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After more than six weeks of frenzied negotiations, the House of Representatives has passed the reconciled version of President Donald Trump's tax plan, leaving only one major hurdle between Republicans and their biggest legislative accomplishment of the Trump era. In a 227-203 vote, the House passed the tax plan over united Democratic opposition, as well […]
In an announcement that effectively clears the way for the GOP's Congressional leadership to send the Republican tax-reform plan to President Donald Trump's desk, Maine moderate Susan Collins said Monday afternoon that she intends to vote for the bill. As Republicans try to pass their No. 1 legislative priorty by week's end, a new controversy […]
And so it appears that America’s homebuilders – cock-a-hoop over tax reform (which caps the mortgage interest deduction?) – aren’t concerned about affordability, about rising rates, and stagnant incomes. In fact they have not been this optimistic since December 1999. There’s just one thing… as University of Michigan consumer confidence data shows, for the ‘average […]
Update: in addition to the previously leaked highlights (see below), Republicans on Friday evening released the final version of their legislation to slash tax rates for corporations and individuals. The 1,097 page document, containing the bill and an explanatory statement, was crafted by the House-Senate conference committee. The bill is expected to come up for […]
Here are the full policy highlights of the Republicans' Tax Cuts & Jobs Act… Policy Highlights The Tax Cuts and Jobs Act (H.R. 1) overhauls America’s tax code to deliver historic tax relief for workers, families and job creators, and revitalize our nation’s economy. By lowering taxes across the board, eliminating costly special-interest tax breaks, […]
Well – for now – that was an anti-climax… *RUBIO IS SAID TO BACK TAX BILL AFTER CHILD CREDIT TWEAKS: CNBC *BRADY SAYS HE HAS ALL SIGNATURES HE NEEDS, "IT'S DONE" But the market seems unimpressed by the 'news' And even "high tax" names are underperforming… Here is Bloomberg's breakdown of what we […]
With Republicans having inexplicably sacrificed a crucial Senate seat last night by choosing to support a candidate accused of multiple counts of pedophilia, it’s unclear whether tax reform is even a remote possibility at this point. Certainly, the challenge of forming a consensus among the GOP was difficult enough when they held a 2-seat advantage […]
Judging by the market’s euphoric reaction this morning, the Senate’s passage of the tax bill on Saturday is nothing but good news for stocks (well, maybe not the Nasdaq). And indeed, banks – whose effective tax rate is around 30% – and other tax-sensitive companies are surging, with banks are outperforming and sending the KBW […]
Three days after the Senate Finance Committee shocked many of their colleagues in the House this week by unveiling a tax reform proposal that featured more than a few notable deviations from the House plan, Ways and Means Chairman Kevin Brady told Chris Wallace on “Fox News Sunday” that he would not accept the total […]
One of the key changes in the House GOP tax bill was to implement a cap on home interest deductions to the first $500,000 worth of mortgage debt and eliminate interest deductions from second homes. Of course, given active opposition from some very powerful realtor and homebuilder lobbying groups, it’s unclear whether the changes will […]
Confirming the leaks that occurred in the last hours, Senate Republicans just released their proposal for the tax bill and it is notably different from the House bill. Here are the most notable highlights (more details below): 20% permanent corporate tax cut delayed by 1 year Complies with the $1.5 trillion cost (will cost $1.44 […]
Confirming the leaks that occurred in the last hours, Senate Republicans just released their proposal for the tax bill and it is notably different from the House bill. Here are the most notable highlights (more details below): 20% permanent corporate tax cut delayed by 1 year Complies with the $1.5 trillion cost (will cost $1.44 […]
After a wave of GOP defections in recent days and waffling on timing, Goldman’s economics team apparently still sees a 65% chance of a tax reform bill being enacted by “early 2018,” but warns that the final bill may look nothing like the one recently proposed by the House. As we pointed out yesterday (see: […]
For the past few weeks, Chuck Schumer and Nancy Pelosi have screamed to anyone who would listen that the GOP tax plan is nothing more than a tax break for millionaires and an attack on middle class working families. But, as the Wall Street Journal points out this morning, America’s millionaire, billionaire, private jet owners […]
As discussed last Friday, several notable surprises in the proposed GOP tax bill involved real estate, and would have an explicit – and adverse – impact on not only proprietors’ tax bills, but also on future real estate values if the republican tax bill is passed. And, as the following analysis by Barclays suggests, they […]