But the Senate bill does maintain the elimination of the state and local tax, or SALT, deduction, something that has brought stern opposition from New York's Democratic lawmakers as well as some Republicans, including U.S. Rep. Elise M. Stefanik, R-Willsboro.
The Senate released its Tax Cuts and Jobs Act late Thursday, which analysts are busy comparing to the companion House bill. Wallace only asked Brady if the House bill will include the "total elimination" of the deductions, so the tightly capped property tax deduction is enough to allow Brady to say no.
The new tax plan, which lowers the corporate tax rate, eliminates tax deductions and modestly lowers income tax rates, is being billed by Republicans as a stimulus for the national economy, while detractors are calling it another version of "trickle-down" economics.
"I'm committed to" a compromise that would preserve the deduction for state and local property taxes, Brady said on "Fox News Sunday". That provision will nearly certainly be resisted by Republican House members in high-tax states such as New York, New Jersey and California. Neither the House nor Senate bill repeals the individual mandate despite the fact some conservatives on Capitol Hill, such as Sen.
"A majority of people are not supportive of a cut in the corporate tax rate; that may be why people don't like" the plan, said Bakija, whose book "Taxing Ourselves: A Citizen's Guide to the Debate Over Taxes" just came out in its third edition. He said his state sends more tax money to the federal government than it gets back, and that the House bill would have a "devastating" impact on taxpayers in areas such as Long Island.
Brady said there were many similarities in the rival tax proposals. King described the change as a tax hike on the middle class, and as "class warfare" against "hard-working people" who are "going to get screwed by this bill". "If we cut revenue a lot, that makes it more likely we're going to have to cut Medicaid, Medicare and Social Security, and people in Berkshire County depend a lot on those things". They pushed Brady to keep the property-tax deduction in the House bill. Hospice costs 10.4 percent more in the Berkshires than the national average, and outpatient services here are priced at a rate 4.7 percent higher than the US average.
She laid out a scenario in which 10 reporters had a beer together every day and paid the $100 tab under a mechanism akin to the federal income tax system.
The Tax Foundation estimated that if the Senate bill were to pass, it would create 8,316 jobs in Nevada and increase average after-tax household income by $2,439 over 10 years.
Speaker Robert DeLeo says he expects House and Senate negotiators to work on a compromise bill while the Legislature is in recess for the remainder of 2017, with a possible final vote to be taken early next year.
Meanwhile, on the other side of the aisle, Democrats are showing a united front on opposing the tax plan.
"Republicans should go back to the drawing board and fully restore the SALT deduction", he said in a statement.