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. Now our corporate tax rate is higher than any other industrialized country, which helps explain why so many businesses have packed their bags and taken OUR jobs to other countries.
Itemized deductions: The bill repeals most itemized deductions while preserving tax breaks for charitable donations and disaster-area casualty losses. The Republicans who voted no were from New York, New Jersey, California and North Carolina according to reporting by the New York Times.
Alternative minimum tax: The alternative minimum tax (AMT), which was created to affect only the wealthiest taxpayers but has been a thorn in the side of millions of others, would be completely repealed. Americans deserve jobs, fair taxes, and bigger paychecks.
Individual tax brackets: The House bill reduces the number of tax brackets from seven to four, with a top rate of 39.6 percent. The tax, which is reduced from the current 35 percent tax rate, would be payable over eight years. The exemption for property taxes is still a point of contention, though. Additionally, the plan lowers the tax rate on small businesses to the lowest it has been since WWII.
In terms of capitalizing America's largest employers, $2 trillion would capitalize Walmart (1.3 million jobs), HomeDepot (340,000 jobs) General Electric (305,000 jobs), Kroger (443,000 jobs), IBM (380,300 jobs) more than twice over. "Our plan will help make American companies more competitive so we can create more jobs and increase wages in the United States rather than sending them overseas". "There is more work to do but I'm pleased with our progress to bring tax relief to the hardworking families in my district and across the country".
The House passed the Republican tax reform bill, H.R. 1, also known as the "Tax Cuts and Jobs Act", by a 227-205 vote, with numerous provisions that have met with both support and concern from the financial industry.Читайте также: George Clooney to star in and direct Catch 22 TV series
While in Delaware, Senator Tom Carper addressed the tax reform bill that is now making its way through congress.
"It's been 31 years since the last overhaul of the tax code", Latta said. The House bill has its own set of tax cut gimmicks, and ironing them out could prove problematic.При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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