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Tag: Senate

Senate, unlike House, would keep mortgage deduction intact

Senate, unlike House, would keep mortgage deduction intact

Finance
New details of GOP tax planSenate Republicans have a message for their House counterparts: leave the mortgage interest deduction alone. On Thursday, Senate Republicans unveiled their version of a tax reform bill, and it retains the current tax break that allows homeowners to deduct interest on mortgages up to $ 1 million,according to initial materials from the Senate Finance Committee. That's in contrast to the House bill proposed last week, that would limit the deduction to home loans over $ 500,000. That lower cap would have only applied to new mortgages. As lawmakers work to merge their two plans, a new limit could emerge on how much mortgage interest homeowners can deduct. So far this year, 5.4% of all loans originated were more than $ 500,000, according to data from ATTOM Data Solu...
Big House victory for GOP tax plan, but Senate fate unclear

Big House victory for GOP tax plan, but Senate fate unclear

Health
Republicans rammed a $ 1.5 trillion overhaul of business and personal income taxes through the House Thursday, edging toward the code's biggest rewrite in three decades and the first major legislative triumph for President Donald Trump and the GOP after 10 bumpy months of controlling government. The mostly party-line 227-205 vote masked more ominous problems in the Senate. There, a similar package received a politically awkward verdict from nonpartisan congressional analysts showing it would eventually produce higher taxes for low- and middle-income earners but deliver deep reductions for those better off. The Senate bill was approved late Thursday by the Finance Committee and sent to the full Senate on a party-line 14-12 vote. Like the House measure, it would slash the corporate tax rate...
Senate tax bill strips NFL, other sports leagues from tax-exempt status

Senate tax bill strips NFL, other sports leagues from tax-exempt status

Finance
Professional sports leagues like the National Football League will not have tax-exempt status if the current version of the Senate tax bill goes through.Professional football leagues have been exempt from tax since 1966 under section 501(c)(6) of the tax code. The Internal Revenue Service has applied the exemption to all professional sports leagues.A proposal in the Senate bill would eliminate the tax-exempt status for professional sports leagues.That change comes amid strong criticism of the NFL and its tax status by President Donald Trump last month.Trump called for an end to "massive tax breaks" that the NFL received.TweetWhile the president called out the NFL as a tax-exempt non-profit, the league actuallygave up that position in 2015.At the time, NFL Commissioner Roger Goodell said ...
House and Senate agree: The adoption tax credit stays

House and Senate agree: The adoption tax credit stays

Finance
What's in the GOP proposed tax planBoth the House and Senate agree: The adoption tax credit is off the chopping block. Republican Senators introduced their tax overhaul Thursday afternoon and it preserved the adoption tax credit, according to initial materials from the Senate Finance Committee. Last week, House Republicans introduced its 429-page tax overhaul that included repealing the credit. But Ways and Means Committee Chairman Kevin Brady offered an amendment on Thursday that would preserve the credit. Related: What's in the Senate Republicans' tax bill Adoption advocates breathed a sigh of relief at the change. Denise Bierly, a family attorney, is set to finalize her daughter's adoption by the end of year. She said the news gave her a sense of justice. "I had this rather guilty f...
GOP hopes for Senate health care bill flickering out

GOP hopes for Senate health care bill flickering out

Health
The Republican drive to tear down President Barack Obama's health care law was flickering out Monday as a decisive handful of GOP senators remained opposed to the last-gasp bill. Changes aimed at galvanizing GOP support produced no apparent additional votes as time was running out for the White House and party leaders. "We don't have the support for it," Sen. Orrin Hatch, R-Utah, told reporters as Republican assessments of their chances grew increasingly gloomy. Conservative Sen. Rand Paul, R-Ky., said he'd not abandoned his previously announced opposition to the measure, despite the revisions and energetic lobbying by President Donald Trump and White House officials. He complained that the bill spent too much and said Republicans were motivated by fear of punishment by conservative voter...