Trump Tells Republicans to Cut Taxes for the Rich

Trump Tells Republicans to Cut Taxes for the Rich

Trump has repeatedly pushed for the tax reform bill to include a repeal of the mandate that all Americans purchase health insurance or else pay a fine.

The deduction for state and local taxes, known as SALT, has been one of the most hotly contested issues as Republicans seek to achieve a significant overhaul of the USA tax code and hand President Donald Trump his first major legislative victory. King also appeared on Fox News this Sunday, and said he is opposing the current bill because of the elimination of the state and local tax deductions. The House version of the tax reform bill preserves a $10,000 deduction for state and local property taxes, while the Senate bill preserves no deductions.

Taxpayers in liberal havens such as NY and California claim the majority of the total state and local tax deductions taken each year, while more conservative states such as Texas generally have fewer regional taxes, including state income taxes.

Many Republicans have feared that they could write a tax bill only to have their effort shadowed by late-game commentary by Trump. The panel approved a tax bill last week, and House Republicans want the full chamber to pass it this week. Neither House nor Senate proposals have included such a provision.

Trump and some Republicans favor including a repeal of the mandate in tax overhaul legislation.

Rain chances this week
The high temperature will be in the mid 40s and northeast winds will be light, according to the National Weather Service . Partly cloudy skies stick around throughout much of the day as temperatures only climb into the mid-upper 40's for highs.

"We're going to lower taxes for middle-income and working families".

"They're not hedge fund people", King said on "Sunday Morning Futures".

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. The House would keep the highest income-tax bracket at 39.6 percent.

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.

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