The American Conservatives article The first bill passed by the House of Representatives in just over a week, sending a bill to President Donald Trump’s desk that is expected to receive bipartisan support from both chambers.
The Senate, which is controlled by Republicans, passed its version of the bill on Thursday, and it is expected shortly to receive the White House’s final version.
The bill will likely include $1 trillion in new taxes on businesses and individuals, as well as $2 trillion in cuts to the programs that provide support to the elderly, disabled, and low-income Americans, according to a senior House Republican aide who spoke on condition of anonymity to discuss the legislation.
Republicans are also expected to pass legislation that could eliminate or greatly reduce the number of tax brackets for those earning more than $250,000 per year, a move that is a significant tax cut for the middle class.
The House’s version of House Bill 2328 includes a provision that would allow a taxpayer to choose between two different tax brackets, the senior House aide said, and the bill could potentially be amended to make the choice easier for taxpayers earning less than $75,000 a year.
The Republican bill, which passed the House on Thursday without Democratic support, also would lower the standard deduction for taxpayers and raise the top tax rate to 39.6 percent.
The proposal also would eliminate the estate tax, a progressive tax that applies to the estates of people who die after receiving a death benefit.
The Trump administration and some Democratic lawmakers have criticized the bill for including the elimination of a provision in the Senate bill that would require the IRS to approve the return of tax returns from those making more than five million dollars per year.
Under the House bill, those making at least $250 million a year would still have to wait at least 30 days to file their tax returns.
Those making more would be required to file within four weeks.
House Speaker Paul Ryan Paul Davis RyanBlue wave?
Dem candidates raise millions in new TV ad buy Dems fight to protect Mueller amid Rosenstein rumors Jordan wants Rosenstein to testify before House panel MORE (R-Wis.) has said that he would veto any legislation that eliminated the estate and the standard deductions.
Ryan said Friday that he expects to sign a final version of legislation soon.
Democrats in the House and Senate have not yet voted on the legislation, but the bills have been closely watched by lawmakers across the political spectrum.
The Associated Press first reported that the House version of H.R. 2328 would eliminate or severely reduce the tax credit for college tuition for those making less than about $75.
The White House said the House’s plan was similar to a proposal the House passed in February that would cut taxes on the wealthy and help lower-income households afford college tuition.
The Senate bill would cut the tax credits to families making less in the $75 to $99 range, and those earning less would be eligible for the lower credits.
The tax credit, which was originally created by the 1986 tax law that Congress passed, has grown substantially over the years.
The top tax credit is now worth $1,500 per child under age 5.
House Democrats and a handful of GOP lawmakers have said that the Republican plan could increase the cost of college for students and families by $1.2 trillion over 10 years.
A spokeswoman for House Ways and Means Committee Chairman Kevin Brady Kevin Patrick BradyThe Hill’s Morning Report – A day in the life of a congressional aide The Hill’s top political stories of the day – August 28, 2018 10:20 AM EDTTrump administration and the White Court will fight over tax overhauls.
Trump, on the other hand, has been lobbying Republicans to pass the legislation in a way that does not increase the federal deficit.
Democrats, who have said they would not support a plan that eliminates the estate, are unlikely to vote to approve a tax bill that includes a repeal of the estate.
Democrats have been reluctant to go to the mat on tax reform.
They have called for an extension of the current tax code for four years, which would put the GOP on a collision course with Democrats who are pushing to extend the code.
The GOP is also likely to oppose any bill that does away with the state and local tax deduction, which allows states to pass higher taxes on local businesses than on larger businesses in states where those businesses are located.