Republicans claim they’ve reached a deal on tax overhaul

Details on the agreement remain unclear

TRD New York /
Dec.December 13, 2017 03:05 PM

From left: House Majority Leader Kevin McCarthy, House Republican Conference Chair Cathy McMorris Rodgers, Speaker Paul Ryan, Rep. Darin LaHood and House Majority Whip Steve Scalise, conduct a news conference in the Capitol Visitor Center after a meeting of the Conference where they spoke about the tax bill (Credit: Getty Images)

House and Senate Republicans say they’ve agreed to a framework on a tax overhaul bill, which Congressional leaders said should be approved next week.

As of Tuesday night, House and Senate negotiators were considering limiting deductions for mortgage interest loans to $750,000, according to Bloomberg. The House version had previously suggested a $500,000 cap, down from the current $1 million.

Despite public claims that the agreement between House and Senate Republicans was a done deal, during a 2 p.m. meeting between Congressional Republican and Democrats, House Ways and Means Chairman Kevin Brady (R-TX) said the Republicans “continue moving closer” to a final bill, indicating that the announced agreement was not ready to close. This angered Democrats in the room, who asked what the point of meeting was since the final bill had not yet been completed and details had not been announced. Senator Bernie Sander called it “a farce.”

Brady said the committee expects to release its report for public review by the end of this week.

The House and Senate Republicans said they reached a compromise on Tuesday over the corporate tax rate — arriving at 21 percent. This represents a slight increase from the 20 percent considered in both versions of the bill, down from the current 35 percent rate.

The fate of other aspects of the bill — like the proposed elimination of deductions for state and local income taxes— remains unclear. The Real Deal reported on Wednesday that the National Association of Realtors is still pushing for key changes to the legislation. [NYT and Bloomberg] — Kathryn Brenzel & Will Parker


Related Articles

arrow_forward_ios
Paul Singer of Elliott Management (Getty; iStock)

Billionaire Paul Singer’s hedge fund dumps NYC for West Palm Beach

Billionaire Paul Singer’s hedge fund dumps NYC for West Palm Beach
New York City council member Margarate Chin, Mayor Bill de Blasio and council member Carlina Rivera (Getty; iStock)

Why the Soho rezoning will pass — and Gowanus, too

Why the Soho rezoning will pass — and Gowanus, too
Public Advocate Jumaane Williams (Getty; iStock)

“It’s compliance warfare”: Industry slams landlord accountability bills

“It’s compliance warfare”: Industry slams landlord accountability bills
Gov. Andrew Cuomo (Getty, iStock)

New York lost $755M in real estate tax revenue this year: REBNY

New York lost $755M in real estate tax revenue this year: REBNY
The Internal Revenue Service is going after foreign real estate investors as part of a broader sweep to collect revenues amid the pandemic.  (iStock)

“There’s a lot of money to be made”: IRS targets foreign real estate investors

“There’s a lot of money to be made”: IRS targets foreign real estate investors
Seven Springs in Westchester and Donald Trump (Getty; Trump Org)

Trump may throw in towel on Seven Springs

Trump may throw in towel on Seven Springs
City Comptroller Scott Stringer (Getty; iStock)

Real estate investments cost NYC pension funds $370M

Real estate investments cost NYC pension funds $370M
Manhattan District attorney Cyrus Vance Jr and President Donald Trump (Getty; iStock)

Manhattan DA can see Trump tax returns: judges

Manhattan DA can see Trump tax returns: judges
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...