President Trump urged senators this month to repeal the Affordable Care Act’s requirement that most Americans have health insurance and use the proceeds to slash the top tax rate paid by the richest Americans, a suggestion that pitted his priorities against his daughter and Republican senators intent on helping the middle class. In the end, the president accepted only a partial victory. He got the repeal of the health law’s individual mandate, but gave up on an income tax rate cut that would have directly benefited him personally. The president had also pressed to eliminate the estate tax, a provision that would have hugely benefited his heirs. Instead, Ivanka Trump and her allies in the Senate prevailed in their push to include an expanded child tax credit.
Later this week, Mr. Lee and Senator Marco Rubio, a Florida Republican, will take on another top priority of the president’s, cutting the corporate tax rate to 20 percent from 35 percent. The senators plan to offer an amendment that would cut the corporate tax rate to 22 percent, instead of 20 percent, and use the proceeds to help families with little or no income tax liabilities benefit from the expanded child credit and to allow the child credit to rise with inflation.
@realDonaldTrump
I am proud of the Rep. House & Senate for working so hard on cutting taxes {& reform.} We’re getting close! Now, how about ending the unfair & highly unpopular Indiv Mandate in OCare & reducing taxes even further? Cut top rate to 35% w/all of the rest going to middle income cuts?
https://www.nytimes.com/2017/11/29/us/politics/trump-tax-ivanka.htmlRubio, R-Fla., and Lee, R-Utah, announced Wednesday that they want to increase the federal corporate income tax rate to 22 percent from the 20 percent proposed in the Senate’s tax overhaul bill. The corporate tax increase would pay for a child tax credit that reduces some families’ tax bill for every child they have under the age of 17. “We have a chance to do better by working families in this tax bill,” Rubio and Lee said in a statement. “Right now, 70 percent of the tax cuts we’re considering would go to businesses, and only 30 percent to individuals. This amendment would level the playing field for families, while still kick-starting national investment and growth. Rubio and Lee’s plan would also make the $2,000 tax credit fully refundable, meaning that if a low-income family’s tax credit exceeds their total amount owed in taxes, they would be eligible for a tax refund. The tax credit would also be tied to the rate of inflation, which means the tax credit will increase if inflation increases.
President Donald Trump called the proposed 20 percent corporate tax rate a “perfect number” earlier this year, though at one point he wanted an even bigger cut to 15 percent. A White House official confirmed to the Miami Herald that Trump opposes Rubio’s plan. “We do support the child tax credit. We also think it’s important to make businesses more competitive. We would not support raising the corporate rate as outlined in that amendment,” said White House spokesman Raj Shah. Maine Sen.
http://www.miamiherald.com/news/politics-government/article187132048.htmlRepublican Maine Sen. Susan Collins also said she would offer an amendment raising the rate to 21 percent in order to restore some deductions for state and local property taxes. Such amendments would test what administration officials have long said is one of Trump's few "red lines" regarding the tax bill, namely the 20 percent rate. Speaking to the Washington Examiner, Rubio said he doesn't believe that Trump would veto a bill with a 22 percent corporate rate. "I don't think he would veto a tax cut because we’re giving tax cuts to working families," the Florida senator said. “It’s just as pro-growth, it makes us just as competitive — but it allows us to do the pro-worker reform we so desperately need," he said of trading the slightly higher corporate rate for the child tax credit provision.
Collins suggested to reporters off the Senate floor Wednesday evening that Senate Republicans were not tied to 20 percent. "I think it’s significant that many members believe that we don’t need to go all the way to 20 percent in order to spur investment and job creation," she said. She added that CEOs who have lobbied her on taxes have said that there would not be a big difference between a rate of 20 percent and one a few percentage points higher."I think it’s significant that many members believe that we don’t need to go all the way to 20 percent in order to spur investment and job creation," she said. She added that CEOs who have lobbied her on taxes have said that there would not be a big difference between a rate of 20 percent and one a few percentage points higher.
http://www.washingtonexaminer.com/senate-to-test-white-house-on-20-percent-corporate-tax-rate/article/2642094
