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U.S. NEWS Thursday 2 November 2017

GOP scrambling to finalize

tax bill despite opposition

Continued from Front sents eastern Long Island. “I
don’t want my home state
Tax writers decided to to be a loser, and that re-
maintain the highest per- ally shouldn’t come as any
sonal income tax rate at surprise.” The lawmakers
its current 39.6 percent were haggling over a pos-
and to slash the top tax sible cap to the deduction
rate for corporations to 20 for local property taxes.
percent from 35 percent. Ways and Means Commit-
They strained to complete tee Chairman Kevin Brady,
other last-minute changes, R-Texas, had offered as a
but failed to finalize details concession keeping the
to meet their Wednesday property tax deduction for
deadline. A key reason was a homeowner’s federal tax
continuing opposition from bill, though the amount of
GOP lawmakers from New the deduction that could
York and New Jersey, many be taken may be limited.
of whom are opposed to The ability to deduct state
repealing a lucrative de- and local income taxes on
duction for state and lo- federal returns, on the other
cal taxes that benefits their hand, would be ended. The
states more than other. proposed change means
“I view the elimination of there would be three item-
the deduction as a geo- ized deductions retained:
graphic redistribution of for home mortgage inter-
wealth picking winners est, charitable donations
and losers,” said Rep. Lee and local property taxes.
Zeldin, R-N.Y., who repre- Talks on the issue seemed

to have broken off for now ing the per-child tax credit.
as Brady and other key In addition to slashing the
Republicans scrambled to corporate tax rate, it also
find offsetting tax revenues seeks to repeal inheritance
to help finance rate cuts. taxes on multimillion-dollar
The plan outline released estates, a big break for the
last month by Trump and wealthy.
Republican leaders in Con- A controversy over reduc-
gress called for shrinking ing the amount of money
the number of tax brackets people can contribute tax
from seven to three or four, free into 401(k) retirements
with respective tax rates accounts continues to swirl,
of 12 percent, 25 percent, as lawmakers like Brady
35 percent and to be de- are tempted to trim the
termined. The tax system benefit to generate addi-
would be simplified, and tional revenues in the near
most people would be term. Trump has weighed in
able to file their returns on against the idea.
a postcard-sized form. The president set an ag-
The plan calls for nearly gressive timetable for the
doubling the standard de- legislation and predicted
Treasury Secretary Steve Mnuchin listens as President Donald Trump speaks during a meeting on duction used by most aver- a grand signing ceremony
tax policy with business leaders in the Roosevelt Room of the White House, Tuesday, Oct. 31, 2017, age Americans to $12,000 before Christmas at “the
in Washington. for individuals and $24,000 biggest tax event in the his-
(AP Photo/Evan Vucci) for families, and increas- tory of our country.”q
Trump signs GOP repeal of consumer banking rule

By KEN THOMAS House in private. Journalists ket and lead to frivolous court.” “This action tips the Wells Fargo and the securi-
Associated Press were not present to witness lawsuits. scales of justice in favor of ty breach at credit compa-
WASHINGTON (AP) — Presi- the signing. The Republi- Democrats contend the Wall Street banks less than ny Equifax. The overturning
dent Donald Trump on can-led Senate narrowly rule would have given con- ten years after they caused of the rule marks a notable
Wednesday signed the voted to repeal the Con- sumers more leverage to the financial crisis,” Cordray victory for Wall Street. After
repeal of a banking rule sumer Financial Protection stop companies from finan- said. If the rule had been the financial crisis, Congress
that would have allowed Bureau’s regulation, which cial wrongdoing. CFPB Di- allowed to go into effect and the Obama adminis-
consumers to join together the banking industry had rector Richard Cordray, an in 2019, it could have ex- tration installed tough new
to sue their bank or credit been seeking to roll back. appointee of former Presi- posed banks to large class- regulations on how banks
card company to resolve The Trump administration dent Barack Obama, said action lawsuits, a possibility operated and fined them
financial disputes. and Republicans have in a statement that Trump that has taken gotten more tens of billions of dollars for
The president signed the pushed to undo regulations had “signed away con- attention following the the damage they caused
measure at the White they say harm the free mar- sumers’ right to their day in sales practices scandal at to the housing market.q