Nov 15, 2017

Updated Senate tax bill ends individual tax cuts in 2026, keeps lower corporate rate

An updated version of the tax bill was released. Photo: J. Scott Applewhite/AP

Senate Finance Committee Chairman Orrin Hatch released the revisions to the Senate tax plan tonight. The new version sunsets most of the individual tax provisions after 2025, but makes the lower corporate tax rate permanent. It also repeals the Affordable Care Act's individual mandate.

What we're watching: Whether ending individual tax cuts — as well as repealing the individual mandate — while keeping the lower corporate rate sinks the bill. Making the rates temporary was done to make the bill comply with Senate budget rules for the process the GOP is using to pass the bill.

What else is in the new bill:

  • Increase of the child tax credit from $1,000 under current law to $2,000 (was $1,650 in old version of the bill), until 2026.
  • Slightly lowers some of the individual tax rates for middle-class brackets compared to the earlier version.
  • Modifies the rules surrounding the new deduction for pass-through taxation.

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Assault weapons ban dies in Virginia Senate despite Democratic control

Gun-rights ralliers at a protest outside the Virginia Capitol Building in January. Photo ROBERTO SCHMIDT/AFP via Getty Images.

An assault weapons ban died in the Virginia Senate Judiciary Committee on Monday despite a Democratic majority in the assembly, the Washington Post reports.

Why it matters: Democrats flipped the Virginia House and Senate last year after campaigning hard on gun control. The assault weapons bill would have banned future transfers and sales of all assault weapons in the state.

What we know: Deadly Storm Dennis whips at England, Wales and Ireland

Photo: OLI SCARFF/AFP via Getty Images.

At least two deaths are being attributed to Storm Dennis on Monday as it continues to strike at parts of England, Wales and Ireland, per AccuWeather.

The big picture: Dennis is the second-strongest nontropical storm ever recorded in the North Atlantic Ocean. Its hurricane-force winds and heavy rains have caused widespread flooding across the United Kingdom. The army has been deployed in the U.K. to help with flood relief.

Go deeperArrow26 mins ago - Science

Coronavirus cases rise as 14 American evacuees infected

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's NHC; Note: China refers to mainland China and the Diamond Princess is the cruise ship offshore Yokohama, Japan. Map: Danielle Alberti/Axios

14 Americans evacuated from the Diamond Princess cruise ship tested positive for the novel coronavirus before being flown in a "specialist containment" on a plane repatriating U.S. citizens back home, the U.S. government said early Monday.

The big picture: COVID-19 has now killed at least 1,775 people and infected more than 70,000 others. Most cases and all but five of the deaths have occurred in mainland China.

Go deeperArrowUpdated 3 hours ago - Health