Senate GOP Releases Own Version of Tax Legislation
November 10, 2017
Senate GOP takes different approach to tax reform than House; Trump Administration taking steps to crack down on opioid trafficking; Consumer sentiment reaches 97.8 in November compared to 100.9 estimate.
- Senate GOP takes different approach to tax reform than House. Senate Republicans released their own version of tax-reform legislation on Thursday, breaking with President Trump by offering a one-year delay to the corporate tax cut and with House Republicans by repealing a deduction for state and local taxes. The Senate bill also maintains the estate tax in addition to popular tax credits and deductions for adoption, medical expenses, teacher expenses and graduate school. The Senate Finance Committee unveiled details of the bill to Republican senators during a special morning meeting. The differences may result in difficult conference negotiation between the House and Senate later in the year. [The Hill]
- Trump Administration taking steps to crack down on opioid trafficking. The Trump administration is making it easier to prosecute traffickers of potent synthetic opioids. The Drug Enforcement Administration (DEA) intends to temporarily schedule all fentanyl-related substances on an emergency basis, according to the Justice Department on Thursday. That classification will let prosecutors to charge people trafficking substances similar to fentanyl with the same charges as fentanyl, which is up to 50 times more potent than heroin. Overseas chemical manufacturers are altering the chemical structure of fentanyl sent to the United States to evade the Controlled Substances Act, making it harder for prosecutors to convict drug traffickers. The temporary scheduling can last up to two years, with possibility of a one-year extension. It goes into effect no sooner than 30 days after the DEA publishes a notice of intent in the Federal Register. [The Hill]
- Consumer sentiment reaches 97.8 in November compared to 100.9 estimate. The University of Michigan’s index of consumer attitudes fell to 97.8 in November, below an estimate among Reuters economists of no change from the 100.7 level at the end of October. The consumer sentiment measure rose to 101.1 on October 13 – the highest level since 2004 – and has since been consistently deflating. Though consumer sentiment decreased nearly 3 percent in November, it still remains above the 2017 average of 96.8. [CNBC]