christmas”.

However, the plan has met with numerous obstacles, especially differences within the Republican Party itself, and has accumulated several delays in recent months.

The proposal, outlined at the end of September by the White House, sets a reduction in the tax rate to companies from 35% to 20%, and aims to simplify the tax brackets of individual income, going from the current seven to three: 12%, 25% and 35%.

Although Republicans agree on the tax cuts, the main stumbling block is that Trump’s plan implies an increase in the $ 1.5 trillion budget deficit over the next decade, and many of them are opposed to any increase in the budget. federal indebtedness.

Therefore, the discussions now focus on how to finance these spending cuts to reduce the consequent rise in the deficit.

“Based on what I know, I’ll say I should still vote no,” said Republican Congressman Pete King, speaking to The Hill newspaper.

Among the most controversial proposals, figure limiting the money that taxpayers can allocate without paying taxes to their retirement plan, known as 401 (k), and suppress the deductions of local and state taxes.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest

The Dominican Liriano signs for a year with Tigers and four million

Veteran pitcher Francisco Liriano signed a contract with the Detroit Tigers for a season and a salary of four million dollars, according to the...

Seabourn luxury cruise company will begin routes to Cuba in 2019

The luxury cruise company Seabourn has announced that it will operate routes to Cuba from Miami and San Juan starting in November 2019, which...

Alberto advances through the center of Alabama throwing heavy rains and two dead

The center of the subtropical depression Alberto, which made landfall as a storm this Monday in the extreme northwest of Florida, continues today its...

Perez has a luxury swing and hits two homers; Andrus joins Club 20-20

Salvador Perez once again showed the quality of his "swing" with the bat and grabbed the spotlight with a pair of home runs, which...

Thousands of people say goodbye to rapper Nipsey Hussle in Los Angeles

 Los Angeles (USA), - Thousands of people threw themselves into the street in Los Angeles (USA) Thursday to give the last goodbye to Nipsey...