Big Tax Reveal Today. Changes to Child Credit? And the Fate of SALT
At 5:30 p.m., the Republicans will release the joint tax plan that was agreed upon in a conference committee between leaders of the House and the Senate. There are some big changes to both chambers’ original plans, and many of the more controversial items in the original bills have been negotiated down or even out completely.
Two of the major areas of concern for some lawmakers were the child tax credit and the state and local tax deduction.
Marco Rubio, who has been extremely vocal in increasing the child tax credit, came out yesterday as a “No” vote on the bill unless the credit was increased, which appears now to be happening.
Sen. Marco Rubio (R-FL) Marco Rubio will support GOP tax bill after child tax credit tweaks, sources say Sen. Marco Rubio (R-FL) Marco Rubio will support GOP tax bill after child tax credit tweaks, sources say 38 Mins Ago | 00:19Marco Rubio will support the final Republican tax bill after the GOP made changes to win his vote, two sources told CNBC on Friday.
The Florida Republican’s backing gives a major boost to the GOP’s chances of approving the plan next week.
On Friday, Rep. Kristi Noem, R-S.D., told reporters that the GOP would increase the refundable part of the proposed $2,000 credit to $1,400 from $1,100. Doing so effectively expands it to more families.
Meanwhile, on the SALT front, many lawmakers from high tax states were worried about an increased burden on their constituents with the outright elimination of the SALT deduction. It led to a lot of unrest within the party’s rank and file, many of whom wanted it restored.
It looks like the conference committee, at least in part, has obliged.
Congressional Republicans struck a deal Wednesday on a federal tax overhaul that includes scaling back the state and local Tax (SALT) deduction.
Party leaders in the House and Senate reached a compromise between competing GOP tax bills. The new bill, which is expected to see final votes in Congress by next week, would cap the SALT deduction at $10,000.
The reinstatement of some of the SALT deduction appears to be enough to appease a lot of the unrest that lingered within some of the more moderate members of the Republican caucus, and as of now, Republican leaders seem to believe that they have the votes to get this bill to President Donald Trump before the end of the year as intended.
RedState also reached out to the House Ways and Means Committee for comment, but they are remaining tight-lipped about the final proposal until it is unveiled later today.