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Saturday, December 2, 2017

7 things to watch as tax bill heads for the finish line

Image result for Senate Majority Leader Mitch McConnell
State and local tax breaks. Drilling in the Arctic National Wildlife Refuge. The deficit. The income tax brackets.

They’re all potential flashpoints as the Republican push to pass a tax overhaul by the end of the month hits its final, crucial stage.

While it’s widely expected tax legislation will eventually pass both chambers before lawmakers leave for the holidays, some tense negotiations are ahead.

The Senate passed its version of the tax package early Saturday, 51-49. The House approved its plan last mnonth.
Members of a joint congressional committee will now meet to iron out those differences, conflicts which pit all sorts of special interests against one another. But Republicans are so eager to pass a tax bill — and claim a so-far elusive big win in President Donald Trump’s first year — that compromise is not expected to be too difficult.


“There are real differences, but they’re not the differences that as you get into a room and roll up your sleeves that can’t be overcome.” said Rep. Mark Meadows, R-N.C., who chairs the House’s influential Freedom Caucus, a group of about three dozen hardcore conservatives.

The political stakes are just too high to fail, Republicans said.

“I truly think it will be the most important thing we do in this Congress,” said Sen. Thom Tillis, R-North Carolina. “It may be the most impactful thing Republicans do over the next decade.”

Still, there are several large differences between the House and Senate versions to overcome, particularly in the Senate with its narrow margin for error. Republicans control 52 of the 100 seats. Since all 46 Democrats and two independents are expected to oppose the tax bill, the GOP can only afford to lose three Senate votes.

The items to watch:

STATE AND LOCAL TAXES


The Senate bill preserves some state and local tax deductions, a change from Senate Republicans’ initial proposal. Lawmakers agreed to allow taxpayers to deduct up to $10,000 of their state and local property taxes from their federal tab, echoing a compromise included in the House bill that passed last month.

The Senate version, though, may be problematic for Republicans in the House.

Thirteen GOP members voted against the House legislation in November, virtually all of them from New York, New Jersey and California —high-cost, high-tax states that would be among the biggest losers if state and local tax deductions for property, income and sales taxes are eliminated.

A number of other California Republicans said they voted to advance the House bill last month despite misgivings.

Those Californians are now pushing for any final bill to include more of the state and local write-offs that disproportionately benefit their constituents.

Conservatives are already balking at the Senate change. Heritage Action for America, the advocacy arm of the conservative Heritage Foundation, stated its opposition, saying in a memo “Senate Republicans were wise to eliminate all state and local tax (SALT) deductions in the Finance Committee’s tax reform proposal so that they could use the savings to lower tax rates across the board,”

The Senate bill would maintain the mortgage interest deduction on newly-purchased, capped at the first $1 million. California and other states with high home prices prefer that approach to the House bill, which would lower the cap to $500,000.


TAX BRACKETS


Lawmakers had hoped to cut the number of tax brackets in half as part of their initial goal to make the tax code so simple that taxpayers would be able to file their taxes on a postcard. That proved to be difficult to do, but the House proposal goes further in meeting the goal.

The House has proposed four tax brackets: 12 percent, 25 percent, 35 percent and the existing top rate of 39.6 percent.

The Senate keeps the existing seven bracket system, but lowers the rates to 10 percent, 12 percent, 22.5 percent, 25 percent, 32.5 percent, 35 percent and a lower top rate of 38.5 percent.


ARCTIC REFUGE


Unlike the House bill, the Senate bill includes a provision that could allow oil and gas exploration in Alaska's Arctic National Wildlife Refuge — a concession seen as important for gaining the support of Sen. Lisa Murkowski, R-Alaska.

Twelve House Republicans, however, including Rep. Carlos Curbelo, R-Fla., a member of the House Ways and Means Committee, this week told GOP congressional leaders they oppose such drilling.

"For decades, Congress has voted to prohibit oil and gas development in the refuge, with the overwhelming support of the American public," the 12 wrote in a letter to House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell. “Support for this protection remains strong today.”

