Senate Finance unveils committee's portion of GOP megabill
Senate Finance Chair Mike Crapo on Monday unveiled changes to how the GOP’s “big, beautiful bill” would execute a major tax revamp and Medicaid cuts — two of the thorniest policy fights in the sweeping legislation.
The release comes after closed-door negotiations between Crapo and his colleagues over how to revise the version of the megabill the House passed last month
Crapo's plan would create more limited tax breaks for tips and overtime demanded by President Donald Trump. It also holds the cap on the state and local tax deduction to the current $10,000, far less than the House's $40,000, though the Senate number is widely considered a placeholder.
In the much-anticipated legislation, the Idaho Republican is also proposing to scale back a planned hike in a 1.4 percent tax on university endowment earnings. Under his plan, it would max out at 8 percent, compared to the 21 percent the House has proposed. He also wants a smaller increase in the Child Tax Credit than what his House colleagues have proposed, increasing it to $2,200 per child rather than $2,500, while making a trio of popular business breaks permanent.
https://finance.yahoo.com/news/senate-finance-unveils-committees-portion-211224509.html