Hice: One step closer to tax reform, relief

Hice: One step closer to tax reform, relief

"For far too long, New Yorkers have been saddled with one of the highest tax burdens in the country".

"Although the bill may be amended as it makes its way through the House and Senate, we must keep tax cuts moving forward for the American people".

"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.

"I want to congratulate my colleagues in the House for taking another step towards tax relief for hardworking American families", Scott said. "This new tax code is forward leaning and created to make our economy boom again".

"I am proud to support the Tax Cuts and Jobs Act passed by the House today".

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".

"Under our plan, a median income OH family will save $2,375 annually on their tax bill that they can instead use for gas or groceries, a auto payment, retirement, college savings, or a family vacation", he said.

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The bill would almost double the standard deduction, from $6,350 to $12,000 for individuals and from $12,700 to $24,000 for married couples. It would reduce individual tax brackets to four from seven and make changes to several tax breaks.

Streamlines higher education benefits to help families save for and better afford college tuition and other education expenses.

- Omission of the "above-the-line" charitable deduction, which could result in up to $13 billion in lost charitable contributions annually.

Continues to allow people to write off the cost of state and local property taxes up to $10,000. Individual Retirement Accounts and 401 (k) plans would also retain their tax-exempt status.

Corporate tax rates: One of the main tent poles in the new legislation is a reduction in the top corporate tax rate from 35% to 20%. Ending the "death tax" is an article of faith for many conservatives, but doing so creates both fiscal and political problems.

Preserves the Research & Development Tax Credit - encouraging our businesses and workers to develop cutting-edge "Made in America" products and services. "And in that time, our tax system has become complicated, confusing, and unfair. That means that every USA corporation would have an incentive to keep profits overseas".

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