Published: Mon, November 20, 2017
Global Media | By Abel Hampton

US House of Representatives approves tax package

US House of Representatives approves tax package

At the same time, under this legislation, nine out of 10 families will be able to file their taxes on a form the size of a postcard.

But there is question if a tax proposal could make it even that far. Among them, the bill would limit state and local deductions and the mortgage interest deduction, eliminate the personal exemption and almost double the standard deduction.

Republicans can lose no more than two Senate votes. The Republicans who voted no were from New York, New Jersey, California and North Carolina according to reporting by the New York Times.

Although crediting the Senate bill for keeping tax benefits that the House bill eliminates, Bishop Dewane expressed concern about the Congressional Budget Office projection that the tax cut plan will add $1.5 trillion to the deficit over the next decade. This will eliminate incentives for American companies to shift jobs, manufacturing plants and profits overseas.

In a release, Latta's office pointed to assessments by the Tax Foundation that this bill would create more than 33,000 full-time jobs in OH and create a small-business tax rate of 25 percent, helping small businesses grow.

Bill Flores of Bryan represents District 17 in the U.S. House of Representatives. To help start-ups and small businesses grow, we reduce the tax rate to no higher than 25 percent for these prolific job creators - the lowest tax rate on small business income since World War II. Retail is the nation's largest private-sector employer, supporting one in four - 42 million working Americans.

Hardworking American families deserve a tax code that is fair and simple while allowing them to keep more of their money to save for the future, educate their children and feel economically secure.

In a statement, the White House called the passage of the measure "a big step toward fulfilling our promise to deliver historic tax cuts for the American people by the end of the year".

"Today we seized the opportunity of a lifetime to shed the status quo and transform our tax code to work for middle-income families and small businesses", said Chairman Roskam. The Tax Cuts and Jobs Act provides needed relief to the middle-class families and small businesses that drive our economy. Its greatest defect is the one that prompted Congressman Walter B. Jones (NC-3), a leading fiscal conservative to reluctantly vote against it - it does not include spending cuts along with the tax cuts.

Senate Republican tax writers made the risky decision to tie their plan to a repeal of the mandate for people to get healthcare insurance under former President Barack Obama's Affordable Care Act, exposing the tax initiative to the same political forces that wrecked their anti-Obamacare push earlier this year.

Like this: