BREAKING NEWS: Butte Humane Society and Chico Animal Shelter say canine distemper cases are increasing. Full Story
SEVERE WX: Freeze Warning View Alerts

GOP unveils final version of tax reform bill

Republicans released the final version of their tax bill on Friday.

Posted: Dec. 16, 2017 10:04 AM

Republicans released the final version of their tax bill on Friday.

It has some Democrats saying the changes will help the rich, not middle-class America.

Republicans may be on the verge of reforming the nation's tax system.

"It has been 31-years in the making,” said Rep. Kevin Brady.

Texas Congressman Kevin Brady is the chairman of the house committee in charge of writing tax bills.

"One of the reasons we're going to have very strong middle-class tax relief but we're also going to have tax relief families who live in these high tax states,” Brady said.

Friday two potential hold-outs signaled they intend to vote for the bill.

Including Tennessee Senator Bob Corker who voted against the Senate version.

And Senator Marco Rubio was won over by a last-minute deal to increase the refundable child tax credit to $1,400.

"Working families raising children. People making 20, 30, 40, 50 thousand are going to be able to keep more of their money,” Rubio said.

Standard deductions will double and the corporate tax rate goes down from 35 to 21-percent.

Democrats lashed out immediately after the final bill report was released. Senator Chuck Schumer says the new plan is the opposite of what America needs.

"Under this bill, the working class, middle class, and upper middle class get skewered while the rich and wealthy corporations make out like bandits,” Schumer said.

Lawmakers will have the weekend to read the bill before voting on it next week.

There is still concern about republicans John McCain and Thad Cochran - who are battling illness.

But both are expected to vote yes.

House Majority Leader Kevin McCarthy announced the house will vote on the bill Tuesday.

Article Comments

79° wxIcon
Hi: 83° Lo: 46°
Feels Like: 79°
77° wxIcon
Hi: 81° Lo: 49°
Feels Like: 77°
79° wxIcon
Hi: 80° Lo: 48°
Feels Like: 79°
61° wxIcon
Hi: 63° Lo: 32°
Feels Like: 61°
Red Bluff
81° wxIcon
Hi: 84° Lo: 51°
Feels Like: 81°
79° wxIcon
Hi: 84° Lo: 47°
Feels Like: 79°
Red Flag Warning for critical fire danger today
KHSL Watches & Warnings
KHSL Radar
KHSL Temperatures

Community Events