GOP tax bill would kill deduction for student loan interest

GOP tax bill would kill deduction for student loan interest

Trump, year one Senators propose closing "domestic violence loophole" after Texas shooting McSally tells GOP colleagues she'll run for Arizona Senate MORE (R-Ariz.), who is retiring after 2018, issued a warning shot over the debt saying he remains concerned about by Republicans' tax proposals, appearing to refer to both the House and Senate plans.

House Republicans want to move their giant tax bill out of the Ways and Means Committee on Thursday.

"It is possible to offer tax relief to hard-working middle-class and lower-income Americans in a way that does not increase college costs and does not make a quality higher education less accessible", ACE President Ted Mitchell wrote in the letter Monday.

The legislation also contains some substantial departures from the House's tax bill, the Tax Cuts and Jobs Act (TCJA), that have to be ironed out for either bill to become law.

The Education Department did not respond to a request for comment Tuesday.

"The Senate is not going to pass a bill that isn't clearly pro-family, so we look forward to working with our colleagues to get there", Rubio and Lee said.

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The House Republican tax reform proposal would slash the state and local tax deduction affecting 91,041 taxpayers in Erie County and raising their taxes by an average of $2,884 a year, Gov. Andrew M. Cuomo said Thursday in an analysis of the proposal. If Republicans don't meet that, the measure would be vulnerable to a bill-killing Senate filibuster by Democrats that GOP senators lack the votes to block.

The House version would collapse the current seven tax brackets into four, while the Senate would retain seven. A new 12.5% tax on patents and intellectual property overseas: The plan includes a provision that would tax patents and other IP filed overseas.

"This devastating plan is positioned to use NY as a piggy bank to finance the rest of the nation, crippling hardworking families across the state", Cuomo said. Keeps the estate tax, but raises the threshold: The estate tax would remain intact in the Senate bill, instead of being phased out like in the House bill.

The release of the Senate bill sets the stage for talks among the White House, Senate and House to reach agreement on a final bill in the weeks ahead. A study by the bipartisan congressional Joint Tax Committee this week found that the House proposal would provide a tax break for the majority of families earning more than $50,000 a year, even though the largest dollar amount of savings goes to businesses and the wealthy.

In the newer version, the House reversed course on eliminating the adoption tax credit after an uproar from social conservatives (the Senate version preserves the credit). Already, Republican lawmakers in high-tax, blue states have pushed back against the provision. Essentially, wealthier individuals would see their tax rate increase be 6% for income between $1 and $1.2 million.

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