The Republican-controlled US House of Representatives gave final approval on Wednesday to the biggest overhaul of the US tax code in 30 years Devin Shore Jersey , sending a sweeping US$1.5 trillion tax bill to President Donald Trump for his signature.
In sealing Trump’s first major legislative victory since he took office in January, Republicans steamrolled opposition from Democrats to pass a bill that slashes taxes for corporations and the wealthy while giving mixed, temporary tax relief to middle-class Americans.
The House approved the measure by 224-201, passing it for the second time in two days after a procedural foul-up forced another vote on Wednesday. The Republican-led Senate had passed it 51-48 in the early hours of Wednesday.
“We are making America great again,” Trump said, echoing his campaign slogan at a White House celebration with Republican lawmakers. “Ultimately what does it mean? It means jobs, jobs, jobs, jobs.”
Trump, who emphasized a tax cut for middle-class Americans during his 2016 campaign, said at an earlier Cabinet meeting that lowering the corporate tax rate to 21 percent from 35 percent was “probably the biggest factor in this plan.”
It was uncertain when the bill would be signed. White House economic adviser Gary Cohn said the timing depended on whether automatic spending cuts triggered by the legislation could be waived.
The administration expects the waiver to be included in a spending resolution Congress will pass later this week, a White House official told reporters. Cohn told Fox News Channel on Wednesday night that Trump could sign the bill as soon as today if the resolution was passed by then.
“If not, most likely we’ll sign it in the first week of the new year,” Cohn said.
In addition to cutting the US corporate income tax rate, the debt-financed legislation gives other business owners a new 20 percent deduction on business income and reshapes how the government taxes multinational corporations along the lines that the country’s largest businesses have recommended for years.
Wall Street’s main indexes were little changed on Wednesday, taking a breather after a month-long rally ahead of the long-anticipated tax vote. The S&P 500 has climbed about 4.5 percent since mid-November, led by a rally in sectors such as transport, banks and others that are expected to benefit the most from lower taxes.
Under the bill, millions of Americans would stop itemizing deductions, putting tax breaks that incentivize home ownership and charitable donations out of their reach, but also making tax returns somewhat simpler and shorter.
The bill keeps the existing number of tax brackets but adjusts many of the rates and income levels for each one. The top tax rate for high earners is reduced. The estate tax on inheritances is changed so far fewer people will pay.
Once signed, taxpayers likely would see the first changes to their paycheck tax withholdings in February. Most households will not see the full effect of the tax plan on their income until they file their 2018 taxes in early 2019.
In two provisions added to secure needed Republican votes, the legislation also allows oil drilling in Alaska’s Arctic National Wildlife Refuge and removes a tax penalty under the Obamacare health law for Americans who do not obtain health insurance.
(Agencies)
Gregg Popovich was the coach nobody wanted.
It’s hard to fathom now, after five NBA championships as coach of the San Antonio Spurs and with him now alone in fifth place on the league’s all-time victory list.
But it’s true — Popovich’s decision to fire Bob Hill and make himself coach and general manager in December 1996 was horribly received at first, leaving even some of his own players baffled.
The San Antonio Express-News took a poll after that season and found that 92 percent of Spurs fans wanted Popovich fired.
As Popovich would suggest now (on politics, one of his favorite topics), sometimes voters get it wrong.“The pressure is always there for any coach,” Popovich said.
“You’ve got to get the job done. If you don’t, you’re not there. If you do get it done, you get to stay.”
He said those words in 1997. He was right.
Popovich now has 1,176 wins. He’s 34 away from No. 4 Pat Riley, 45 shy of No. 3 Jerry Sloan, and should catch both next season. He would need 156 to catch No. 2 Lenny Wilkens, and 159 to match No. 1 Don Nelson’s record of 1,335.
“Doesn’t mean anything, except I’ve had good players and I’ve been coaching for eons,” Popovich said.
On Tuesday, he was just as fooled initially as the referees and didn’t realize that Manu Ginobili’s overthrown pass had gone in the basket, the most bizarre bucket of San Antonio’s 100-91 victory over the New York Knicks.
“I did not, in all honestly. I did not,” Popovich said. “Then everybody started grabbing me and saying the ball went in. I said, ‘Yeah, the ball went in!’
I acted like I knew what was going on.”
He almost always does.
LaMarcus Aldridge scored 29 points and Kawhi Leonard had a season-high 25 for the Spurs. Ginobili finished with 12 points — three of them coming on what appeared to be a pass that went into the basket without everyone noticing.
“He makes magic happen,” Aldridge said. “He’s the only 40-year-old that can make plays like he does every night.”
The Spurs beat the Knicks for the second time in six days and won for the fourth time in five games.
Ginobili, the Argentine veteran who got some loud cheers as he often does while playing in New York, appeared to be attempting a lob pass from beyond the 3-point line to Aldridge, but the pass went over his head.
Michael Beasley grabbed it and began dribbling up the court as Ginobili and other Spurs waved frantically to the officials that the ball had actually gone into the basket.
“It went
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