Friday, November 10, 2017
House committee advances tax overhaul bill
POLITICO reports, “The House Ways and Means Committee on Thursday advanced the Republican tax bill by a 24-16 vote. The move sends the proposal to the full House for consideration next week. The legislation would slash the corporate tax rate to 20 percent, decrease the number of tax brackets from seven to four and cut rates for all incomes under $1 million. It would also eliminate a deduction for state and local income and sales taxes, while keeping a property tax write-off that would be capped at $10,000."
What Senate Republicans are proposing in their tax plan
ABC News reports, “The Senate Finance Committee released its vision for a tax reform bill Thursday afternoon — a proposal that differs from the House of Representatives’ blueprint in several significant ways and sets up a potentially long process of reconciling the two bills if and when they clear their respective committees... According to a two-page outline provided by Finance Chairman Orrin Hatch’s staff, the Senate bill would get rid of all state and local tax deductions, which largely affect people in high-tax states like New York, New Jersey and California… On the business side, the Senate bill would make permanent a 20 percent taxation rate but delay its implementation by a year. The House bill contains no such delay.”
China Moves to Open Market for Financial Firms in Historic Step
Bloomberg News reports, “China took a major step toward the long-awaited opening of its financial system, saying it will remove foreign ownership limits on banks while allowing overseas firms to take majority stakes in local securities ventures, fund managers and insurers. The new rules, unveiled at a government briefing on Friday, will give global financial companies unprecedented access to the world’s second-largest economy. The announcement coincided with Donald Trump’s visit to Beijing and bolstered the reform credentials of Chinese President Xi Jinping less than a month after he cemented his status as the nation’s most powerful leader in decades.”
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