Industry reacts to passage of House tax bill

The Devil Is in the Details Differences That Could Doom the Tax Bill iStock

With section 1306 of the bill, tax deductions on charitable donations related to tickets would come to an end. This is absurd, simply put.

Without any remedying action by Congress, damage would be seen through the loss of "risk-sharing" in the health insurance market as younger, healthier people leave, making it more hard for the sicker, older population to pay for their medical expenses, Feng said.

By far the biggest jobs victor would be the District of Columbia.

Retains the low-income housing tax credit that encourages businesses to invest in affordable housing so families, individuals, and seniors can find a safe and comfortable place to call home. Bigger paychecks for middle class families. This bill keeps more money in the hands of average Americans.

Treatment of Pass-Through Income: Caps the pass-through rate at 25 percent and adds a lower minimum rate, with anti-abuse rules.

- Significantly increases the standard deduction to protect roughly double the amount of what you earn each year from taxes - from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples. A family of four making $59,000 will receive a tax cut of $1,182.

According to a study by the nonpartisan Tax Foundation, a middle-income family in California would see an increase of $2,932 in their annual after-tax income. "It must be changed for the sake of families - the bedrock of our country - and for those struggling on the peripheries of society who have a claim on our national conscience". You have to look at all of those factors before you can compare your situation to the new tax plan. 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. Businesses are forced to close up shop or go overseas because it's cheaper. We want entrepreneurs to grow their businesses and hire people in their communities. American Wind Energy Association officials are concerned at language left in the House bill that eliminates the wind production tax credit along with the agreement to phase it out in 2019.

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".

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Our plan makes America competitive again.

Tax cuts for the wealthy and profitable corporations do not "pay for themselves", as some in Congress are trying to argue. 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.

Provides immediate relief from the Death Tax by doubling the exemption and repealing the Death Tax after seven years. This means business owners can continually reinvest in their business and expand.

That is the conclusion of the Washington-based Tax Foundation, which analyzed the macro effects of the major provisions of the Tax Cuts and Jobs Act and then applied them to each state.

In the end, as with every piece of legislation - both Republican and Democrat - this bill is not flawless.

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.

We must not let the pursuit of the flawless outweigh the attainment of the possible.

"As Secretary Mnuchin said this week, tax reform is all about economic growth", Shay said. After listening to people across the 5th District, I am committed to working tirelessly to deliver a tax reform bill to President Trump's desk. For my Congressional district 80% of my filers don't itemize right now.


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