A Detailed Look at Tax Reform Changes to Deductions and Credits

19 November, 2017, 02:49 | Author: Barbara Daniel
  • President Donald Trump hailed the vote to overhaul the US tax system which helped fuel a rally in global marketsMore

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. Americans deserve jobs, fair taxes, and bigger paychecks.

"I'm proud to support this bill and President Trump in his bold efforts to tackle tax reform to a degree in which we haven't seen since Ronald Reagan was President in 1986".

The US House of Representatives on Thursday passed a bill to reform the US tax code by a vote of 227 to 205, with all Democrats voting against it and all but 13 Republicans voting for it.

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

The estimated savings varies by county - higher in Livingston and lower in Wyoming and Orleans - because of how the bill removes some federal deductions for state and local property tax deductions.

Property tax deduction: The Senate bill eliminates the property tax deduction, while the House version maintains it with a cap of $10,000.

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. The Senate bill keeps the seven brackets while tweaking the levels, with a top rate of 38.5 percent. Scott sits on the Senate Finance Committee, which continues their markup on the Senate tax reform plan today.

"The Senate must act decisively to avoid the deficiencies in the House legislation and craft a final bill that affirms life, cares for the poor and ensures national tax policy aimed at the common good", the bishop said. "But, as I read it, there is no minimum rate for real business activity overseas". Brown said this would result in a $16.4 billion loss in Medicaid funding to OH in 10 years. But the story doesn't end there. In North Carolina, we can expect more than 27,000 new jobs as a result of this legislation.

The Tax Cuts and Jobs Act will deliver tax relief to families in every Congressional district across the country. "Since this plan was introduced, I have crunched the numbers and know that this bill will allow families in Western New York and the Finger Lakes to keep more of what they earn, while unleashing America's competitiveness to bring jobs and profits back home, where they belong".

"This bill will also jumpstart job creation".

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