Job Creation First, Tax Reform Second In House Tax Bill
- Author: Joey Payne Nov 19, 2017,
Nov 19, 2017, 2:02
It's not even a tax cut.
According to the U.S. Congress website, the bill increases the standard deduction, repeals the deduction for personal exemptions and repeals the overall limitation on certain itemized deductions for individuals.
Randy Hultgren of Plano showed support for the bill, stating in a press release "this bill provides tax cuts for the middle class, low-income Americans and US businesses of all sizes-from home builders, to contractors, to farmers and small businesses in IL". Now our corporate tax rate is higher than any other industrialized country, which helps explain why so many businesses have packed their bags and taken OUR jobs to other countries.
The bill passed in the House by a vote of 227-205. At the same time, the legislation keeps the top income tax rate at 39.6 percent for the richest one percent of America.
Sen. Susan Collins, R-Maine, who has voted with Democrats against repealing Obamacare, is reportedly having a more hard time coming to a "yes" vote on the Senate Republicans' tax reform plan since McConnell announced Tuesday that a repeal of Obamacare's individual health insurance mandate would be added to the Senate version of the tax bill.
What's good for the one percenters, billionaires, trust fund kids, and global corporations isn't necessarily good for Michiganders.
President Trump reacted with a Twitter message that congratulated the House, and cited "a big step toward fulfilling our promise to deliver historic TAX CUTs for the American people by the end of the year!" She says it'll give tax breaks to families in the district and help spur the local economy by relieving small businesses.
On Thursday, the House passed House Resolution 1, the Tax Cuts and Jobs Act, to simplify and modernize our unwieldy tax code. Its greatest defect is the one that prompted Congressman Walter B. Jones (NC-3), a leading fiscal conservative to reluctantly vote against it - it does not include spending cuts along with the tax cuts.
A study by the Tax Foundation found that these reforms would result in putting nearly 1 million new jobs and almost 2 trillion hard-earned dollars back in the pockets of Americans across the country.