The Latest: Sources say deal reached on tax overhaul




 

WASHINGTON (AP) - The Latest on the Republican tax overhaul (all times local):

12:51 p.m.

President Donald Trump says Republicans are "very, very close to a historic legislative victory" on taxes.

Trump says Wednesday that a deal is "very, very close." He added that it is "very important" to vote on the legislation next week.

House and Senate GOP leaders have forged an agreement on an overhaul of the nation's tax laws. It paves the way for final votes next week to slash taxes for businesses and give most people tax cuts starting next year.

Trump plans to make a pitch Wednesday for the plan. It would give the president his first major victory in Congress.

Trump also reacted to Roy Moore's election defeat in the Alabama Senate race, saying he doesn't think the loss will impact his agenda.

____

11:56 a.m.

House and Senate GOP leaders have forged an agreement on a sweeping overhaul of the nation's tax laws. That paves the way for final votes next week to slash taxes for businesses and give most people tax cuts starting next year.

Top GOP aides say the deal was reached on Wednesday. They spoke on condition of anonymity because they were not authorized to speak publicly about the deal. Details still need to be drafted and assessed by congressional scorekeepers but the final House-Senate compromise is on track to be unveiled this week.

The measure would give President Donald Trump his first major victory in Congress. It fulfills a longstanding goal by top Republicans such as Speaker Paul Ryan to rewrite the loophole-cluttered tax code.

The measure has come under assault by Democrats who say it is unfairly tilted in favor of business and the wealthy.

-By Andy Taylor

____

3:55 a.m.

A Republican tax package swiftly taking shape would pull down the top tax rate for wealthy Americans to 37 percent and slash the tax rate for corporations to a level slightly above what businesses and conservatives wanted.

Republicans in Congress rushed Tuesday toward a deal. Lawmakers and aides labored to blend separate tax bills that were passed recently by the House and Senate. The Republican goal is to deliver to President Donald Trump the first major rewrite of the U.S. tax system in more than three decades.

GOP lawmakers hope to finalize blended legislation no later than Friday, vote next week and deliver the package of steep tax cuts for corporations and more modest cuts for families to the president before Christmas.

COMMENTS

More Related News

Ex-Trump lawyer Cohen delaying testimony to Congress
Ex-Trump lawyer Cohen delaying testimony to Congress

WASHINGTON (AP) - President Donald Trump's former lawyer, Michael Cohen, will not testify before a House committee next month as scheduled, his adviser said Wednesday, depriving Democrats for now of a prime opportunity to scrutinize Trump, his links to Russia and payments to buy the silence of a

No. 3 House Democrat floats possible $5.7 billion in border funding
No. 3 House Democrat floats possible $5.7 billion in border funding

The No. 3 Democrat in the U.S. House of Representatives on Wednesday raised the possibility of approving $5.7 billion in funding to secure the U.S. border though various means but not by building a wall. Referring to Republican President Donald Trump's demand for $5.7 billion to build a barrier along the U.S.-Mexico border, U.S. House Majority Whip James Clyburn told reporters, "We see ourselves fulfilling that request" with a "smart wall." The consideration comes as U.S. lawmakers this week seek to forge a path out of the partial government shutdown as it entered its 33rd day on Wednesday. Trump has said the $5.7 billion would be for the wall in addition to other funds for border...

Supreme Court allows Trump's partial military ban on transgender people in military to take effect
Supreme Court allows Trump's partial military ban on transgender people in military to take effect

The Supreme Court will allow Trump's partial ban on transgender people serving in the military to take effect while court challenges continue.

3 groups, many videos, many interpretations of DC encounter
3 groups, many videos, many interpretations of DC encounter

Dozens of white Catholic high school students visiting Washington for a rally to end abortion. At first the focus was on a short video showing one of the high school students, Nick Sandmann, wearing a red "Make America Great Again" hat and appearing to smirk while a crowd of other teens laughed

Giuliani backtracks on comments Trump sought Moscow deal throughout 2016
Giuliani backtracks on comments Trump sought Moscow deal throughout 2016

Giuliani told NBC's "Meet the Press" on Sunday that Trump may have continued to pursue the project and had discussions about it with his former personal attorney, Michael Cohen, until as late as October or November 2016, when Trump was closing in on his election victory over Democrat Hillary

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Europe

facebook
Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.