Unfortunately, the outcome of the tax reform bill passed Thursday by the House would end the tax exemption used for certain municipal bonds by January 1 - a critical tool widely used to encourage investment in public projects that benefit cities, counties and states - and make the bonding process more expensive to both investors and taxpayers alike.
Through regular order and an open and transparent amendment process, the members of the Senate's tax-writing committee are also making real progress on a bill that's been years in the making, to fulfill our promise to the American people.Many in political circles believed the deduction was unfair because the donation included the rights to get season tickets, which is something of significant value. The bill calls for a $1.5 trillion overhaul of current business and personal taxes. Standard deductions are doubled to $12,000 for individuals and $24,000 for couples, and the per-child credit is raised from $1,000 to $1,600 and extends to families earning up to $230,000.
Find out what the industry is saying about the tax reform proposals that are working their way through Congress. On average, it would end up saving the typical household roughly $4,000 per year. "And in a number of ways this tax bill is going to make it more expensive to go to college", said Marc Egan with the National Education Association. She says it'll give tax breaks to families in the district and help spur the local economy by relieving small businesses.
"With today's vote, President (Donald) Trump and House Republicans have seized this once-in-a-generation opportunity to reform our nation's tax code", Collins said.
"Static modeling overlooks the fact that if the reduced corporate tax grows the economy, and there are a lot of studies that show it would - you cut taxes now and make up for it later by growing companies' revenues, which will then be taxed".
Sen. Ron Johnson, R-Wis., announced Wednesday that he would not vote for the Senate tax plan as it stands. Ron Johnson became the first Republican senator to oppose to the measure, saying it didn't cut taxes enough for millions of partnerships and corporations.