Job Creation First, Tax Reform Second In House Tax Bill

Job Creation First, Tax Reform Second In House Tax Bill

Job Creation First, Tax Reform Second In House Tax Bill

Although the media calls it the Trump tax reform bill it is only partially representative of President Trump's tax reform goals.

That's when the rubber meets the road as House and Senate negotiators have to agree on a final version that both houses can pass. Our plan lowers tax rates for working-class Americans to four simple rates of 0 percent, 12 percent, 25 percent, and 35 percent while maintaining the current 39.6 percent for the highest 1 percent of taxpayers. However, the newly passed bill still undermines wind development by implementing a retroactive change to qualification rules for the tax credits, says AWEA.

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. As Congress moves forward with negotiations, I encourage community members to join me in asking Congressman Doug LaMalfa to consider the impact on those caring for the almost 5,000 people in Butte County who may very well rely on the medical tax deduction.

"We are on the precipice of passing a fairer, flatter, simpler, more competitive tax code, one built for three percent-plus economic growth", said Rep. Jeb Hensarling, Chairman of the House Financial Services Committee, and a longtime advocate of a profit repatriation tax incentive.

Carper explained that he believes the bill is unfair because the corporate tax cuts in the bill are permanent and tax cuts for middle income families are not.

"It's a shameful piece of legislation, and the Republicans should know better", House Democratic leader Nancy Pelosi told members of Congress before the vote.

"For middle-class families, premium increases are the same thing as tax increases".

Preserving the Child and Dependent Care Tax Credit to help families care for their children and older dependents such as a disabled grandparent who may need additional support.

Continues the deduction for charitable contributions for Americans who donate so people can continue to donate to their local church, charity, or community organization.

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

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

Modernizes our international tax system so America's global businesses will no longer be held back by an outdated "worldwide" tax system that results in double taxation for many of our nation's job creators.

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