Area legislators weigh in on tax reform

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Corporates taxes: Both bills reduce the top business tax rate from 35 percent to 20 percent, although the Senate version delays the change for a year. Americans deserve jobs, fair taxes, and bigger paychecks. With this bill, a typical middle-income family of four earning $59,000 (the median household income) will receive a $1,182 tax cut.

The US House of Representatives on Thursday passed a bill to reform the US tax code by a vote of 227 to 205, with all Democrats voting against it and all but 13 Republicans voting for it.

Much of the coverage of the tax plans has centered on how they are likely to impact individuals and businesses, and which groups will be helped and hurt.

"We will continue to strengthen this legislation and, working with the Senate, we will put tax reform on the President's desk by the end of the year for the first time in 31 years." .

Standard deduction: The bill essentially doubles the standard deduction from $6,350 to $12,200 for single filers and from $12,700 to $24,400 for joint filers. The Tax Cuts and Jobs Act, now under consideration in the Senate Finance Committee, lowers taxes for families in every income group.

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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.

Prevents American jobs, headquarters, and research from moving overseas by eliminating incentives that now reward companies for shifting jobs, profits, and manufacturing plants abroad. "It also forces direct cuts to Medicare".

"I am proud to support the Tax Cuts and Jobs Act passed by the House today". This tax plan is also expected to create almost 30,000 new jobs in Georgia alone, while raising the after-tax income for middle-class Georgia families by more than $2,300. In North Carolina, we can expect more than 27,000 new jobs as a result of this legislation.

"This bill will also jumpstart job creation".

Several Portman amendments were included in the Senate bill, including his Stop Taxing Death and Disability Act, which eliminates a tax penalty for student loans forgiven for families after the death of their child, the Craft Beverage Modernization and Tax Reform Act, which would provide excise tax relief to the craft beer industry and an amendment to protect the ability of small businesses to employ nonqualified deferred compensation programs for employees and retirees, helping employees save better for retirement.

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