The Latest: House committee approves GOP tax legislation - ABC FOX Montana Local News, Weather, Sports KTMF | KWYB

The Latest: House committee approves GOP tax legislation

Posted: Updated:

WASHINGTON (AP) - The Latest on Republican tax overhaul legislation (all times local):
  
3:30 p.m.
  
A House panel has approved far-reaching Republican legislation to deeply cut taxes for corporations, double the personal standard deduction and simplify the tax code.
  
The House Ways and Means Committee voted 24-16 along party lines to deliver the complex measure to the full House. It would shrink the number of income brackets from seven to four. The Republicans promote the nearly $6 trillion measure as a boon to the middle class. Democrats say it's a tax bounty for the rich.
  
Republicans are pushing to drive the legislation through Congress and get it to President Donald Trump by Christmas.
  
The bill would reduce personal taxes for many but also limit deductions for homeowners and end them for people with steep medical bills and student loans. It would increase the child tax credit.
  
___
  
3:00 p.m.
  
Senate Republicans are joining Washington's tax debate with a proposal to slash the corporate tax rate to 20 percent and cutting the top individual rate for the wealthy by about 1 percentage point.
  
The plan unveiled Thursday differs from a companion House measure in key respects by preserving the home mortgage interest deduction, a tax credit for adoption expenses, and a deduction for people slammed by high medical expenses.
  
The measure unveiled by the Senate Finance Committee faces a vote by that panel next week and a floor vote in December.
  
The bill would create seven tax brackets for individuals with the top rate set at 38.5 percent for top earners. Every tax filer would get a $24,000 standard deduction, meaning far fewer people would itemize deductions on their returns.
  
____
  
2:02 p.m.
  
House Republicans are restoring the adoption tax credit to their overhaul legislation after protests by family advocate groups and other interests.
  
The amendment to the legislation by Rep. Kevin Brady, chair of the House's tax-writing committee, proposes other complex changes to the bill nearing approval by the panel, including an array of business tax proposals which would in some cases further reduce tax rates.
  
The bill would steeply cut taxes for corporations and wealthy individuals, and double the standard deduction used by most average Americans. It retains its partial repeal of the federal deduction for state and local income and property taxes.
  
Brady's proposal comes as the Senate unveiled its version of the tax overhaul, keeping the current deduction for up to $1 million in interest paid on mortgages. The House bill reduces that to $500,000 for new home purchases.
  
____
  
1:50 p.m.
  
The Senate's version of the GOP tax overhaul bill would leave a tax deduction for expenses associated with adopting children alone while providing a slightly larger per-child tax credit of $1,650 than the House measure.
  
Sen. John Hoeven also told reporters that the top tax rate for individuals, currently set at 39.6 percent, would drop to 38.5 percent under the draft Senate measure.
  
The South Dakota Republican said the measure also preserves existing clean energy tax incentives such as for electricity production from wind. It preserves a tax credit for electric cars as well.
  
The Senate bill also proposes seven tax brackets rather than the three brackets proposed under the House tax bill.
  
The House measure proposes increasing the per-child tax credit to $1,600 and making it available to a greater number of upper middle-class families.
  
___
  
12:45 p.m.
  
The emerging Senate tax overhaul measure wouldn't touch the mortgage interest deduction, as a concession to the powerful real estate lobby.
  
That's according to a Senate GOP source familiar with the details on the legislation being released Thursday afternoon.
  
The move means homebuyers would still to be able to deduct interest payments on loans of up to $1 million as permitted under current law. The House bill would reduce the limit to $500,000.
  
The real estate industry warns that would hurt the housing market, especially in more affluent areas.
  
The measure also would delay a cut to in the corporate tax rate to 20 percent until 2019.
  
The GOP source was not authorized to discuss the measure before it is public and spoke on condition of anonymity.
  
___
  
3:29 a.m.
  
The Senate version of the Republicans' tax overhaul is set to be unveiled with billions in tax cuts for people and corporations, repeal of the federal deduction for state and local taxes, and a likely compression of the personal income tax brackets from seven to four.
  
