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Tax cut bill: Corporate Christmas, New Year wish come true

Lisa Murkowski, R-Alaska. Without her, the Senate margin would have been ... Then there’s the real big goody for private real estate investors Lawmakers put it in during negotiations over the final version of HR1. International Business Times reported ...

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And the bill taxes college and university endowments for institutions with at least 500 students and endowment assets worth at least $500,000 per studentNot surprisingly, elite and selective institutions are most of the 35 that must pay the 1.4 percent tax on endowment income, leaving less for their studentsThey include four Ivy League schools (Harvard, Yale, Princeton and Dartmouth), plus others in that class such as the University of Chicago, Bryn Mawr, Stanford and the Massachusetts Institute of TechnologyNotre Dame is on the list, too. And Puerto Rico, hit hard by two hurricanes, with a pre-hurricane jobless rate in double digits and hemorrhaging people – it lost 100,000 in the 12 months before the storms hit and thousands more since then – would get clobbered by the tax bill, too. Business and government leaders explain HR1 treats Puerto Rico, whose 3.3 million people are U.Scitizens, as a foreign country, and imposes a 20 percent excise tax on goods produced by U.S.-based multinationals and shipped from there to the mainland. But there are two pieces of positive “social engineering,” though, in the legislation: Employers will now get a credit, starting at 12.5 percent of wages paid, if they have a paid family leave programAnd now people who get alimony must pay taxes on itUnder the new bill, the alimony payers are taxed. In addition, one favorite right-wing cause – more social engineering – got knocked out: Trump Education Secretary Betsy DeVos’ scheme to extend tuition savings accounts. Parents can now set aside the money tax-free to save for college tuition for their kidsDeVos and radical right-wing SenTed Cruz, R-Texas, wanted to let them use the accounts to pay “private or religious elementary and secondary school expenses,” tooBut that provision broke the special Senate rules which let Majority Leader Mitch McConnell, R-Ky., jam the tax cut bill through with the bare 51-vote majority, so the Republicans had to dump it.     Tags: corporations GOP offshoring Oil Puerto Rico tax cuts for the rich Trump ultra-right He is also the editor of Press Associates Inc(PAI), a union news service in Washington, D.Cthat he has headed since 1999Previously, he worked as Washington correspondent for the Ottaway News Service, as Port Jervis bureau chief for the Middletown, NY Times Herald Record, and as a researcher and writer for Congressional QuarterlyMark obtained his BA in public policy from the University of Chicago and worked as the University of Chicago correspondent for the Chicago Daily News. RELATED ARTICLES Unions: Workers will remember Trump tax deal in November Get ready to hit the streets—Trump’s crimes may require it Action planned in 600 cities to stop Trump attack on democracy Comments comments MOST POPULAR Action planned in 600 cities to stop Trump attack on democracy AFL-CIO calls for a break with “lesser of two evils” politics Big changes in the Catholic liturgy Support progressive, working-class journalismDonate to People's World or become a sustainer today. Donate GET PEOPLE'S WORLD UPDATES Signup News Views About People’s World Contact Political Affairs Archive Mundo Popular Archive

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