NC House and Senate leaders propose competing tax cut plans. Here’s how they’d affect your taxes

NC Senate Proposes $1B In Tax Cuts. North Carolina’s Republican-controlled Senate has proposed a tax cut plan that would increase the state’s standard income tax deduction and reduce the individual tax rate from 5.499 percent to 5.35 percent, as well as reduce the corporate tax rate from 3 percent to 2.5 percent over two years.

McCain also promised to move the White House’s office of political affairs — an office formerly headed by Karl Rove and targeted by a key congressional Democrat for budget cuts — out of the..

CORPORATE TAX CHANGES. CORPORATE RATE: The House plan would immediately cut the corporate income tax rate to 20 percent from 35 percent. The Senate would set the same rate, but delay it by one year.

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House and Senate Republicans held a press conference announcing their plans to introduce legislation overhauling the federal tax code, the first such package of changes since 1986, when President.

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Democrats are calling on senate majority leader Mitch McConnell, R-Ky., to either allow Jones to vote on the tax bill immediately or to hold off on voting until he arrives in office. Sen.

The senators’ proposal includes the tax-cut plan that the Senate approved last month, which would reduce the personal income-tax rate from 5.499 percent to 5.35 percent while increasing the.

About an hour before the House Ways and Means Committee approved a sweeping tax overhaul thursday, the Senate Finance Committee unveiled its own plan. Here are some of the differences between the.

Corporate tax. The House is seeking to cut the top corporate tax rate to 20 per cent from 35 per cent in 2018. The Senate wants to do the same, but delay the cut until 2019. Lawmakers are seeking to sharply cut the top corporate tax rate to boost America’s international competitiveness and lift investment.

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