Senate approves GOP tax bill, but one more House vote still needed

The video begins in 1998, with a 17-year-old Ryan (okay, he was actually 28 or 29 at the time, but he sure looks like a confident pre-frosh who just wandered over to the College Republicans table), proclaiming on C-Span that "our tax system is punishing all those systems that make America great".

Majority Leader Kevin McCarthy, R-Calif., left, and Speaker of the House Paul Ryan, R-Wis., leave a closed-door Republican Conference meeting as Congress prepares to vote on the biggest reshaping of the U.S. tax code in three decades, on Capitol Hill, in Washington, Tuesday, Dec. 19, 2017.

More than two thirds see the bill as benefiting primarily the wealthy, with almost four in 10 (37%) saying that, if it becomes law, their own family will be worse off. More than six in 10 (63%) see the tax bill as leaving the President and his family better off - especially after well-publicised giveaways for property developers. Instead, it just emphasized what a charlatan he is. Those seeking advanced degrees could owe 300 percent more each year thanks to a provision in the plan that taxes tuition waivers. But a third of California taxpayers claim the previously unlimited deduction at an average of around $22,000, according to the state Department of Finance, meaning many taxpayers who took the deduction could still see a tax hike.

Overall, the bill has failed to win broad popularity in public opinion polls. When it comes to things like the minimum wage, Republicans flatly refuse to consider inflation indexing.

Sanders then said that this tax reform passage is a "victory" for the contributors of the Republican campaigns who will be receiving massive tax breaks as federal deficits rose by $1.5 million.

Despite Republican talk of fiscal discipline, the legislation is projected to add $1.46 trillion to the nation's $20 trillion debt over a decade. Other earnings set for release Wednesday include results from Herman Miller (MLHR) and Winnebago Industries (WGO). "The Tax Cuts and Jobs Act is passed". The bill also nearly doubles the standard deduction to $12,000 for single filers and $24,000 for joint filers.

What's uncommon is referring to this income as "non-corporate business income".

The bill lowers the corporate tax rate from 35% to 21%, a reduction hailed by the financial services industry.

In China, local governments are planning to phase out heavy subsidies for research and development of new energy vehicles as the segment continues to grow very fast, but problems such as subsidies cheating and possible overcapacity plagues the industry. But I think we need a better sense and description of what is happening. In one of the tax measure's most controversial provisions, GOP senators attached language that repeals a major piece of the health-care legislation: the individual mandate that requires people to have insurance coverage. By coincidence, the new rules will likely save him millions of dollars in taxes on his real-estate empire.

Optimism and anger - without much middle ground - characterized social media reactions by celebrities and politicians to the news that the Senate had approved a historic tax overhaul early Wednesday.

A New York Times survey found only 32% of Americans believe the plan will give them a tax cut in 2018; the Tax Policy Center estimates the true figure is 80%.

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