GOP Leaders Alter Tax Plan In Attempt to Secure Rubio’s Vote
December 15, 2017
GOP leaders expand child tax credit as Rubio threatens to oppose final tax bill; The FCC votes to repeal net neutrality rules; U.S. industrial production rose 0.2% in November.
- GOP leaders expand child tax credit as Rubio threatens to oppose final tax bill. Republicans pushed to win Marco Rubio’s support on Friday after the GOP senator threatened to oppose his party’s final tax bill. The Florida Republican said on Thursday that he wouldn’t support the bill unless GOP leaders expanded the child tax credit, increasing the portion of the credit that is refundable. Rep. Kristi Noem, R-S.D. told reporters on Friday that the GOP would increase the refundable part of the proposed $2,000 credit to $1,400 from $1,100. It is not clear that increasing the refundable portion to $1,400 is enough to win Rubio’s vote. [CNBC]
- The FCC votes to repeal net neutrality rules. The Federal Communications Commission (FCC) voted on Thursday to repeal the rules regulating the businesses that connect consumers to the internet, giving broadband companies more power. The agency dismantled the so-called net neutrality regulations that prohibited broadband providers from blocking websites or charging for higher-quality service or certain content. The federal government will also no longer regulate high-speed Internet delivery as if it were a utility. The repeal reversed the agency’s 2015 decision during the Obama administration to have stronger oversight over broadband providers, reflecting the view of the Trump administration and the new F.C.C. chairman that unregulated business will yield innovation and help the economy. [NYTimes]
Economic Indicators & News
- U.S. industrial production rose 0.2% in November. U.S. industrial production increased by 0.2 percent in November due to a rebound in extracting oil and natural gas after extraction halted due to Hurricane Nate. The Federal Reserve on Friday reported that mining activity grew 2 percent last month, while manufacturing activity increased 0.2 percent. The production of machinery and primary metals contributed to gains in the factory sector. Overall growth for industrial output largely came from restarting oil and natural gas drilling. Along with increased mining activity, factories are using more of their capacity and hiring more employees. Manufacturers have added 189,000 jobs over the past year. [CNBC]