Page 3 - ARUBA TODAY

A3
U.S. NEWS Friday 3 November 2017
Big GOP tax bill would cut rates _ but also popular breaks

percent — a major Trump to add that to the nation’s
goal — survived. His soaring debt as a price
panel plans to produce its for claiming a resounding
own tax package in the tax victory. But it was likely
coming days.The House to pose a problem for
Republicans’ plan, which others — one of several
took them months to craft brushfires leaders will need
in countless closed-door to extinguish to get the
meetings, represents the measure through Congress.
first step in their effort to Republicans must keep
reverse what’s been a their plan’s shortfall from
politically disastrous year spilling over that $1.5
in Congress. Their drive to trillion line or the measure
obliterate President Barack will lose its protection
Obama’s health care against Democratic
law crashed, and GOP Senate filibusters, bill-killing
lawmakers concede that if delays that take 60 votes
the tax measure collapses, to overcome. There are
their congressional just 52 GOP senators and
majorities are at risk in next unanimous Democratic
November’s elections. opposition is likely.The bill
The package’s tax would telescope today’s
reductions would outweigh seven personal income
Continued from Front Page and the stars, all of that at starting point” but said its loophole closers by a tax brackets into just four:
“We are working to give the expense of the great it would be “somewhat massive $1.5 trillion over 12 percent, 25 percent, 35
the American people a middle class,” said House miraculous” if its corporate the coming decade. Many percent and 39.6 percent.
giant tax cut for Christmas,” Minority Leader Nancy tax rate reduction to 20 Republicans were willing q
President Donald Trump Pelosi, D-Calif.
said in the Oval Office. The And there was enough
measure, he said, “will also discontent among
be tax reform, and it will Republicans and business
create jobs.” groups to leave the
It would also increase the legislation’s fate uncertain
national debt, a problem in a journey through
for some Republicans. Congress that leaders hope
And Democrats attacked will deposit a landmark
the proposal as the GOP’s bill on Trump’s desk by
latest bonanza for the rich, year’s end.Underscoring
with a phase-out of the problems ahead, some
inheritance tax and repeal Republicans from high-
of the alternative minimum tax Northeastern states
tax on the highest earners expressed opposition to
— certain to help Trump the measure’s elimination
and members of his family of the deduction for
and Cabinet, among state and local income
others. taxes. Senate Finance
“If you’re the wealthiest 1 Committee Chairman Orrin
percent, Republicans will Hatch of Utah called the
give you the sun, the moon House measure “a great
Trump nominates Jerome Powell
to be next Fed Reserve chairman

By M. CRUTSINGER economy performs as ex-
AP Economics Writer pected.Powell, 64, is seen
WASHINGTON (AP) — Presi- as a safe pick whose se-
dent Donald Trump tapped lection will likely assure in-
Jerome Powell on Thursday vestors hoping for conti-
to replace Janet Yellen as nuity at the central bank.
Fed chair when her term Some analysts see Powell,
ends in February, choos- though, as more inclined
ing a moderate member than Yellen to ease finan-
of the Fed’s board who has cial regulations and possi-
backed Yellen’s cautious bly to favor a faster pace
approach to interest rate of rate increases.Trump
hikes. made the announcement
Sung Won Sohn, an eco- in a Rose Garden cere-
nomics professor at Califor- mony with Powell standing
nia State University-Chan- beside him. He said Powell
nel Islands, suggested that had earned the “respect
the new chair would likely and admiration of his col-
deviate little from Yellen’s leagues” in his five years on
policy leadership if the the Fed’s board.q