19 November, 2017
The legislation passed by the House today lowers tax rates, collapses tax brackets, increases the child tax credit and doubles the standard deduction, which will allow families to keep more of their paychecks.
Currently, the United States has the highest corporate tax rate in the world.
The votes of Rep. Chris Collins, R-Clarence, and Rep. Tom Reed, R-Corning, were less essential as other upstate Republicans added their votes to a house tax bill passed Thursday. The Republicans who voted no were from New York, New Jersey, California and North Carolina according to reporting by the New York Times. He also says that the lion's share of the cuts are going to the top one percent.
The effort is aimed at preventing companies from shifting profits abroad and encouraging the repatriation of profits earned overseas.
Sen. Susan Collins, R-Maine, who has voted with Democrats against repealing Obamacare, is reportedly having a more hard time coming to a "yes" vote on the Senate Republicans' tax reform plan since McConnell announced Tuesday that a repeal of Obamacare's individual health insurance mandate would be added to the Senate version of the tax bill.More news: Twitter doubles character limit to 280 for (nearly) everyone
Lowering the corporate tax rate to 20%.
$2 trillion is a staggering sum in relationship to the main economic drivers of the American economy - small business - and in terms of big business it is also huge - it is nearly the market value of Apple, Microsoft and Google combined. On average, it would end up saving the typical household roughly $4,000 per year.
He went on to say this will not help grow the economy, it could make the 70,000-page code longer, and increase the debt in the process.
The U.S. House of Representatives voted 227-205 to pass the Tax Cuts and Jobs Act, which will cause major changes to tax rates for individuals and businesses. 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.
For months now, tax relief and tax reform have been front and center in Congress, and this week, we moved it one step closer toward the finish line.