Marco Rubio demands bigger child tax credit in bill

Speaker of the House Paul Ryan R-Wis. flanked by Rep. Cathy Mc Morris Rodgers R-Wash. left and House Majority Whip Steve Scalise R-La. updates reporters on the GOP tax bill following their weekly policy meeting on Capitol Hill in Washington Tuesda

At the White House, Trump said he was confident that Rubio will get onboard.

"For far too long, Washington has ignored and left behind the American working class", Rubio tweeted. "But given all the other changes made in the tax code leading into it, I can't in good conscience support it unless we are able to increase [the child tax credit], and there's ways to do it and we'll be very reasonable about it".

This will certainly satisfy critics within the Republican Party, particularly the big-business donors, who were lamenting Congress's inability to enact even modest parts of their party's legislative agenda.

Because of those changes, Rubio says he will support the tax bill - likely giving Republicans enough votes to pass the sweeping measure.

OH congressman Jim Jordan is a member of the caucus. Moore said it remained unclear what Republicans would do if Rubio remains intractable. "This is for very, very special people, the great people of America". "I think that Senator Rubio will be there". "But you know, we've got to deal with the art of the doable. I mean, we should celebrate our victory". "I sure hope so". Both bills have raised the possibility that many owners, including professionals such as accountants and consultants, wouldn't see a tax cut.

Though the proposed legislation will maintain the same seven-bracket structure that's now in force, Republicans have made tweaks to the rates and the income levels at which they apply. The credit is at least partially refundable to qualified taxpayers who earned more than $3,000.

Rubio's opposition comes at a bad time for Senate Republicans, with two of them missing votes this week because of illness.

The final bill reduces the corporate tax rate to 21%. The compromise bill would allow people to deduct up to $10,000 in a combination of state and local property, income, and sales tax.

Democrats have called the Republican tax legislation a giveaway to corporations and the wealthy that would drive up the federal deficit.

Trump and Rubio have a history.

Both bills would simplify financial record-keeping for many small businesses that have inventory, making the cash method of accounting available to them. Rubio is seen as considering a future presidential run.

Low-income taxpayers would receive the money in the form of a tax refund, which is why it's called a "refundable" tax credit. Noem says that amount has been increased to $1,400.

Republican Sens. Marco Rubio of Florida and Bob Corker of Tennessee announced Friday that they would back the bill, the most sweeping rewrite of the tax code in more than three decades. Then, earning an extra $100 causes her taxes to go up by $33, $28 from the official tax bracket and $5 from the lost credit.

The language was finalized late Thursday night. Tim Scott, R-S.C., one of the conferees, intervened in bid to keep Rubio negotiating - an effort Scott continues to pursue. That timeline gained new urgency Tuesday when Democrat Doug Jones defeated Republican Roy Moore in an Alabama special election for a U.S. Senate seat.

Republicans released the final version of their massive tax bill on Friday, setting up a frantic stretch to pass the plan through Congress next week. Luther Strange, R-Ala., this month or early next month.

"I'm confident that at the end of the day, the Senate will approve this conference committee report because no one should be defending the status quo in this terrible tax code Americans have had to live with for too long", said Rep. Kevin Brady of Texas, a top House negotiator.

Corporate tax cuts would take effect in January, allowing businesses to immediately write off the full cost of capital investments. They also agreed to lower the top income tax rate from 39.6 percent to 37 percent, a change that could add another $100 billion to the size of the bill.

But in opposing the Rubio-Lee plan, Republican leaders said they need to keep the corporate tax rate at 20 percent to help US companies compete globally.

Once the plan is signed into law, workers could start seeing changes in the amount of taxes withheld from their paychecks early next year, lawmakers said - though taxpayers won't file their 2018 returns until the following year.

Lower tax rates and exemptions from taxation are among the provisions set to expire, as are other changes that would lower taxes for individuals.



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