The House measure, meanwhile, nears approval by the tax-writing committee after last-minute changes by its primary author.
  
The legislation pulling the attention of lawmakers in both chambers would bring the first major reshaping of the U.S. tax code in three decades.
  
Senate Finance Committee Chairman Orrin Hatch plans to take the wraps off the new Senate bill on Thursday. In the House, Ways and Means Committee Chair Kevin Brady was making changes before the panel votes Thursday to deliver it to the full House.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

  • StatewideMore>>

  • The 39th annual Art in the Park in Anaconda

    The 39th annual Art in the Park in Anaconda

    Saturday, July 21 2018 7:40 PM EDT2018-07-21 23:40:33 GMT

    ANACONDA- The 39th annual Art in the Park got underway in Anaconda this weekend. The three day event took place at Washoe Park in Anaconda. The director of the Copper Village Museum and Arts Center Marylynn McKenna said the event is huge for the town and people look forward to it all year. 

    ANACONDA- The 39th annual Art in the Park got underway in Anaconda this weekend. The three day event took place at Washoe Park in Anaconda. The director of the Copper Village Museum and Arts Center Marylynn McKenna said the event is huge for the town and people look forward to it all year. 

  • Road closed in Butte leading to the M

    Road closed in Butte leading to the M

    Saturday, July 21 2018 11:57 AM EDT2018-07-21 15:57:45 GMT

    BUTTE - The road leading to the M has been closed off due to people leaving trash, beer cans and drug paraphernalia on the trail. When Parks and Rec. Director J.P. Gallagher arrived at the gate Friday, the gate was vandalized and rammed open. 

    BUTTE - The road leading to the M has been closed off due to people leaving trash, beer cans and drug paraphernalia on the trail. When Parks and Rec. Director J.P. Gallagher arrived at the gate Friday, the gate was vandalized and rammed open. 

  • EPA finishes Norris Labs clean-up; water tests show no contamination

    EPA finishes Norris Labs clean-up; water tests show no contamination

    Friday, July 20 2018 9:04 PM EDT2018-07-21 01:04:45 GMT

    The clean-up of a dangerous chemical lab in Norris ended Friday, as the EPA and DEQ put the final touches on the Norris Labs site.

    The clean-up of a dangerous chemical lab in Norris ended Friday, as the EPA and DEQ put the final touches on the Norris Labs site.

  • Most Popular

  • Most Popular StoriesMost Popular StoriesMore>>

  • Missing person reported in Flathead County

    Missing person reported in Flathead County

    Friday, July 20 2018 9:33 AM EDT2018-07-20 13:33:44 GMT
    Friday, July 20 2018 9:33 AM EDT2018-07-20 13:33:44 GMT

    Sheriff Chuck Curry says Alex Ruth Beltran was last seen driving her 1998 Light Green Toyota Rav 4, with Montana plate 785019A.

    Sheriff Chuck Curry says Alex Ruth Beltran was last seen driving her 1998 Light Green Toyota Rav 4, with Montana plate 785019A.

  • Flushing acid down the toilet: lab cleanup forces US 287 shutdown and town evacuation

    Flushing acid down the toilet: lab cleanup forces US 287 shutdown and town evacuation

    Friday, July 20 2018 1:08 AM EDT2018-07-20 05:08:06 GMT
    Missoula County Explosives Ordinance Disposal Team preparing for action. July 17, 2018. Photo credit: EPAMissoula County Explosives Ordinance Disposal Team preparing for action. July 17, 2018. Photo credit: EPA

    Some of the chemicals at the lab in Norris were so volatile that the risk of transporting them was too great, and experts decided to do a controlled detonation at the site of the lab.

    Some of the chemicals at the lab in Norris were so volatile that the risk of transporting them was too great, and experts decided to do a controlled detonation at the site of the lab.

