The Tax Foundation projects 101,422 new jobs over a decade, more than a 10th of the total for the whole country.
"Additionally, the bill promotes economic growth and private-sector job creation by slashing the corporate tax rate - now the highest in the developed world - and cutting tax rates for small business income to the lowest levels since World War II".
He says some will see lower taxes, while others will be paying more. That means more money for you and your family to spend, save, and take care of what matters most to you.
Indeed, the latest tax plans released by the U.S. House and Senate will make the rich richer while hurting many working and middle-income families in our state.
This plan also allows taxpayers in high-tax states to deduct state and local property taxes up to $10,000 from their federal taxable income as well as up to $500,000 for new mortgage interest costs.
After the vote, Graves said in a statement, "One reason the American people elected President (Donald) Trump and a Republican Congress is to cut taxes and help businesses create more American jobs". The Tax Cuts and Jobs Act, now under consideration in the Senate Finance Committee, lowers taxes for families in every income group. However, unlike the House Plan, the Senate's proposed legislation did not address expired energy credits for qualified fuel cell and small wind energy property, qualified microturbine property, or production from advanced nuclear power facilities.
More than 70 Connecticut Foster Kids Adopted by New Families
It made it easier for foster children to be permanently cared for by their own relatives, and to stay in their home communities. Across the nation, 23,000 children age out of the foster care system each year with no family or permanent home.
"Today we seized the opportunity of a lifetime to shed the status quo and transform our tax code to work for middle-income families and small businesses", said Chairman Roskam. "It gives relief to billionaires at the expense of middle-class families".
"I think this tax reform is very important for the average Hoosier here", Boyd said. "Workable tax reform that can be signed into law is more important than ideal tax reform that can't be passed". High-tax states such as California, New Jersey, New York and Virginia would be particularly hard-hit by the move.
The bishops' letter also cautioned that the deficit could "be used as an argument to further restrict or end programs that help those in need, programs which are investments to help pull struggling families out of poverty".
- Prevents American jobs, headquarters, and research from moving overseas by eliminating incentives that now reward companies for shifting jobs, profits, and manufacturing plants abroad.
- Makes it easier for American businesses to bring home foreign earnings to invest in growing jobs and paychecks in our local communities.
"Doubling the standard deduction will help some of those in poverty to avoid tax liability, and this is a positive good contained in the bill", the bishops wrote. It needs to be done, Americans deserve better than the status quo.