Collins leads increased NY GOP support for tax bill

19 November, 2017, 02:51 | Author: Martin Tyler
  • Congresswoman Cathy Mc Morris visits with the Spokesman Review editorial board Friday Nov. 17 2017

Brady said he's confident the House bill would benefit small businesses and spark job growth, noting that the legislation allows for things like immediate expensing, which would allow business owners to write off the total cost of business expenses right away.

Job creators praised the bill for lowering corporate rates permanently and sharply, and for overhauling the global tax system. The Tax Cuts and Jobs Act provides needed relief to the middle-class families and small businesses that drive our economy.

The Tax Cuts and Jobs Act H.R. 1 is a good jobs creation measure, and a start on tax reform.

"It's been 31 years since the last overhaul of the tax code", Latta said.

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Lowering the corporate tax rate to 20%.

Tax rates: The current tax rate structure of seven brackets would be replaced by just four brackets of 12%, 25%, 35% and 39.6%.

Significantly increases the standard deduction to protect roughly double the amount of what you earn each year from taxes - from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.

Retains popular retirement savings options such as 401 (k) s and Individual Retirement Accounts so Americans can continue to save for their future.

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The bill passed 227-205; thirteen Republicans voted against the bill, and zero Democrats voted for it. "But, as I read it, there is no minimum rate for real business activity overseas".

On Wednesday, Brown pointed to a letter from Congressional Budget Office Director Keith Hall to members of Congress saying the GOP tax plan would cut $25 billion from Medicare. "We know it causes premiums to skyrocket". 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. In North Carolina, we can expect more than 27,000 new jobs as a result of this legislation. This tax plan is also expected to create almost 30,000 new jobs in Georgia alone, while raising the after-tax income for middle-class Georgia families by more than $2,300. "Our plan will also level the playing field internationally so we can bring back jobs and investment".

The House and Senate tax plans have much in common, but there are significant differences as well, any number of which could become flash points when the chambers seek to reconcile their versions of the legislation.

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