House Democrats are expected to vote today on their latest tax proposal which will be considered as this striking amendment on the bill passed by the Senate Friday.
No surprise the House does not retain the sales tax increase backed by the Senate.
It is different in other ways from previous incarnations of revenue proposals discussed in the House.
A sales tax on cosmetic surgery appears to be gone as well as a sales tax on candy and gum. The excise tax on airplanes is still there though planes built before 1970 will be exempt.
Another change involves the ending of a tax exemption for banks on deducting interest earned from 1st mortgages. The cap is increased to $120 million, from $100 million,which is supposed to ensure that only national banks will be affected. The Senate continues to resist eliminating this exemption.
For those trying to keep track, attached is a side-by-side comparison of revenue proposals as of Friday morning – before the Senate vote and before the dropping of the House striker..