Congress to pass a tax code overhaul this week says U.S. Republicans

FILE PHOTO: Senator John Cornyn (R-TX) speaks during Senate Intelligence Committee hearing to answer questions related to Russian use of social media to influence U.S. elections, on Capitol Hill in Washington, U.S., November 1, 2017. REUTERS/Joshua Roberts/File Photo

Vastavam web: Top U.S. Republicans said they expected Congress to pass a tax code overhaul this week, with a Senate vote as early as Tuesday and President Donald Trump aiming to sign the bill by week’s end.John Cornyn, the No. 2 U.S. Senate Republican, said in an interview on ABC’s “This Week” on Sunday that he was “confident” the Senate would pass the legislation, “probably on Tuesday.”

“I think we are headed – the American people are headed – for a big win on Tuesday,” Brady, the House of Representatives’ top tax writer, said on Fox News’ “Sunday Morning Futures with Maria Bartiromo.”If passed, the bill would be the biggest U.S. tax rewrite since 1986 and would provide Republican lawmakers and Trump with their first major legislative victory since they took control of the White House in January, in addition to Congress.The tax bill is expected to add at least $1 trillion to the $20 trillion U.S. national debt over 10 years, even after accounting for the economic growth it might spur, according to independent government analyses.

The bill would cut the corporate income tax rate to 21 percent from 35 percent and create a 20-percent income tax deduction for owners of “pass-through” businesses, such as partnerships and sole proprietorships.The bill would maintain seven individual and family income tax brackets but cut rates. Highest-earning Americans would pay 37 percent, down from 39.6 percent.

Most individual provisions, including the lower tax rates, are temporary and would expire, while the corporate rate cut and other business provisions would be permanent.The bill would maintain seven individual and family income tax brackets but cut rates. Highest-earning Americans would pay 37 percent, down from 39.6 percent.Most individual provisions, including the lower tax rates, are temporary and would expire, while the corporate rate cut and other business provisions would be permanent.