Tax Cut Act Passes Out Of Ways And Means Committee

Podcast: Tax reform and the Constitution

CNBC's Jacob Pramuk reports the House plan would permanently chop the corporate tax rate to 20 percent from 35 percent and make other tweaks aiming to make businesses more competitive.

Job creators praised the bill for lowering corporate rates permanently and sharply, and for overhauling the worldwide tax system. With this bill, a typical middle-income family of four earning $59,000 (the median household income) will receive a $1,182 tax cut.

"With today's vote, President Trump and House Republicans have seized this once-in-a-generation opportunity to reform our nation's tax code", said Collins."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". Additionally, the plan lowers the tax rate on small businesses to the lowest it has been since WWII.

Doubling the standard deduction for individuals from $6,300 to $12,600 and from $12,000 to $24,000 for married couples.

"I've been calling for tax reform since before I entered Congress, and today the House finally passed a bill that provides a much needed update to our tax code".

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Retains popular retirement savings options such as 401 (k) s and Individual Retirement Accounts so Americans can continue to save for their future. The Senate Finance Committee also passed a GOP-sponsored tax bill that differs somewhat from the House measure.

Pass-through rules: The House bill caps the tax rate for pass-through entities at 25 percent, while the Senate bill takes a different approach, providing a 17.4 percent deduction on pass-through income. "That means that every US corporation would have an incentive to keep profits overseas". Brown said this would result in a $16.4 billion loss in Medicaid funding to OH in 10 years. It's not even a tax cut. In North Carolina, we can expect more than 27,000 new jobs as a result of this legislation.

"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.

"This bill will also jumpstart job creation".

Bishop Dewane credited lawmakers for restoring the adoption tax credit, which was not included in earlier versions of the bill.

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