"We are focused on increasing paychecks in a major way", said Rep. Kevin Brady, the Republican chairman of the House Ways and Means Committee.
Texas has no state income tax and relatively high property taxes, meaning that Texans who itemize their tax returns would see less of a hit.
"I do not believe you are going to see anything health care related in this bill - at the eleventh hour 59 minute, 58 second mark, I don't", Republican Rep. Chris Collins of NY told reporters.
"We're very close. With some final tweaks in this thing, and we're ready to go live tomorrow (Thursday)", he said.
"In consultation with President Trump and our leadership team, we have made a decision to release the bill text on Thursday", Rep. Kevin Brady, the Texas Republican who chairs the House Ways and Means Committee, said in a statement. "We'll continue to listen and work", Brady told reporters late Wednesday night. The aide spoke on condition of anonymity because the individual was not allowed to publicly discuss the schedule.
Highlights of the GOP tax plan.
Although they have settled on some details - such as a cut in the corporate tax rate and maintaining the top personal income tax rate for the wealthy - other elements still have to be resolved.
Trump announces Broadcom will move back to US
President Trump on Thursday announced that semiconductor giant Broadcom is moving its headquarters to the US from Singapore. Broadcom traces its origins to blue-chip American companies like AT&T, Bell Laboratories, Lucent, and Hewlett-Packard.
In advance of the bill's release, some Republicans were already criticizing the details. The new bill aims to chop the corporate tax rate from 35% to 20%, as well as trim income tax brackets from seven to four, with the top rate of 39.6% to remain intact. The bottom half of taxpayers now pay no net income tax, according to Treasury Department figures.
Pass-throughs that aren't professional services could choose to have 70 percent of their income taxed as wages - at their individual top rate - and 30 percent taxed as "business income" and subject to the 25 percent rate, the person said.
The New Yorkers sent the proposal to House Speaker Paul Ryan (R-Wis.), Majority Leader Kevin McCarthy (R-Calif.), Majority Whip Steve Scalise (R-La.) and Brady, King said.
The president is meeting with the leaders of the U.S. Chamber of Commerce, the National Association of Manufacturers, the Business Roundtable and others on taxes.
President Donald Trump's drive for the deep tax cuts that he promised as a candidate reached a major milestone on Thursday, with his fellow Republicans in the House of Representatives unveiling long-awaited legislation to overhaul the tax code. According to ABC, one "key area of compromise" agreed upon by House Republicans and the White House will involve lowering the amount of tax-free contributions workers can put in their 401ks.
The first daughter is going to Japan for a speech Friday, but has canceled plans to continue on to China and South Korea and will return to the USA over the weekend. And for many, the income gains being touted by President Donald Trump are unlikely to materialize.
Provisions on the estate tax, pass-through corporations and the alternative minimum tax would directly benefit Trump and his family, easily saving them a billion dollars or more.
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