Economy

Carper reacts to tax reform bills

Carper reacts to tax reform bills

What if you're a business owner? As a father of three, I know that raising a family can be expensive, and it is time we have a tax code that works with, not against, families.

- Establishes strong safeguards to distinguish between individual wage income and "pass-through" business income so Main Street tax relief goes to the local job creators it was created to help most. Businesses are forced to close up shop or go overseas because it's cheaper.

Modernizes our international tax system so America's global businesses will no longer be held back by an outdated "worldwide" tax system that results in double taxation for many of our nation's job creators. While the details vary, both versions would cut the federal corporate tax rate to 20 percent from the current 35 percent, reduce taxes for small business "pass throughs" and lower taxes for middle-class workers.

16th, the U.S. House of Representatives passed a Republican tax bill cutting taxes for corporations as well as many people throughout the country. Currently, our corporate tax rate is 35 percent, the highest in the industrialized world.

"No tax reform proposal is acceptable that increases taxes for those living in poverty to help pay for benefits to wealthy citizens, the bishops stated". Critics say these changes, if they make it into law, will chill growth in the industry and derail billions of dollars worth of planned projects. A mechanic will be able to add another bay to his shop.

Sherrod Brown
	
	 
		
				
		
	
	
			 					Rob Portman
	
	 
			
			
	
	
	
		 					Bob Latta
Sherrod Brown Rob Portman Bob Latta

Provides immediate relief from the Death Tax by doubling the exemption and repealing the Death Tax after seven years.

WASHINGTON, November 16, 2017 -The National Retail Federation welcomed today's approval of landmark tax reform legislation by the House and called on the Senate to act quickly to pass its version of tax reform. (Their 1-5 scale of false claims is measured by a "Pinocchio"). To read the Tax Foundation's nonpartisan study of the bill, click [here].

In the end, as with every piece of legislation - both Republican and Democrat - this bill is not flawless. "Just as important, our tax reform legislation will help make the American economy boom again, leading to greater economic growth and higher wages".

Itemized Deductions: Retains the state and local property tax deduction, capped at $10,000, while eliminating the remainder of the state and local tax deduction, except for taxes paid or accrued in carrying on a trade or business; limits the mortgage interest deduction to the first $500,000 in principal value. As a businessman, if we are going to negotiate every provision that could be improved, we will never reform our antiquated, complicated tax code.

- Strengthens accountability rules for tax-exempt organizations to ensure that churches, charities, foundations, and other organizations receiving tax-exempt status are focused on helping people and communities in need.

More news: ACADIA Pharmaceuticals Sees Unusually Large Options Volume (ACAD)


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