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LearnAndRecord 2022-07-26


A closer look at the GOP tax plans

CBS NEWS

Wall Street signaled its approval Monday of the tax cuts passed by the Republican-controlled Congress. The Dow[1] closed at a record high, with financial stocks leading the way. The president called the overhaul a Christmas gift. So, what's in it?


[1]the Dow: an index (= a system for comparing values) of the prices of shares in the 30 most important companies on the New York Stock Exchange 道琼斯平均指数


President Trump is closing in on his first major legislative victory. Now that the Senate and House have both passed GOP tax plans, the "yeas" are 227 and the "nays[2]" are 205. 


[2]yea or nay:yes or no 是或否

They have the power to hire and fire managers and say yea or nay to big investment projects.

他们有权聘用和解雇经理,批准或否决重大投资项目。


Both bills reduce individual rates across the board while roughly doubling the child tax credit and the standard deduction[3]. In exchange, both plans eliminate deductions for interest on student loans for state and local income taxes, and both plans cap[4] the property tax deduction at $10,000.


[3]the child tax credit 儿童税收抵免

standard deduction 工资免税标准/免税额;标准扣除额

[4]cap:to put a limit on the amount of money that can be charged or spent in connection with a particular activity 对(收费或花费)定限额,限制

High spending councils have all been (rate/charge) capped.

对开销高的委员会(在经费上)都规定了限度。


"We can reach an agreement quickly," Senate Majority Whip John Cornyn said.


GOP leaders predict it will take them about a week to iron out[5] key differences between the two bills. The House bill, for instance, eliminates the alternative minimum tax. The Senate bill does not.


[5]iron out:to remove problems or find solutions 消除;解决

We're still trying to iron out some problems with the computer system.

我们仍在试图解决计算机系统中的一些问题。


The House bill makes the new lower tax rates permanent while the Senate bill allows them to sunset in 2025, and House Republicans like that the Senate bill repeals[6] the individual health insurance mandate, which would allow the GOP to finally chip away at Obamacare.


[6]repeal:If a government repeals a law, it causes that law no longer to have any legal force. 废除,废止,撤销(法律)


But Democrats say Republicans are rushing and making mistakes.


"I want you to take a look at this folks, this is your government at work!" Sen. Jon Tester, D-Mont., said.


The bill that passed the Senate early Saturday had illegible changes scribbled in the margins.


"'Conversion for a corporation, something, C, corporation, dangerous?' That can't be right," said Sen. Elizabeth Warren, D-Massachusetts, as she tried to read the bill.


And while studies show the wealthy would be the biggest winners, Republicans insist all taxpayers would come out ahead.


"This is what this bill is about: take-home pay[7], more money for the American people," Kennedy said.


[7]take-home pay:the amount of earnings that you have left after tax, etc. (扣除税款等之后的)净薪,实发工资


Republicans do not have the luxury of focusing just on taxes, the government's funding is set to expire at the end of the week, which raises the specter of a government shutdown if the two parties cannot make even a short-term deal over military and domestic spending.


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