The effort to write a tax bill marches on. House Speaker Paul Ryan said yesterday, “Nothing is going to derail what we are doing in Congress.” But what are they doing? The bill comes out tomorrow, with a mark-up in the Ways & Means committee on November 6.
A phase-in for a corporate tax cut? Trying to squeeze $5 trillion of sugar into a $1.5 trillion bag is an ongoing challenge for tax writers. The latest rumor: The House may try to phase-in the corporate rate cut so it wouldn’t fall to 20 percent until 2022. That would save a bundle of money, but the White House may still be holding out for an immediate cut to 20 percent. Spokesman Sarah Sanders says she "doesn't anticipate" Trump will change his stance on an immediate cut to 20 percent.
President Trump’s former campaign manager for indicted for tax fraud. Forbes explains the charges against Paul Manafort. They include an alleged scheme to hide money from the IRS and launder more than $18 million. Manafort has pled not guilty.
And the presidential approval rating is sinking. A new Gallup poll shows an all-time low approval rating for President Trump at 33 percent on October 29. For what it’s worth, per CNBC’s John Harwood, President Nixon’s rating fell to 24 percent just before he resigned, and the approval rating for President George W. Bush fell to 25 percent in November 2008, amid fallout from the global financial crisis.
Californians will pay a higher state tax on gasoline and diesel starting tomorrow. The tax climbs by 12 cents per gallon for gas and 20 cents for diesel. The additional revenue could raise $5.2 billion to fund road and bridge repairs and expand mass transit. Some California GOP lawmakers have launched an effort to repeal the increase.
Tune in today at 11:00 for TPC Distinguished Speaker IRS Commissioner John Koskinen. He’ll join TPC Director Mark Mazur to reflect on his four years at the IRS and address challenges facing tax administration. The event will be webcast live here.
And next week, Senator Ron Wyden visits as TPC’s third Distinguished Speaker. On Tuesday, November 7 from 9:00-9:45 am, the Senate Finance Committee’s top Democrat join TPC director Mark Mazur for a discussion on the challenges facing, and the prospects of, Congress passing a tax bill in the coming weeks and months. The event will be webcast here, but you can still register to attend in person.
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