NFIB now says it supports House tax bill

House Speaker Paul Ryan R-Wis. walks through Statuary Hall to his office on Capitol Hill in Washington Friday Nov. 3 2017. Ryan introduced a far-reaching tax overhaul Thursday that will be a priority for the GOP

In a story published yesterday evening, Politico reported that House leaders have been "working to create customized data models" to show lawmakers that their constituents will not face a tax increase under the tax bill being debated in the House.

The plan would reduce tax rates for low and middle-income Americans and doubles the standard deduction from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples. In the House, Ways and Means Committee Chair Kevin Brady was making changes before the panel votes Thursday to deliver it to the full House.

On the other side of the Capitol, the House Republican tax-writing committee was pushing to approve its own measure after a dayslong amendment session and last-minute changes by its primary author. On this point, House leaders have taken on an impossible task. As for the hard-fought compromise, he said, "I think it'd be hard not to have it in the final bill". The plan would also preserve the earned income tax credit and the home mortgage interest deduction.

Millions of Americans would lose the ability to deduct up to $2,500 in student loan interest under the Republican tax bill.

The House bill, called the Tax Cuts and Jobs Act, cuts the corporate tax rate from 35 percent to 20 percent, while moderately reducing household income-tax rates. Senate Republicans have not released their proposal yet.

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"The president would like this to go into effect right away", Treasury Secretary Steven Mnuchin said Thursday on Fox Business Network. "The sooner we get this in place the better we are".

The House and Senate bills are broadly similar in their general outlines.

The House version would collapse the current seven tax brackets into four, while the Senate would retain seven. The bill would eliminate certain taxes, like the Alternative Minimum Tax and the so-called "death tax". Both versions would retain an adoption tax credit that had initially been eliminated in the House bill, but that adoption advocates fought to restore.

The plan establishes a new family credit, and would expand the child tax credit from $1,000 to $1,600. Marco Rubio and others, an indication of how individual provisions will need to be negotiated with one lawmaker after another in the weeks to come. At least five different tax policy models-including those maintained by the official scorekeepers at the Joint Committee on Taxation as well as at ITEP, TPC, Tax Foundation, and AEI-have been used to analyze the plan already, and all five are in agreement that some taxpayers will pay more if the bill is enacted.

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