It was unclear whether they would vote against a final bill with the measure in it. Joanna Rodriguez, a Curbelo spokeswoman, said he does not see the tax bill as the "appropriate venue" for addressing energy exploration in the refuge.


ONE YEAR DELAY


Reflecting Trump’s top priority, both bills drop the top corporate rate from 35 percent to 20 percent, but the Senate bill would do so in 2019, a year later than the House version. The change reduces the cost of the tax package and meets Senate budgetary rules, but House conservatives said it’s a mistake.

“If the Senate is pursuing a one year delay it would mean the economy wouldn’t improve like it needs to,” said Rep. Louie Gohmert, R-Texas. “It's a great strategy if you’re looking to put the Democrats in the majority and give them credit for what we did. But if you’d like to see the economy improve now and give credit where credit is due, they need to forget the one year delay.”


CORPORATE RATE

The House tax bill would set the corporate tax rate at 20 percent, a smaller cut than Trump had sought but an acknowledgment that a lower rate would blow a big hole in the federal deficit.

Several Senate proposals sought to raise the new corporate rate, but House conservatives signaled that 20 percent is non-negotiable.

“We have made it very clear that a 20 percent corporate rate is the red line,” Meadows said.


HEALTHCARE MANDATE



The Senate bill would repeal the requirement in the 2010 Affordable Care Act that most people pay a penalty if they don’t purchase health insurance.

The provision isn’t in the House bill, but is popular among House conservatives. Yet those same conservatives are opposed to health care provisions that would be considered as a result of including the repeal and may be necessary to delivering critical votes in the Senate.

Sen. Susan Collins, R-Maine, said she expects legislation that would reinstate cost-sharing payments to insurance companies to pass before the tax bill is complete. The provision, authored by Sens. Lamar Alexander, R-Tenn., and Patty Murray, D-Wash., would help to lower health insurance premiums, she said.

House conservatives suggested that would be difficult to accept.

“I don’t think any of that flies,” said Rep. Jim Jordan, R-Ohio, who likened the insurance provision to a bailout for the insurance industry.


DEFICIT


Fiscal conservatives who had long opposed legislation that threatens to dramatically increase the deficit have largely held their nose and embraced the tax package, saying they are willing to tolerate short-term debt as a way of stimulating the economy.

Republican leaders were hopeful a “dynamic scoring” of the tax bill by the Joint Committee on Taxation would deliver some optimism that lower taxes would result in projected economic growth.

The analysis on Thursday, however, showed the bill would still cost $1 trillion, even after accounting for growth. Republicans questioned the accuracy of the committee’s projections.

