Republicans reach in principle on sweeping 2018 tax overhaul
House and Senate Republicans announce an in principle agreement to cut the corporate tax rate to 21 percent in 2018 and lower the top individual rate to at least 37 percent. The plan would expand deductions and cap mortgage interest, with a projected $1 trillion added to the debt over 10 years while aiming to boost growth and wages. The deal awaits final approval by both chambers next week amid Democratic objections.
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Cuts will boost economy says SBA leader in Iowa
Iowa visit by SBA Administrator Linda McMahon centered on tax cuts and reinvestment by small firms. She noted bosses pursue growth through hiring and wage increases while expressing optimism for a GOP tax package. Governor Reynolds aims to simplify Iowa taxes and awaits federal action to guide state plans.
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Minnesota governor taps Lt. Gov. Tina Smith for Senate seat
Minnesota Governor Mark Dayton announced he will appoint Lt. Gov. Tina Smith to replace Sen. Al Franken and she plans to run in November to complete the term. Smith, 59, pledges to uphold a progressive legacy and move Minnesota forward from St. Paul amid Franken’s pending resignation and ongoing harassment allegations.
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