UPI Top Stories November 27, 2018
U.S. House Republicans on Monday unveiled a tax bill they
plan to seek passage during the lame-duck session of Congress this week.
Legislators are returning from their Thanksgiving recess
this week and are scheduled to adjourn on Dec. 13. The Democrats will take over
the House when the 116th Congress convenes in January.
The 297-page tax bill is titled the Retirement, Savings,
and Other Tax Relief Act of 2018. It renews expired tax provisions, addresses
glitches in the Tax Cuts and Jobs Act passed last year, and improved savings-
and retirement-related tax provisions.
"This broad, bipartisan package builds on the
economic successes we continue to see throughout our country," outgoing
Ways and Committee Chairman Kevin Brady, R-Texas, said in a news release.
"The policy proposals in this package have support of Republicans and
Democrats in both chambers. I look forward to swift action in the House to send
these measures to the Senate."
The Insured Retirement Institute is satisfied with the
package.
“IRI is pleased to see that provisions of the Retirement
Enhancement and Savings Act are included in this bill that were not part of the
Family Savings Act," said Paul Richman, vice president for government
affairs. "We will continue to advocate that Congress enact comprehensive
retirement security legislation before adjourning for the year.”
A Republican aide told The Hill the tax package will
likely receive a House floor vote later this week.
Although the Republicans have enough votes for passage in
the House, it would need 60 votes to be approved the Senate. The Republicans
have a 51-49 edge over the Democrats in the upper chamber.
Hours before the GOP released the bill, Sen. Ron Wyden, of
Oregon, the ranking Democrat on the Finance Committee, said in a Politico
report the House GOP "are not negotiating with Democrats."
"The first time Finance Committee Dems saw Brady's
legislation was in his press release," Wyden spokeswoman Rachel McCleery
posted on Twitter on Monday night. "There was no communication from his
staff, including a heads up that something was coming. That is not how you
negotiate."
The expired tax provisions, which are known as
"extenders," deal with energy and one killing the tax triggered when
people have mortgage debt forgiven.
Also some glitches in last year's tax law rewrite include
ones related to Real Estate Investment Trust dividends, certain residential
rental projects and some effecting the retail industry.
The bill also provides tax relief for victims of Hurricane
Florence, Hurricane Michael, California wildfires, and storms and volcanoes in
the Pacific.
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