Taxes

Sergey Kuzmin-123rf stock photo

  The Kentucky General Fund receipt rose more than $25 million dollars in November compared to this time last year.

Congressional Republicans aim to take critical steps Thursday toward fulfilling their pledge to overhaul the nation's tax code by the end of the year.

The House Ways and Means Committee is expected to approve sweeping legislation to cut taxes for most individuals and businesses on the same day that Senate Republicans are set to unveil their own legislative vision for taxes. The dueling proposals are part of a broader plan that GOP leaders hope will end with both chambers passing a compromise tax bill by the end of the year.

Congressman Thomas Massie, Facebook

Kentucky’s Fourth District Congressman said he’s confident that his party will be able to pass the most sweeping tax code change in decades. 

Updated at 1:55 p.m. ET

As Republicans scrambled to assemble a tax overhaul bill, Americans weren't even sure that Congress should be focusing on reshaping the tax system.

Only about one-quarter of Americans believe that passing a tax overhaul should be "the top priority for the president and Congress," according to a CBS News poll released Wednesday; 70 percent said other things should be "addressed first." And even Republicans aren't particularly enthused: Only about half (51 percent) said an overhaul should be the top issue.

Updated at 3:10 p.m. ET

House Republicans unveiled a draft tax bill on Thursday, calling for deep cuts in both individual and corporate tax rates.

"With this bill, we will grow our economy by delivering more jobs, fairer taxes, and bigger paychecks to Americans of all walks of life," said Rep. Kevin Brady, R-Texas, chairman of the House Ways and Means Committee.

House Republicans announced late Tuesday that they would delay by one day the release of their long-awaited tax cut bill that GOP leaders have promised will be the most extensive overhaul of the tax code in a generation, as members clashed over curtailing popular tax breaks to pay for trillions of dollars in tax cuts for individuals and corporations.

At the marathon Senate Budget Committee hearing this week, Sen. Bob Corker, R-Tenn., strolled in like a man who had just quit his job and was ready to tell the boss what he really thinks.

President Trump and congressional Republicans have pitched their tax plan as a boost for the middle class.

"The rich will not be gaining at all with this plan," Trump told reporters during a meeting with lawmakers in mid-September.

Although virtually nothing is predictable in politics these days, here is one certainty: Americans — at least the ones watching the news — are about to hear a lot about corporate taxes.

There's a lot of talk on Capitol Hill about the tax cuts included in the Republican health plans, but unless you are a frequent user of tanning beds or have personal wealth that puts you in the top 1 percent, you might not feel much effect.

The House and Senate bills both change or eliminate more than a dozen taxes that were levied to help pay for the Affordable Care Act's insurance subsidies and to bolster Medicare and expand Medicaid. Republicans and other ACA critics have argued that the taxes are onerous for businesses and families.

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