EMILY CADEI OF MCCLATCHY’S WASHINGTON BUREAU CONTRIBUTED TO

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SMART WATCH GT08 WITH BLUETOOTH APPLE AND ANDROID PHONE CONNECTIVITY— $55.90 (Save 17%!)
SMART WATCH GT08 WITH BLUETOOTH APPLE AND ANDROID PHONE CONNECTIVITY Available Colors: Black Frame/Black Band; Gold Frame/Black Band; Gold Frame/Red Band and Silver Frame/Black Band Functions 1: Bluetooth, Pedometer, Mileage, Calories burned, Sleep monitor Functions 2: Alarm, Calendar, Calculator, MP3, Remote camera Functions 3:...
SMART WATCH GT08 WITH BLUETOOTH APPLE AND ANDROID PHONE CONNECTIVITY Available Colors: Black Frame/Black Band; Gold Frame/Black Band; Gold Frame/Red Band and Silver Frame/Black Band Functions 1: Bluetooth, Pedometer, Mileage, Calories burned, Sleep monitor Functions 2: Alarm, Calendar, Calculator, MP3, Remote camera Functions 3: Push Message ( WhatsApp Facebook/Twitter for Android phone) Battery: 350MAH Display: 1.5 inch TFT HD LCD Resolution ratio:240 x 240 pixel Brand Name: Uhoofit Case Material: Alloy Band Material: Silica Gel Compatibility: All Compatible Language: English,Russian,Spanish,Portuguese,Turkish,Italian,French,German, and more Call Function: GSM/GPRS 850/900/1800/1900 Four-Frequency Conversation, Bluetooth phone, Dial, Phone records, Phone contacts book SMS: Text messaging on mobile phones Synchronous push by Bluetooth. Entertainment: MP3, MP4, AVI; Bluetooth music playing; Phone calls reminder; Ring and vibration reminder. Clock display: 3 ways show display clock, free switch; Click to switch. Bidirectional: Anti-Loss/Theft, Bidirectional search (Only for android phone). Pedometer: Records all your activities Sedentary reminder Sleep monitoring Taking pictures: Take pictures with your phone; memory storage. Control Mobile Phones Remotely: Storage to mobile phones. Alarm Clock, Calendar, Stopwatch, Calculators etc. Bluetooth transfer information (Only for android phone) WeChat, Twitter, Facebook, Information etc. There is no APP for iPhone. Four functions can't sync with iPhone 1. Anti-lost, 2. Messaging, 3. Notification, 4. Remote Camera, however all other functions operate normally because there is no need to use app. Android Phone supports all functions in the description. DELIVERY TIME: Estimated delivery time is 12 - 20 days. In order to provide you with the most favorable purchase for you, we have opted for a Standard Shipping. That is the reason the delivery might be a little bit slow, however it is in your best financial interest. The Delivery Time is completely out of our control. Primarily, it depends on the courier, transportation, season and time spent in customs. Please notify us if you would prefer a faster delivery with a charge. We will research other options for you.
55.9 USD InStock
Smart Watch Aplus GV18 Clock Sync Notifier Support Sim Card Bluetooth Connectivity for Android Phone— $34.90 (Save 40%!)
Smart Watch Aplus GV18 Clock Sync Notifier Support Sim Card Bluetooth Connectivity for Android Phone Smartwatch Watch Main Features: SIM card / Bluetooth phone call (Bluetooth V3.0) / answer You can dial or answer a phone call from your wrist watch Messaging Effortlessly send/receive messages to have a good interaction with your...
Smart Watch Aplus GV18 Clock Sync Notifier Support Sim Card Bluetooth Connectivity for Android Phone Smartwatch Watch Main Features: SIM card / Bluetooth phone call (Bluetooth V3.0) / answer You can dial or answer a phone call from your wrist watch Messaging Effortlessly send/receive messages to have a good interaction with your friends Phonebook / call log / message/ music sync Easily realize information Synchronization with your universal smart phone, more convenient to users NFC connection Fastly connect the watch with NFC, only need simple approaching Music playing Enjoy splendid music anywhere and anytime 0.3M pix camera You can freely take phone by using the camera of the watch or remote control your universal smart phone 1.54 inch TFT HD LCD touch screen,240x240 pixels Best suitable screen size with high definition picture displaying gives you great experience Sleep monitoring Carefully monitor your sleep quality Pedometer Record the steps you take and