Need to Know
November 13, 2017 6:37 AM
Senate tax bill throws swamp water on successful Trump economy
Posted by Staff

Fox News:

Leave it to the Senate to take a flaming hot Trump economy and throw swamp water on it! The booming stock market speaks for itself. President Trump has our economy rolling and now the Senate comes along with "business as usual" tactics to mess things up. Free-market lovers will never stand for this! 

The version of tax reform legislation unveiled by Senate Republicans on Thursday is another indication that the swamp is alive and well. This is a repeat performance of the failure of Congress to get health care done.

The Senate GOP has proposed a version of the tax bill that delays the corporate tax rate reduction from 35 percent to 20 percent until 2019 – contrary to the version supported by House Republicans that would create that desperately needed economic stimulus tax rate cut in 2018.

Effectively, the Senate tax bill calls for a slightly lower top tax rate for individuals of 38.5 percent, versus the 39.6 percent in the House bill. The Senate measure also would double the estate tax exemption, but not repeal the tax, as House Republicans proposed.

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