Tax cut would benefit average Americans

19 November, 2017, 02:52 | Author: Franklin Nunez
  • Congresswoman Cathy Mc Morris visits with the Spokesman Review editorial board Friday Nov. 17 2017

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

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Lowers the corporate tax rate to 20% - down from 35%, which today is the highest in the industrialized world - the largest reduction in the US corporate tax rate in our nation's history.

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Continues to allow people to write off the cost of state and local property taxes up to $10,000. The exemption for property taxes is still a point of contention, though.

The Senate Plan is moving very quickly and is expected to proceed on a schedule roughly one week behind that of the House Plan.

The act would almost double the standard deduction to around $12,000 for individuals and about $24,000 for married couples - reducing incentives for charitable donations.

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In a statement November 17, Bishop Dewane cited findings by the nonpartisan congressional Joint Committee on Taxation that show the bill's raising of taxes on the working poor beginning in 2023 while giving simultaneous tax cuts to the highest-income Americans is problematic.

Family tax credit: The new legislation would create a new $300 nonrefundable tax credit for each taxpayer as well as any non-child dependent such as an older child or an elderly relative. The tax reform legislation passed today reduces the corporate tax rate and encourages businesses to bring their companies back to America. The Senate bill keeps the seven brackets while tweaking the levels, with a top rate of 38.5 percent. Ending the "death tax" is an article of faith for many conservatives, but doing so creates both fiscal and political problems. The deduction for mortgage interest would be reduced to cover $500,000 of acquisition debt, down from $1 million, but interest deductions for existing loans would be grandfathered.

"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.

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Randy Hultgren of Plano showed support for the bill, stating in a press release "this bill provides tax cuts for the middle class, low-income Americans and US businesses of all sizes-from home builders, to contractors, to farmers and small businesses in IL". 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.

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