The House Tax Bill, which represents a $1.5 trillion cut, passed 227-205 on Thursday.
Included in the changes are corporate tax rates that would fall from 35 percent to 20 percent.
The House Republican tax plan, released November 2 by Brady, R-Texas; Ryan, R-Wis.; and other GOP members, condenses the current seven tax brackets to three, almost doubles the standard deduction, and caps the amount taxpayers can write off in state taxes at $10,000.
Critics say the tax overhaul will help the rich get richer by creating a fourth tax bracket for millionaires, and people in high tax states like California worry that rolling back the state and local tax deductions will cost them.
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.More news: 'He's the best I've played with' - Iwobi on forgotten Arsenal star
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"It lowers tax rates across the board". Tax reform means more jobs, more competitiveness in the global economy, and more money in consumers' pockets. "In Eastern Kentucky, more than 43,000 taxpayers claim the child tax credit, which will increase from $1,000 per child to $1,600 per child under our plan".
Republican State Rep. Adam Kinzinger of Kankakee is in support of the bill, saying on his website "while there are still a few issues to be worked out in the 'Tax Cuts and Jobs Act, ' this is an important step forward to simplify our tax code and make it a more fair system for hard-working Americans".
"Finally, the days of complicated itemized tax returns will be a thing of the past". However, that measure, which would also need to pass and enter a conference committee to be merged with the House version, faces an uncertain road to 51 votes. "So 9 out of 10 of my constituents should be able to file their taxes on a post card". By 2027, families making less than $75,000 would face tax boosts while those making more would see cuts.
If the Senate bill passes, and that is not a foregone conclusion, the two bills will be married together into a new bill, and the House and Senate will vote on it again.