US Senate approves sweeping tax cut bill

Image via AP

On Wednesday, investors will have a slower calendar of economic data and corporate earnings to contend with, as General Mills (GIS) earnings will be the headliner and existing home sales the most notable report on the economic calendar.

Darrell Issa and Dana Rohrabacher - voted against the plan. John Cornyn, who's in charge of rounding up support for Republican bills, said it was inserted in order to "cobble together the votes we needed to get this bill passed".

The compromise, conference bill came after the House and Senate passed their own similar but separate tax plans over the last few weeks, and it is designed to win over shakey Republicans in the Senate.

Even with the compromises, though, the bill did have some dissenters among House Republicans.

"Yet again, Republicans showed their only priority is to give the richest few a bigger piece of the pie", New York senator and Majority Leader Chuck Schumer said.

What's uncommon is referring to this income as "non-corporate business income".

Walters said she thinks the deduction changes, and subtle shifts the bill makes to the incomes in each tax bracket, mean more people in the middle class will pay less in taxes, "which has always been my goal".

The biggest market mover appears to be growing optimism for a comprehensive tax code overhaul in the US.

To pass the Senate, the GOP tax bill must receive 51 votes. An earlier version capped the deduction, which is taken by about 4 million California taxpayers, at $500,000. They could be successful at it for a lot longer.

Actually, the Trump Tax is in worse shape than Obamacare was. Two-thirds, 66% say it will benefit the wealthy more than others. What this means is that the effect of the bill will be an initial period of confusion (when people try to figure out their tax liabilities) followed by a bonanza for those who are the most aggressive and canny about exploiting these complexities for tax avoidance.

It is, in that sense, a total mystery. It's going to save him a bundle. The bill could soon become law, with a Senate vote expected Tuesday night.

Japan's Finance Minister is not a big fan of bitcoin or even cryptocurrencies in general.

The absolute need to pass something and to pass it fast led to a legislative process which was akin to driving the truck up to the loading bay and just taking everything.

House Speaker Paul Ryan helped lead the negotiations over the tax reform bill, which was approved by his chamber on Tuesday.

McClintock's district stretches between Placer and Fresno counties, mostly in the rural foothills and Sierra Nevada regions.

"They have corrected all of the problems that I had raised", McClintock said.

Prices of ethereum and litecoin continued on a solid upswing Tuesday morning in Asia, while bitcoin pointed slightly lower.

According to Lance, his main issue with the legislation are the changes it would bring to the SALT deduction, something that is widely used in New Jersey. Financial regulations are widely expected to be strengthened next year.

Senate Republicans are using special budget rules to fast-track the tax bill and block a Democratic filibuster. And the Republican plan will provide an (unwisely designed) tax preference for the kinds of income people report on Schedule C. As the New York Times puts it, "It leaves nearly every large tax break in place".

Hours before Tuesday's vote, several activist groups rallied outside of Walters' Irvine office.

"Today, we are giving the people of this country their money back", said Ryan whose remarks were interrupted by protestors shouting from overhead viewing galleries.

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