“Maga accounts” and no tax on tips: Plan Republicans to lend Trump to the tax code

House Republicans presented their plans for an expansive tax bill on Monday, which temporarily obliges President Trump's campaign to control no tips or overtime, to reset subsidies for clean energy and to create a new type of tax -disadvantaged investment account for children.

The legislative template, which will officially accept on Tuesday, meets the first complete attempt to speed up the plans of the Republicans this year. But there was quickly criticism of some Republicans of the representatives of the representatives, almost all of which have to support legislation so that they go through a uniform democratic opposition.

For example, the draft calls for increasing the limit for state and local tax deduction to $ 30,000 from USD. A group of four Republicans from New York got upset for a much higher upper limit and described the 30,000 dollar limit as the “insult” last week. The representative Nick Lalota, Republican of New York, wrote on Monday on social media that he was still “a hell”.

Much of the legislation is to extend President Trump's tax law in 2017. Many of the measures in this previous law, including lower marginal income tax rates and a larger standard deduction, will take place at the end of the year. This motivated the Republicans to advance a tax bill this year, since the non -administration of the provisions would make a tax increase for most Americans.

But Mr. Trump and the Republicans on the Capitol Hill tried to go far beyond the single tax cut. The legislation includes several new tax breaks, which would last for most of the term of the term of Mr. Trump and fulfill the President's promise of campaign, not tax tips, overtime and social security. It also temporarily increases the standard deduction by $ 1,000 for individuals and the tax credit for children by $ 500.

These tax cuts would be associated with restrictions. The tax exemption for tips, for example, would apply to federal income taxes, and only Americans below an income limit that would be determined this year would be justified. In the legal template, Mr. Trump's plan not to control social security benefits in the form of a bonus deduction of 4,000 US dollars for older Americans who shrinks with increasing income.