Trump barges into tax debate, seeks deeper cut for wealthy

President Donald Trump left walks with House Speaker Paul Ryan on Thursday Nov. 16 2017 as they leave a meeting with House Republicans on Capitol Hill in Washington. Trump stopped at the Capitol for a pep rally with House Republicans before the chamb

If the Senate bond provisions are adopted by the full Senate in their current form, the divergence between House and Senate versions on three categories of municipal bonds creates the opportunity for the municipal bond community to work toward moving the reconciliation process to accept the Senate version and retain the ability to issue private activity, tax credit and stadium bonds; however, this result can not be presumed and continued engagement by this community is critical.

Congressional analysts are estimating that the Republican Senate tax bill would increase taxes in 2019 for some 13.8 million USA households earning less than $200,000 a year. Because Congress is using special budget reconciliation rules to allow the Senate to enact tax reform with a simple majority, the final legislation must meet a strict $1.5 trillion revenue loss target approved in the fiscal year 2018 budget.

The Senate Finance Committee is scheduled Monday to begin considering its version of the bill, which also departs from the House version by delaying a corporate tax cut until 2019. "Cut top rate to 35% w/all of the rest going to middle income cuts?" There also would be increases greater than $500 for a number of taxpayers, especially those with incomes between $75,000 and $200,000.

Trump said the bill should include the repeal of Obamacare's individual mandate. Trump tweeted from Asia, where he is attending an economic summit in the Philippines.

That puts him at odds with the House legislation that leaves the top rate at 39.6 percent and the Senate bill as written, with the top rate at 38.5 percent.

Asia held hostage by Kim Jong Un's 'twisted fantasies'
Meyer and USS Michael Murphy, transit the western Pacific Ocean Wednesday, May 3, 2017. Trump has previously derided North Korean leader Kim Jong Un as "rocket man".

The chairman of the House's tax-writing committee is expressing confidence that his chamber won't go along with the Senate's proposal to eliminate the deduction for property taxes.

Under the new Senate bill, for example, the conservative Tax Foundation estimates the top 1 percent of taxpayers would see a 7.5 percent increase in after-tax income, versus less than 2 percent for the bottom 80 percent.

The legislation would steeply cut corporate taxes, double the standard deduction used by most Americans, and limit or repeal completely the federal deduction for state and local property, income and sales taxes.

The deduction is particularly important to residents in states with high property values or tax rates.

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