Flawed Data from House Leadership Attempts to Hide Tax Hikes Under Proposal

House Ways and Means Committee Chairman Kevin Brady  sets down a copy of the current tax code as he and ranking member Rep. Richard Neal prepare for the first markup hearing of the proposed GOP tax reform legislation in the Longworth Hous

It follows the news that electric vehicle buyers got an ally within GOP over repeal of the $7,500 federal tax credit when Republican Senator Dean Heller, who sits on the Senate's finance committee, said that he will fight against the repeal.

The bills represent the first major reshaping of the US tax code in three decades, and the effort is the top priority for President Donald Trump and Republicans who've failed to deliver any major legislation this year despite controlling the House, Senate and the White House.

The figure tops the $1.5 trillion in deficits allowed under budget rules the GOP is using to pass a tax bill. Delaying that reduction would lower the cost of the bill to the Treasury, but the delay is opposed by the White House and some Senate Republicans.

The emerging Senate tax overhaul measure wouldn't touch the mortgage interest deduction, as a concession to the powerful real estate lobby.

The Senate plan differs in some key ways from the version introduced by the House last week. Already, Republican lawmakers in high-tax, blue states have pushed back against the provision.

While Republicans said that they will would preserve the home mortgage interest deduction for existing mortgages and maintains the home mortgage interest deduction for newly purchased homes, they've capped the deduction at $500,000.

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The real estate industry warns that would hurt the housing market, especially in more affluent areas.

Both would increase a child tax credit, though not to levels sought by Sens.

Using the ITEP Microsimulation Tax Model, we calculate that almost 1 million New Jersey households would no longer receive the property tax deduction if the House bill is enacted. And like the House plan, the standard deduction would be doubled to $12,000 for individuals, $24,000 for married couples and $18,000 for single parents.

In the House, Ways and Means Committee Chair Rep. Kevin Brady was making last-minute changes before the panel votes later Thursday to deliver it to the full House. The House bill would entirely eliminate the estate tax, while the Senate version would retain it while doubling the exemption level. And the updated House plan also includes a new lower tax rate for businesses earning less than $75,000 in income, among other changes. If Republicans don't meet that, the measure would be vulnerable to a bill-killing Senate filibuster by Democrats that GOP senators lack the votes to block.

The tax bill must deepen federal deficits by no more than $1.5 trillion over the coming decade.

That could force them to scramble for more revenue as the process moves along.

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