Trump will personally save up to $15m under tax bill, analysis finds

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Andy Surabian, a senior aide for a pro-Trump super PAC, likened the President's position to that of Ronald Reagan, who struggled through low approval ratings early in his presidential term after Congress passed a tax cut that led to huge Republican losses in the 1982 midterm elections.

Those deliberations were in flux after the House vote was 224-201 on a measure that will touch every part of the economy and aims to put American corporations on a more favorable footing against global rivals.

On Tuesday, the House voted in favor of the bill, sending it to the Senate, which is expected to vote on the bill later in the day.

Trump had emphasized a tax cut for middle-class Americans during his 2016 campaign.

At the heart of the Republican tax plan is a cut in the corporate tax rate to 21% from 35%.

President Trump will sign the sweeping tax cut bill before he departs the White House for Mar-a-Lago Friday morning, according to a tweet from his account.

Additionally, the new tax law that they see as the GOP's top talking point is unpopular.

If they do not, he will sign the tax bill in 2018 so the Medicare cuts don't go into effect until 2019. The House had already voted once in favor on Tuesday afternoon.

Only high-income people would get a meaningful tax cut after 2025, when almost all of the plan's individual income tax provisions are due to expire.

In addition to cutting the United States corporate income tax rate, the debt-financed legislation gives other business owners a new 20 per cent deduction on business income and reshapes how the government taxes multinational corporations along the lines that the country's largest businesses have recommended for years.

According to the CBO, if the tax bill is signed into law in 2017, a $25 billion offsetting cut to Medicare in 2018 would result.

"But there will be losers, too, including some households living in regions where state and local taxes are high".

Along with Trump himself, Wilbur Ross, the commerce secretary; Linda McMahon, administrator of the Small Business Administration; Betsy DeVos, the education secretary; Steven Mnuchin, the treasury secretary; and Rex Tillerson, the secretary of state, will benefit to the tune of $4.5m from changes to the estate tax, according to the CAP. GOP lawmakers in New York, New Jersey and California have objected to limiting the deduction, saying it might hurt them politically.

"That means Congress wouldn't have to do anything to prevent it from taking effect until the end of next year", Lorenzen said.

In two provisions added to secure needed Republican votes, the legislation also allows oil drilling in Alaska's Arctic National Wildlife Refuge and removes a tax penalty under the Obamacare health law for Americans who do not obtain health insurance.

"When the individual mandate is being repealed that means Obamacare is being repealed", he said. Repealing it is estimated to generate roughly $300 billion over 10 years, helping to keep the tax bill from creating even larger potential deficits. He called it "pure fantasy to think that the tax bill will lead to significantly higher wages and growth".

If the Paygo law is waived, Trump can sign the tax bill as soon as it reaches his desk without worrying about the automatic spending cuts.

Democrats complained the bill was a product of a hurried, often secretive process that ignored them and much of the Republican rank-and-file.

"Today the Republicans take their victory lap for successfully pillaging the American middle class to benefit the powerful and the privileged", House Democratic leader Nancy Pelosi said. All other aspects of the health care law would remain intact, and some Republicans have said they want to pursue new legislation that would lessen the impact of repealing the individual mandate.

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