Health Care

Michigan House legislators block state income tax break

Michigan House legislators block state income tax break

A group of CEOs also praised the border-adjustment tax in a letter to congressional leaders this week. Even as the Republican Party controls both Congress and the White House, the survival of that border-tax vision is very much in doubt.

By 11 p.m. Wednesday night, they were still trying to draft enough sweeteners to the bill to make it drinkable for a majority of the Republican caucus in order to get the deal done.

The fallout over Michigan House Republicans' failure to pass an income tax cut is already underway.

"With 24 years experience in governmental budgeting, this whole process is totally backward. We think there are some concerns about it", he said. The border tax would raise more than $1 trillion over a decade to offset the cost of lowering the 35% statutory tax rate to 20%, the conservative Tax Foundation has said.

As passed by a House committee last week, the measure would have cut the tax to 3.9 percent next year and phased it out completely by 2057.

"Iran should be careful", Trump warns
Trump's travel ban is also a source of tension - Iran was one of the seven Muslim-majority countries included in the ban. One of the many points of disagreement: Some among the Islamic theocracy do not accept Israel's right to exist.

The leaders of Michigan's 15 public universities are lobbying against an income tax cut they worry would lead to state funding cuts. The lost revenue in the first year, which comes three months into the fiscal year, would be $195 million; in the second year, it would be $463 million; in the third year, it would be $780 million, and by the fourth year, it would cumulatively translate into $1.1 billion less in state revenue. But he says he still has "a billion dollars' worth of concerns because there has been no plan presented as to how this will affect residents and their communities statewide".

Trump's comments come as the proposal has been facing mounting opposition among GOP lawmakers and businesses, making its future uncertain.

Under the House proposal for a border-adjusted tax, US companies would pay a 20% tax rate on the full value of imported goods, while export revenue would be tax-free. "It has some significant opportunities, but opens up further opportunities to look at all the things we do".

"The president is looking at tax policy that encourages manufacturing and job creation in the United States", he said. "And we have to make sure the balance sheet works out".

The border tax would apply to imports coming into the United States, but would exclude exports from being taxed.

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