You've got frat brothers and frat sisters at your house, but what if they don't get along?If you're having a party, you might be tempted to do something fratty to bring them all together.We have a list of things to do with your friends that you can do with a party-worthy party.Here are some of the most popular frat parties.Party Time: A Frat Party for the Young, Party for Men and Boys party: a par...
By Scott Olson, Associated PressThe Republican tax overhaul has not been well received by the public.
The bill would cut taxes for businesses, while raising taxes on the middle class.
And its effect on the deficit is unclear, with some Republicans calling it a giveaway to the rich.
The White House says the Republican tax plan is working.
But the nonpartisan Congressional Budget Office says the plan would reduce federal revenue by $1.8 trillion over the next decade.
The CBO says about $1 trillion of that will be due to businesses.
Some Republican senators have already called for the House to pass its own version of the tax overhaul, or the Tax Cuts and Jobs Act.
The Senate has not taken up either proposal.
What you need the latest on the new House tax bill:Here’s what you need now:What’s the Senate tax bill?
The Senate bill includes several changes to tax law that are significant.
The bill would repeal the estate tax, or a tax on estates worth more than $5.45 million.
That’s an effective tax rate of 33.5 percent.
It also reduces the rate on interest and dividends, which would save $500 billion over the coming decade.
But Republicans in Congress say the tax cuts are more than enough to pay for the tax reductions.
They also want to keep deductions for mortgage interest and charitable donations.
They want to extend the child tax credit, and eliminate a deduction for state and local taxes.
The Senate GOP bill would also make permanent the individual tax cuts, which were enacted in the Bush tax cuts and are being extended by President Donald Trump.
It also provides a $10,000 child tax deduction for the first child of every married couple, with the amount increasing each child’s tax credit by $10.
For individuals, the bill includes a doubling of the child credit to $2,000 for individuals.
The child tax cut is also doubled to $1,000.
For married couples filing jointly, the plan extends the child and spouse tax cuts for the next 10 years.
The House bill also includes a child tax relief increase to $4,000, but that’s phased out in 2019.
It would increase the credit to a maximum of $12,000 after that.
The top tax rate on high earners is currently 39.6 percent, but the Senate plan would repeal that and reduce the rate to 35 percent.
Republicans are also seeking to repeal the deduction for employer-provided health insurance and the deduction that the rich can claim on their taxes.
They are also looking to extend a tax credit to help those struggling with medical expenses, which can be a significant source of income for lower-income families.
What’s a repeal?
The House proposal to repeal Obamacare would repeal Obamacare’s individual mandate, which requires Americans to have health insurance or pay a fine.
It’s a key component of President Donald J. Trump’s health care law, which has been repeatedly called an economic tax cut by some Republicans.
The tax bill does not propose a replacement.
The Congressional Budget Center says the repeal of the individual mandate would reduce the number of uninsured by about 10 million people, but it would also result in lower economic growth.
It estimates that repealing the mandate would cost $1 billion to $3 billion over a decade, though this is a rough estimate because the CBO did not collect this data.
The GOP bill also would repeal a number of tax breaks that are important to the middle-class.
The top tax cut, which applies only to couples, is a reduction in the tax rates for couples making more than 300,000 dollars a year.
This is an important benefit because it reduces the number that can deduct state and federal taxes.
The repeal of this tax break also reduces some of the estate taxes, which are a source of major income for many middle-income households.
For some families, the top tax break is a $5,000 credit for the child.
The House proposal would eliminate the credit.
In the Senate, the repeal would eliminate a tax break for a tax-exempt nonprofit, the American Taxpayer Relief Act, or ATCRA, which helps low-income people pay for college and retirement.
The nonpartisan Congressional Research Service estimates the ATCRRA tax break would raise $1 million to $7 million a year, though that estimate does not include the cost of the repeal.
This article tagged under: GOP,Senate,tax,tax reform