Published: Sun, November 19, 2017
Economy | By Melissa Porter

Industry reacts to passage of House tax bill

Industry reacts to passage of House tax bill

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.

Q: The House tax bill would make tuition waivers taxable.

The Tax Cuts and Jobs Act includes several pieces of legislation previously introduced by Sen.

A November 9 letter to House members by the chairmen of three U.S. Conference of Catholic Bishops' committees outlined what they called "many deficiencies" in the bill and that the bill places "new and unreasonable burdens on families". If the provision winds up in a final tax bill that passes, the ability to write off anything related to the donation would disappear. But there's a dire warning in this report about the way this would impact scholarships for athletes, and this feature is part of a tax bill that is broadly and wildly unfriendly to colleges and those who'd like to attend them, in addition to all us regular non-millionaires out here. "Just think of how much that's going to save for people who have to pay to have their taxes done because the code is so complicated".

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.

Sherrod Brown
			 					Rob Portman
		 					Bob Latta
Sherrod Brown Rob Portman Bob Latta

Through regular order and an open and transparent amendment process, the members of the Senate's tax-writing committee are also making real progress on a bill that's been years in the making, to fulfill our promise to the American people.
In neither analysis do the tax cuts pay for themselves.

"I'm not going to vote for this tax package", the second-term lawmaker said.

He welcomed expansion of the child tax credit and a provision that incentivizes paid family and medical leave, but called for that provision to continue beyond 2019, when the bill calls for it to end. For personal income tax, the current seven brackets are reduced to four, with rates of 12, 25, 35 and 39.6 percent.

- Raising taxes on low-income working poor families while targeting tax cuts for the highest earners. "Workable tax reform that can be signed into law is more important than flawless tax reform that can't be passed".

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