HOUSE OF REPS/TAXES: “U.S. House of Representatives Speaker Paul Ryan on Thursday [8-24-17] rejected speculation that future tax legislation could include temporary tax cuts for businesses, saying macro-economic elements of tax reform including rates must be permanent...
Ryan also said Republicans intend to keep a popular homeowner deduction for mortgage interest payments that some have talked about capping to help pay for tax cuts. But he indicated the deduction could change…
President Donald Trump and Republicans in Congress have vowed to slash business tax rates and overhaul the U.S. tax code before year end, with a Republican-only strategy that requires a special parliamentary procedure to get legislation through the Senate on a simple majority. Republicans control the Senate by only a 52-48 margin.
But they have struggled to find ways to pay for lower rates without violating Senate rules by expanding the federal deficit outside a 10-year budget window.
Lobbyists say closed-door discussions between Congress and the Trump administration have considered an approach that would make tax cuts sunset after a decade, avoiding a Senate rule violation.”
-Reuters Staff, “House Speaker Ryan says rates must be permanent in tax reform,” Reuters, Aug. 24, 2017 11:01am