Tax Cut Bill, R&R ObamaCare & Sanctuary Cities

The Trump administration has come up with a tax cutting plan. The basics are as follows:

Cut the 7 income brackets to 3, thus creating 10%, 25% & 35% brackets.

Cut corporate and small business taxes from 35% to 15%

Create a one time 'tax holiday' to encourage companies to bring trillions of dollars back to the U.S.

Eliminate the alternative minimum and estate taxes

The plan would also double the standard deductions for married couples. In other words couples could take a deduction of $24K versus $12K

Last, the plan would eliminate all tax deductions with the exception of the following: mortgage interest, charitable giving and retirement savings.

If the Dems refuse to cooperate, the GOP may use the reconciliation process with a simple majority vote. This is not permanent however. But at least it would get the bill on the books with hopes that by doing so, the economy will take off and consequently keep the tax changes in place.

Will be interesting to see how it all pans out.

Meanwhile, it appears that the Freedom Caucus (ie conservatives),  the Tuesday Morning Group (moderate section of the GOP) and the POTUS may have come to an agreement in regards to R&R ObamaCare. A vote is expected as early as this Friday or Saturday.

Last, a 9th Circuit Judge has blocked an Executive Order by President Trump to withhold federal funding from Sanctuary cities. Attorney General Jeff Sessions stepped in and said the POTUS' EO was well within his power. But District Court Judge Orrick (Obama appointee) refuses to cooperate and issued a preliminary injunction for San Francisco and the County of Santa Clara.

Trump tweeted in response that he will take his fight re: Sanctuary Cities to the Supreme Court.

Stay tuned.