GOP Sen Toomey: 'No Good Reason' America Should Subsidize High-Tax States

GOP Sen. Ron Johnson to oppose tax plan

GOP Sen. Ron Johnson to oppose tax plan

The House bill would eliminate existing federal tax breaks for state and local income or sales taxes, but preserve a property-tax deduction capped at $10,000.

The news comes as Senate Republicans begin their markup of their plan Monday afternoon and House Republicans plan to bring their bill to the floor for a vote later this week.

Ways and Means Committee Chairman Kevin Brady says on "Fox News Sunday" that Republican leaders in the House want people to keep more of what they earn regardless of where they live.

In highly-taxed NY state, the provision deducts $68 billion in property, income and other taxes for residents, according to the Internal Revenue Service.

Neither bill includes a repeal for the individual mandate.

White House economic adviser Gary Cohn said both plans adhere to Trump's two main objectives in overhauling the tax code: a tax cut for middle-income Americans and a deep reduction in the corporate tax rate to make US businesses competitive.

Sanders' cautionary tale had laid out how any tax cut should be expected to benefit the wealthy the most because affluent people pay the most taxes.

Other sticking points include a proposal by the Senate to delay implementation of a cut in the corporate tax rate and a House plan to eliminate the estate tax on inheritances. "Every income bracket sees a tax relief".

"This matters a lot for the Berkshires: The way the tax cut is designed, most of the benefits are going to people at the top of the income distribution, most of the direct benefits", said Jon Bakija, a Williams College economics professor and chair of the political economy program.

King said he can't vote for the bill right now and bemoaned the justification of taking deductions away from "high-tax" states such as NY.

"This has to be one of the few times members of Congress have been visited by people saying don't give me a tax cut", said Mike Latham, who inherited sizable wealth from his family's paper mill in upstate NY and now directs the Responsible Wealth project at United for a Fair Economy.

On personal income taxes, neither the House measure nor the Senate measure is written to favor the highest earners.

Both the House and Senate plans would add $1.5 trillion over 10 years to the budget deficit and national debt, an increase that has anxious some fiscally conservative Republicans. He said he believed the House is "on schedule".

"Republicans should go back to the drawing board and fully restore the SALT deduction", he said in a statement.

In his opening statement before negotiations on November 6, Neal called the plan a "bad deal for millions of Americans", before suggesting the plan be scrapped and Republicans and Democrats work on a new proposal.

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