count the distance to make you fully control your sports Sedentary reminder Develop scientific habits and effectively resist sub-health. Anti-lost When the Bluetooth is disconnected or the phone is out of the Bluetooth distance, the watch will alert Remote control phone camera Effortless realize remote control and record every wonderful moment with any angle Other functions Sound recorder/ alarm / calender / calculator Stainless steel watch case Stainless steel case with great durability and wonderful tactile sensation and glossiness Super soft rubber band Adopts high quality rubber material which is super soft and comfortable to wear Pin buckle design Classic stainless steel pin buckle, Convenient to wear and take off Compatibility: Compatible with Android smart phones Note: 1.This phone will only work with GSM networks: GSM850/900/1800/1900MHz Basic Information Type: Watch Phone External Memory: TF card up to 32GB (not included) Network Wireless Connectivity: Bluetooth Network type: GSM Frequency: GSM850/900/1800/1900MHz Bluetooth: Yes Display Screen size: 1.54 inch Camera Camera type: Single camera Connectivity SIM Card Slot: Single SIM(Micro SIM slot) TF card slot: Yes Speaker: Supported Languages Languages: English, Russian, Spanish, Portuguese, Turkish, Italian, French, German, Polish, Dutch Note: If you need any specific language other than English and you must leave us a message when you checkout Package Contents Cell Phone: 1 Battery: 450mAh polymer battery x 1 USB Cable: 1 English Manual : 1 Dimensions Product size: 23.50 x 3.95 x 1.23 cm / 9.25 x 1.56 x 0.48 inches Package size: 13.50 x 7.30 x 5.80 cm / 5.31 x 2.87 x 2.28 inches Product weight: 0.065 kg Package weight: 0.195 kg
34.9 USD LimitedAvailability
GT08 Smart Watch Phone Mate for any Android and iPhone— $26.99 (Save 59%!)
1.54" GT08 Bluetooth Smart Watch Wrist Phone Mate For Smartphone This smart watch is designed for fashion and precision, integrated with the state-of-art technology. It is truly an elegant and exquisite timepiece. It connects to your iPhone or Android device via Bluetooth so you get notified simultaneously.a standalone phone function,...
1.54" GT08 Bluetooth Smart Watch Wrist Phone Mate For Smartphone This smart watch is designed for fashion and precision, integrated with the state-of-art technology. It is truly an elegant and exquisite timepiece. It connects to your iPhone or Android device via Bluetooth so you get notified simultaneously.a standalone phone function, expandable memory, a high definition 2.5D radian capacitive touch screen, user-friendly operation and long-lasting battery, is more than just an ordinary smart watch. Specifications: Model: GT08 Material: Silicone + Stainless steel CPU: MTK6261D RAM: 128M+64M;Support: 32 GB Max. TF Storage Card; LCD: 1.54 inch HD TFT,Resolution: 240*240 pixel Touch Panel: 2.5 D radian capacitive touch screen,OGS Blutooth: Ver 3.0 Camera: 0.3M; Battery: 350mAh Polymer battery;Bluetooth connection standby :>1 Week; Normal use: > 2 days G-sensor: Support Pedometer analysis, sedentary remind, sleep monitoring; anti-lost; remote take picture; Call Function: GSM/GPRS 850/900/1800/1900 four frequency conversation; Dial, hands-free, phone records, phone book; Bluetooth phone SMS: Local SMS;Text messaging on mobile phones Synchronous push by bluetooth ( for android mobile phone) Entertainment: MP3、MP4;bluetooth music playing; Phone calls reminding: Ring and vibration remind; Clock display: 3 ways show display clock, free switch;Click to switch Bidirectional anti-lost: lost remind;Bidirectional search; Pedometer: Movement step record, calories calculation, movement mileage records; Sedentary remind: Sedentary remind; Sleep monitoring: Sleep monitoring; Taking pictures: Watch take pictures; memory storage; picture shows: PNG, JPG Remote control mobile phones;Storage to mobile phones; picture shows: PNG, JPG Others: Alarm clock. calendar;stopwatch etc. Bluetooth transfer information (for android phone): QQ,WeChat,Twitter,Facebook, Timely information etc;SMS transfer: News, VirtualClient, system Settings information etc Schedule;Synchronous remind; Set time synchronization; Color: black+black, black+gold, black+silver,Red+Gold,Brown+Gold