May 23, 2018

Senate Tax Reform Bill, Including Cornyn Priorities, Passes Committee

19 November 2017, 12:57 | Kenneth Drake

Collins leads increased NY GOP support for tax bill

Podcast: Tax reform and the Constitution

House Majority Whip Steve Scalise says too many companies are moving overseas to do business because it's too expensive in the U.S. He adds this legislation will make it easier for everyday Americans to do their own taxes. Many in political circles believed the deduction was unfair because the donation included the rights to get season tickets, which is something of significant value.

For businesses, the bill calls for a reduction of the corporate tax rate from the current rate of 35 percent to 20 percent and allows for increased expensing of the costs of certain properties.

Doubling of the standard deduction, the expanded child tax credit - 46,000 families in Eastern Washington take advantage of that. As such, if this tax reform bill passes both houses of Congress, lawmakers should consider keeping in place the existing rules created to spur beneficial public projects.

His office's projections for a family of four in Genesee County with the average family household income, average home value, an estimated mortgage interest of 4 percent would save an average of $1,637.50 annually under the plan.

Randy Hultgren of Plano showed support for the bill, stating in a press release "this bill provides tax cuts for the middle class, low-income Americans and USA businesses of all sizes-from home builders, to contractors, to farmers and small businesses in IL". A study by the Tax Foundation found that these reforms would result in putting nearly 1 million new jobs and almost 2 trillion hard-earned dollars back in the pockets of Americans across the country. "So 9 out of 10 of my constituents should be able to file their taxes on a post card".

If the Senate bill passes, and that is not a foregone conclusion, the two bills will be married together into a new bill, and the House and Senate will vote on it again.

President Donald Trump has made passing an overhaul of the federal tax code a goal for his first year in office and, in a tweet, praised the House's passage of the bill. This is one of the issues that's expected to be addressed in conference committee with a goal of making both individual and corporate tax cuts permanent.

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