[W]ASHINGTON — House and Senate Republicans reached final agreement on a major tax overhaul package Friday, paving the way for final votes on the measure next week.
As Republicans are poised to move the tax bill to President Trump’s desk as soon as the middle of next week, Democrats — including member’s of Vermont’s delegation — maintain their staunch opposition to the proposal.
The conference committee met just once, on Wednesday. However House and Senate lawmakers have been privately negotiating a compromise between the versions of the legislation that passed each chamber last month.
The bill reduces the top corporate tax rate from 35 percent, as it is currently, to 21 percent. Taxes for the highest individual income bracket will be reduced from 39.6 percent to 37 percent.
The package eliminates the individual mandate, a key part of the Affordable Care Act that penalizes people who do not have health care. Repealing the provision would result in approximately 13 million fewer people having insurance, according to some estimates.
The legislation will double the standard deduction. It caps federal deduction for state and local income and property taxes at $10,000.
The completion of the report was hailed by congressional Republicans and the White House.
Senate Majority Leader Mitch McConnell, R-Ky., said that the measure will “bring real relief to the middle class.” Republicans estimate that families with an income of $73,000 will see their taxes cut by $2,059.
Sen. Bernie Sanders, I-Vt., a member of the conference committee, called the package a “moral and economic obscenity.”
“It is a gift to wealthy Republican campaign contributors and an insult to the working families of our country,” Sanders said. “At a time of massive income and wealth inequality this bill would provide the majority of benefits to the top 1 percent and the largest corporations.”
The final package does not include several provisions in the House bill that had caused concern among universities and higher education students. One would have eliminated a tax deduction for student loan interest, the other would have required university students who receive tuition through a family member’s employment or as part of a graduate study program to pay tax as though it were income.