Weight: 2.96oz / 84g Case Size: 4.8cm x 4.1cm x 1.2cm - 1.89inch x 1.61inch x 0.47inch Languages: English, French, Spanish, Polish, Portuguese, Italian, Deutsch, Russian, Turkish, Dutch Product feature: Appearance vogue, extreme thin;Thickness of the whole machine: 11.8mm; HD display, 2.5D arc high sensitive capacitive touch screen, Anti-sweating, delicate and beautiful; Precision OGS laminating process Anti-sweating frosted surface treatment, acme ergonomic concave and convex design, wearing more comfortable Metal frame, strong and durable Ultrasonic sound cavity closed aluminum film, listen to the sounds of nature 350 MAH Polymer battery capacity, safe and reliable Note: There is no APK for iPhone. So below four functions can't sync with iphone, 1. Find Phone 2. Messaging 3. Notifier 4. Remote Camera Package Included: 1 x Smart Watch. 1 x Charging Cable. NO Retail Box. Packed Safely in Bubble Bag.
26.99 USD InStock
Bluetooth Smart Watch For IOS Android Phone— $29.00 (Save 32%!)
• Brand Name: SCELTECH • Function: Answer Call,Calendar,Remote Control,Interactive Music,Dial Call,Month,Push Message,Passometer,Message Reminder,Sleep Tracker,World Time,24 hour instruction,Call Reminder • Band Detachable: No • APP Download Available: No • Language:...
• Brand Name: SCELTECH • Function: Answer Call,Calendar,Remote Control,Interactive Music,Dial Call,Month,Push Message,Passometer,Message Reminder,Sleep Tracker,World Time,24 hour instruction,Call Reminder • Band Detachable: No • APP Download Available: No • Language: French,Italian,Russian,Spanish,Polish,Portuguese,Turkish,English,German • Band Material: Silica Gel • Style: Sport • Battery Capacity: 300-450mAh • Screen Size: 1.54" TFT HD LCD • Screen Shape: Square • Network Mode: 2G • Battery Detachable: Yes • Mechanism: Yes • ROM:
29 USD InStock
BLUETOOTH SMART WATCH U80 FOR iPHONE AND ANDROID— $30.50 (Save 33%!)
BLUETOOTH SMART WATCH U80 FOR iPHONE AND ANDROID Powerful Functions Bring Unprecedented Experience Following languages are supported: English, Spanish, French, Russian, Portuguese, Turkish, Italian, German, Dutch, Hungarian, Greek, Polish, Czech. FEATURES: ....
BLUETOOTH SMART WATCH U80 FOR iPHONE AND ANDROID Powerful Functions Bring Unprecedented Experience Following languages are supported: English, Spanish, French, Russian, Portuguese, Turkish, Italian, German, Dutch, Hungarian, Greek, Polish, Czech. FEATURES: . 1.5" Electrostatic Capacity Touch Screen TFT LCD . Time / Date / Week / Battery state display . Ringing reminder when you receive a call . Ringing reminder once your mobile phone disconnected . Display the number or name of incoming calls . Answer or Dial calls from your wrist . Stopwatch function . Support hands-free calls . Play music on your phone (after Bluetooth paring) . Sync phone book / SMS/call history (only for android phone) . Bluetooth notification (only for android phone) . Ring reminder when your Android smart phone receives a message (including WeChat, Facebook, Twitter, WhatsApp, Skype) . Anti-loss alarm function . Remote photo function: Take photo from your wrist (only for android phone). Pedometer, Photograph, Vibration . Drink Reminder . Sleep Monitor . Sedentary Reminder Material: Import PC + ABS plastic alloy structure, Shock / Dustproof Size: 1.85” x 1.57” x 0.43” ; (47 x 40 x 11mm) Bluetooth Version: Bluetooth V3.0+EDR Bluetooth Protocol: A2DP + HFP 1.5 + HS P 1.2 Range of Frequency: 2.4GHz spectrum Ambient Noise: ≤75dB Transmitting Range: ≥ 32.81 ft. (10m.) Charging Time: about 1 hour Package includes: 1 x Bluetooth Watch with Gift Box 1 x USB Cable 1 x User Manual Package Size: 5.9” x 3.15” x 1.89” ; (150 x 80 x 48mm.) DELIVERY TIME: Estimated delivery time is 12 - 20 days. In order to provide you with the most favorable purchase for you, we have opted for a Standard Shipping. That is the reason the delivery might be a little bit slow, however it is in your best financial interest. The Delivery Time is completely out of our control. Primarily, it depends on the courier, transportation, season and time spent in customs. Please notify us if you would prefer a faster delivery with a charge. We will research other shipping options for you.
30.5 USD InStock