A bill passed Thursday by the Republican-controlled House of Representatives would allow corporations to bring back $1.9 trillion in capital gains taxes paid by American workers.
It also would raise taxes on corporations that pay workers less than the government says they should.
The bill passed the House with an overwhelming 217-192 vote.
But it was a tough sell in the Senate, where Democrats have blocked several GOP attempts to overhaul the tax code.
“This is an important day for our country and a historic day for America,” said Senate Majority Leader Mitch McConnell Addison (Mitch) Mitchell McConnellAvenatti: GOP has ‘unprecedented’ impact on American politics Senate Dems push back on using federal funds for abortions GOP senators introduce resolution calling for FBI probe into Kavanaugh MORE (R-Ky.).
“The tax bill is good news for American families and businesses.
This will help our country compete on a level playing field.
It will give us an opportunity to create more jobs and lower taxes for American workers and families.”
The GOP’s plan would also create a $1,000 credit to taxpayers who have a net worth of less than $1 million and a $100 credit for those who have $100 million in income.
But the credits would only be available for companies with a minimum of $1 billion in revenue.
Companies with profits of $2 billion or more would be eligible for the credits.
Democrats said the GOP tax plan would give large corporations more than $10 billion in tax breaks over a decade.
Republicans have argued that the tax bill will help the economy by creating more jobs.
Democrats also have expressed concerns about the plan, saying that the plan would disproportionately benefit the wealthy.
They are demanding that the Senate vote on the legislation in the next two weeks.
The Senate’s version of the bill includes a $2,000 tax credit for businesses that hire at least 10 people in the U.S. The measure also includes a refundable credit of up to $2.5 billion for businesses with more than 500 employees, and a refunding credit of $3 billion for small businesses.
The tax bill also would allow companies to bring their income into the country with the intention of permanently bringing it back.
The House’s version would give corporations a credit of about $2 million.
In a statement, House Ways and Means Chairman Kevin Brady Kevin Patrick BradyHow the Trump tax law passed: The final bill will kill American jobs, increase deficits, increase debt The Hill’s Morning Report — Sponsored by United Against Nuclear Iran — Congress meets in secret The Hill will be closed in 2019 as President Trump’s cabinet heads are sworn in MORE (D-Texas) said in a statement.
“Congress is considering a comprehensive tax overhaul that puts America’s priorities first, and I am confident that this bill will deliver on these principles.
It’s time for Congress to pass this important tax reform that will help us lift the economy and create millions of new jobs, raise wages, and end the political and regulatory gridlock that threatens our economic recovery.” “
We can’t let this fail.
It’s time for Congress to pass this important tax reform that will help us lift the economy and create millions of new jobs, raise wages, and end the political and regulatory gridlock that threatens our economic recovery.”
The House GOP plan would extend tax cuts for Americans for the first time in three decades and increase taxes on the wealthy, though it does not provide a plan to offset the increased taxes.
The GOP plan also would repeal Obamacare’s individual mandate, an income tax increase and repeal a key tax break for businesses.
Republicans would also end the deduction for state and local taxes.
They said the legislation would also eliminate a tax deduction for certain types of business expenses such as rent, insurance and utilities.
It would also lower the top individual tax rate from 39.6 percent to 33 percent.
The plan would boost taxes on capital gains and dividends by $1 trillion over a 10-year period.
It is also likely to include a $25,000 corporate tax credit and a 10 percent tax credit to the first $10 million of income.
The Democratic-controlled Senate will be the first to vote on a major tax overhaul, with Republicans hoping to pass it with Democrats in the minority.
“The Senate’s Republican Tax Cuts and Jobs Act is a good first step toward making America great again,” said Sen. Bob Casey Robert (Bob) Patrick CaseyHow TrumpCare could destroy the middle class GOP senators slam Senate GOP tax bill as ‘mean-spirited’ and ‘unworkable’ Senate Dems open to raising rates on individuals with higher incomes MORE (N.Y.), the chairman of the Senate Finance Committee.
“It’s important that the House passes the bill in order to help families and business by providing the needed tax relief and eliminating some of the unnecessary taxes that will hurt their ability to invest and create jobs.
This is the best way to deliver relief to American workers, and the best place to start, for this president and his top economic advisers.”
The Tax Policy Center, a Washington-based think tank, said the Senate GOP plan was a