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Lets start with ron johnson from wisconsin. he is very concerned about small businesses. he wanted to change the deductions for small businesses about 17.4% now. it would be 20% in this bill. maybe bring it up to 25%. thats the first problem. the second problem comes from someone who is not a senator, elizabeth mcdonagh, the senate parliamentarian. powerful in washington and works behind the scenes. they had built into this bill a provision called a trigger so in case they started to cut taxes a...

Lets start with ron johnson from wisconsin. he is very concerned about small businesses. he wanted to change the deductions for small businesses about 17.4% now. it would be 20% in this bill. maybe bring it up to 25%. thats the first problem. the second problem comes from someone who is not a senator, elizabeth mcdonagh, the senate parliamentarian. powerful in washington and works behind the scenes. they had built into this bill a provision called a trigger so in case they started to cut taxes a...

Rate of all individuals. basically, wiping it away. that is something that senators bob corker and jeff flake want to see. another issue at hand, this is the pass through rate. this is for business entities, partnerships, that file on the individual side. they get a pass through rate. its normally 17.4%. well now its been up to 20%. there are some folks like senator lindsey graham who want it to be 27%. ron johnson as well. bigger tax credit if you will for the smaller business entities. that is...

17.4% to 20%. is that going to be enough? thats still an open question. then you talk about people like jeff flake, bob corker, there issue has been throughout the deficit. this is where things are most complex where negotiations as i speak are ongoing with staff and those senators whachlt they are trying to do is implement some type of trigger mechanism. if the rosy projections dont end up panning out in the near term, this would trigger immediate tax increases. who you that tax increase would ...

That file on the individual side, what are the rates here? initially it was 17.4%, and it has been increased to 20%. there are still senators that say lets raise that higher, that tax credit to 27% for some of the smaller business entities. the other issue, the child tax credit. this has doubled since this process began, it was $1,000 now its $2,000. senator marco rubio wants it fully refundable and that will cost money. you will look at other amendments as well as promises of other legislation ...

Are trying to cut that rate for pass through dramatically and the house down to 25%, in the senate where they have a 17.4% credit that can be added on it to the individual rate. what senator ron johnson and senator steve daines of montana want that to go further to expand up to 20% or some other iteration their goal is to provide parity to the corporate rate. heres the issue on that right now. that costs money like tens of billions, potentially hundreds of billions of dollars and runs head long ...

Very heavy lift. this he have only $80 billion to work with to stay below the $$1.7 trillion deficit. >> republican leadership facing this struggle. answering concerns about some members without losing support of others, two major concerns, the deficit and the fate of pass-through businesses. the latter worries senators johnson and daines. both want bigger tax cuts. pass-throughs can be small businesses or large firms with many employees but all pay taxes through the individual rate, not the cor...

For his updates. thank you phil mattingly. republican leadership facing a similar struggle answers concern about some members without losing support of others. two major concerns. the deficit and the fate of pass-through businesses. the latter worries senators ron johnson and steve daines. both want bigger tax cuts. pass-throughs can be small businesses or sometimes large firms with many employee, but all pay taxes through the individual tax rate, not the corporate rate. the senate bill allows...

They can be small businesses or larger firms with many employees, but all pay taxes through the individual tax rate, not the corporate rate. and now the senate bill allows pass-throughs to deduct 17.4% from the taxable income. theres a problem will. it means the highest earners pay more than the propose the 20% corporate rate. senator johnson says this favors corporations over small business. he wants to increase. the deficit is a difference between how much the government takes in and how much ...

Businesses, the latter worries senators johnson and dade. large firms with many employees but all pay through the individual tax rate not the corporate rate. the senate bill allows them to de duct 17.4%. senator johnson say this is favors corporations over small businesses. he wants to decrease the deduction, that will cost serious money and runs counter to what the deficit hawks want. the deficit is a difference between how much the government takes in and it spends. the current senate bill add...