taxes

Corker gets requested revision and votes for Senate GOP tax bill; Alexander involved with Obamacare deal

The Senate Budget Committee voted to advance the GOP tax reform bill on Tuesday on a party-line vote, with both Sens. Bob Corker (R-Tenn.) and Ron Johnson (R-Wis.) backing the measure a day after threatening to withhold their support, reports Politico.  That critical vote came after President Donald Trump came to Capitol Hill to rally the troops in the tax battle.

Johnson voted for the tax bill after a back-and-forth with Trump during the lunch, according to multiple sources, over the Wisconsin Republican’s main concern: that the proposal currently gives more benefits to corporations than to businesses that pay taxes through the individual system.

… Corker, one of the fiscal hawks concerned about the deficit impact of tax cuts, said he was satisfied with details for a “trigger” to reverse tax cuts if economic growth fell short of projections in years to come. He expects details to be released Thursday.

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Corker seeks inclusion of ‘backstop’ in Senate tax overhaul; otherwise ‘very possible’ he’ll vote no

U.S. Senate Republican leaders are considering last-minute changes in federal tax overhaul legislation, including a provision pushed by Tennessee’s Bob Corker that could eliminate some tax cuts if the new law winds up adding more to the federal deficit than projected, reports Politico.

Two critical Republican swing votes, Ron Johnson of Wisconsin and Bob Corker of Tennessee, on Monday left open the possibility that they could vote against the tax plan in a key committee vote scheduled for Tuesday if changes weren’t made to their liking. That would tank the bill before it could reach the floor, putting more pressure on leadership to quickly make revisions.

…A handful of deficit hawks — including Corker and Sens. Jeff Flake of Arizona and James Lankford of Oklahoma — are discussing a trigger mechanism that would kick in and potentially change tax rates if the economic growth needed to defray the cost of the tax overhaul doesn’t materialize.

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Black, Harwell and Fitzhugh release income tax info; other gubernatorial candidates refuse

Four of the seven major candidates for Tennessee governor have turned down a Tennessean request to make public details of their federal income tax returns.

U.S. Rep. Diane Black and fellow Republican state House Speaker Beth Harwell provided financial summaries. Of the other Republican candidates Mae Beavers, Randy Boyd and Bill Lee declined – though Boyd indicated he may reconsider in the future.

On the Democrat side, House Minority Leader Craig Fitzhugh released a copy of his 2016 return and former Nashville Mayor Karl Dean declined the request, though indicating he may reconsider later.

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Poll finds Tennesseans skeptical of Senate Republican tax plan

Excerpt from a Hart Research Associates polling memo on a Nov. 17-9, 2017 survey of 400 registered voters in Tennessee, with a margin of error of ±five percentage points, asking their sentiments on the tax plan now pending in the U.S. Senate.  It was apparently commissioned by Americans for Fair Taxation, a non-profit organization of multiple groups – including labor unions and others generally oriented toward Democrats.

-Just 30% of Tennessee voters currently approve of the Republican tax plan, while nearly half (47%) disapprove. Significantly, strong sentiment on the issue is even more lopsided, with more than twice as many voters strongly disapproving (28%) as strongly approving (13%).

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Three TN colleges would face new federal endowment tax under U.S. House GOP proposal

Three institutions in Tennessee – Vanderbilt University in Nashville, the University of the South at Sewanee and Rhodes College of Memphis – would see their endowments subject to a new federal tax under the tax code rewrite proposed by U.S. House Republicans last week, according to the Chronicle of Higher Education.

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Alexander and Corker on Trump and pending tax overhaul

Congressional Republicans involved in crafting a federal tax overhaul are bracing for President Trump to potentially disturb their negotiations at any moment, as he has done throughout his nine months in office and this week on a bipartisan Senate agreement to shore up Obamacare insurance markets, reports Politico.

“Sure, it’s going to come,” said Sen. Bob Corker (R-Tenn.), who’s been the target of his share of tweets from the president.

Sen. Lamar Alexander (R-Tenn.), who brokered the health agreement that Trump has shifted between criticizing and praising, added that he had already told the president that his staying on track on tax reform could be key to getting a landmark achievement.

“If the president of the United States focuses on one thing, with everything he’s got, for as long it takes, he can usually get what he wants,” Alexander said.

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$2.5B in annual TN business subsidies, outcomes often unknown

Tennessee state and local governments provide more than $2.5 billion in subsidies such as grants, tax breaks and tax credits to businesses each year, but there’s often little public information provided on whether the taxpayer money is working to produce promised jobs.

That’s the bottom line of reporting by the state’s four largest newspapers  — The Tennessean, The Commercial Appeal, Knoxville News Sentinel and (Chattanooga) Times Free Press — published this weekend.

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Wheel tax referendum fell short on valid signatures in Hawkins County

A petition drive seeking a special election to consider repeal a recent $40-per-vehicle increase in the Hawkins County wheel tax fell 127 signatures short of the number required, according to the Rogersville Review. Indeed, county Election Administrator Donna Sharp says there were more invalid signatures than valid. Advocates needed 1,095 valid signatures.

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Petitions filed to hold vote on Hawkins County wheel tax increase

Petitions were submitted Monday calling for a referendum on whether a $40-per-vehicle wheel tax approved by the Hawkins County Commission will stand, reports the Rogersville Review.

The Commission had rejected the increase in a initial vote earlier this year, but then approved it after Jason Mumpower, deputy state comptroller, warned the officials that failure to enact a balanced county budget by July 1 would mean a state takeover of county finances.

Hawkins County Elections Administrator Donna Sharp says that, if the petitions contain enough valid signatures, a special election will be scheduled within 90 days at a cost of $70,000 or so.

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Corker criticizes investment tax cut in GOP health care bill

Sen. Bob Corker has drawn national media attention with criticism of the Senate Republican health care bill for cutting taxes on the wealthy while reducing benefits for the poor. But  the Tennessee Republican tells the Times Free Press that he thinks Republican leaders are agreeable to removing the $372 billion investment tax break.

“It’s been an issue for some time, and I just don’t think it’s sustainable to look at lowering taxes on the wealthy and at the same time placing a greater burden on low-income citizens that are on the exchange,” the former Chattanooga mayor said in an interview. “I feel it’s going to be resolved, and I think that will be a very good step forward.”

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