  • Finally, indisputable proof: Bigfoot spotted in northern California

    Finally, indisputable proof: Bigfoot spotted in northern California

    Friday, January 9 2015 6:52 PM EST2015-01-09 23:52:03 GMT
    Saturday, January 10 2015 4:33 PM EST2015-01-10 21:33:06 GMT
    ROSEVILLE, Cali.- There is new, indisputable proof that Bigfoot exists, and has been spending most of his time in northern California. The footage was sent to a Paranormal group by a photographer/videographer who specializes in aerial videography using a quadcopter. A quadcopter is a drone that is lifted and propelled by 4 rotors.
    ROSEVILLE, Cali.- There is new, indisputable proof that Bigfoot exists, and has been spending most of his time in northern California. The footage was sent to a Paranormal group by a photographer/videographer who specializes in aerial videography using a quadcopter. A quadcopter is a drone that is lifted and propelled by 4 rotors.
  • Libby fire burning 1.5 miles away from WR Grace vermiculite mine

    Libby fire burning 1.5 miles away from WR Grace vermiculite mine

    Friday, July 20 2018 11:53 AM EDT2018-07-20 15:53:59 GMT
    photo courtesy: John Blodgett, The Western Newsphoto courtesy: John Blodgett, The Western News

    Kootenai National Forest officials say multiple agencies responded Thursday when the fire started. The fire is 1.5 miles away from the former W.R. Grace vermiculite mine, and it's a high priority to keep the fire away from the old mine.

    Kootenai National Forest officials say multiple agencies responded Thursday when the fire started. The fire is 1.5 miles away from the former W.R. Grace vermiculite mine, and it's a high priority to keep the fire away from the old mine.

  • Scott Street to close through September for water main installation

    Scott Street to close through September for water main installation

    Tuesday, July 17 2018 2:46 PM EDT2018-07-17 18:46:13 GMT

    Starting on July 23, residents of the north side of Missoula may have to take detours on their commute as workers begin installing a new water main.  Knife River Estimator & Project Manager Justin Hubbard said in a press release that the installation of a water main will require a detour of Scott Street that will last through September 7.

    Starting on July 23, residents of the north side of Missoula may have to take detours on their commute as workers begin installing a new water main.  Knife River Estimator & Project Manager Justin Hubbard said in a press release that the installation of a water main will require a detour of Scott Street that will last through September 7.

  • Crews fighting lightning-caused fire in Northwest Montana

    Crews fighting lightning-caused fire in Northwest Montana

    Tuesday, July 17 2018 2:27 PM EDT2018-07-17 18:27:06 GMT

    80 firefighters are working to contain a lightning-caused wildfire in the Kootenai National Forest. 

    80 firefighters are working to contain a lightning-caused wildfire in the Kootenai National Forest. 

  • Montana quadriplegic athlete's camper trailer stolen in Utah

    Montana quadriplegic athlete's camper trailer stolen in Utah

    Friday, July 20 2018 12:47 PM EDT2018-07-20 16:47:52 GMT
    Stolen camper, left (Joe Stone)Stolen camper, left (Joe Stone)
    Stolen camper, left (Joe Stone)Stolen camper, left (Joe Stone)

    A paraglider and athlete from Missoula reported that his pull-along camper was stolen in Utah. Joe Stone travels around the country competing in triathlons, paragliding and doing outreach for people with disabilities. 

    A paraglider and athlete from Missoula reported that his pull-along camper was stolen in Utah. Joe Stone travels around the country competing in triathlons, paragliding and doing outreach for people with disabilities. 

  • Video goes viral about Bozeman man's flag

    Video goes viral about Bozeman man's flag

    Friday, July 13 2018 6:49 PM EDT2018-07-13 22:49:39 GMT

    A Bozeman man says he came home on Tuesday and found a note on his door asking him to take down his American flag. 

    A Bozeman man says he came home on Tuesday and found a note on his door asking him to take down his American flag. 

Powered by Frankly

Features

  • More Features
  • Powered by WorldNow
    All content © Copyright 2000 - 2018 Cowles Montana Media. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.