Senate and House GOP Make Tax Deal

Lawmakers hold a conference meeting to reconcile House and Senate Republicans tax deal

And we are going to make the American dream, and that's the real dream, that will be the dream that you want for your children and your grandchildren once again. Trump said the bill would be the "largest tax cut ever" and added that Republicans have the details almost finalized. The administration planned to cut more than $2 billion each year from Temporary Assistance for Needy Families, which provides small amounts of cash assistance to poor families with children; $4 billion a year from the earned income and child tax credits; and more than $19 billion a year from spending on food stamps.

As House and Senate conferees meet Wednesday, Trump will give a "closing argument" speech on taxes.

The House plan calls for lowering the top rate on pass-through business income to 25 percent, while excluding service companies such as accounting firms and law firms.

They also described the bipartisan, bicameral conference committee as a "sham", since Republicans have already struck an apparent agreement among themselves on a final package likely to attract few, if any, Democratic votes in either the House or Senate. But no analysis of the plans that passed the House and Senate over the past month has backed that up.

The House bill would have lowered the corporate tax rate from 35 percent to 20 percent in 2018.

The bill under consideration by GOP leaders would also cut federal assistance for subsidized housing.

The mortgage interest deduction will be retained, though capped at $750,000. That error came in a last-minute move to reinstate a version of the corporate alternative minimum tax, which earlier bill versions had eliminated, and it forced Republicans to find other sources of revenue to compensate for their "fix" to the provision.

Fellow legislators promised Arizona Senator Jeff Flake that the bill wouldn't stay in effect if it triggered too big of an increase in the national debt. Mr. Jones won a special election on Tuesday night over Roy Moore, a Republican, flipping control of the seat and reducing the Republican Senate margin to 51-49.

Numerous benefits for families and individuals would be temporary, expiring after a period of years. Realtors and other groups pushed hard for that cap to be increased and for income taxes paid to also be allowed under it - a move that would have spared some higher-earning taxpayers in high-tax states such as California and NY from the tax increases they would have faced under the House and Senate bills. Chief among them was the fate of the state and local tax deduction. The tax breaks for most businesses, however, would be locked in permanently, a condition that Republicans have said will help firms make long-term investment decisions.

House Ways and Means Chairman Kevin Brady, who's chairing the House-Senate conference committee, reiterated how the Senate budget rules are dictating everything the committee decides.

House Speaker Paul Ryan addresses a news conference after the House passed a tax cut plan on Capitol Hill in Washington, D.C., November 16, 2017.

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