Republicans introduce new version of tax bill with an eye toward speedy passage

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House Republicans introduced new end-of-year tax legislation Monday to reform retirement savings, delay Obamacare-related taxes, and provide technical corrections to the tax overhaul President Trump signed last year.

The bill also provides tax benefits related to natural disasters, including last month’s wildfires in California, and provisions to reform the Internal Revenue Service — which initially looked to be dropped.

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The bill would now loosen rules prohibiting religious nonprofit organizations from direct involvement in politics, and expand 529 college savings plans to apply for apprenticeships — two items aimed at increasing Republican support.

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The bill also would delay several Obamacare taxes that have previously been postponed, thanks to opposition from both parties. It would delay Obamacare's implementation of the medical device tax, a 2.3 percent tax on the industry, until 2025. Currently it is set to go into effect in 2020.

It would also suspend the "Cadillac tax" on high-cost health insurance plans through 2022, moving the date it was supposed to take effect back by another year. Another tax on health insurance would be delayed by another two years, until 2022. The GOP bill would also repeal a tax on tanning salons.

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