Lowers the corporate tax rate to 20% - down from 35%, which today is the highest in the industrialized world - the largest reduction in the USA corporate tax rate in our nation's history. The Tax Cuts and Jobs Act provides needed relief to the middle-class families and small businesses that drive our economy.
Rep. Bob Latta, R-Bowling Green: Latta voted in favor of passing the Tax Cuts and Jobs Act on Thursday, a bill he said will reform the nation's tax code to help middle class families and small businesses. "A simple, fair, and competitive tax code will be rocket fuel for our economy, and it's within our reach", said White House Press Secretary Sarah Huckabee Sanders, according to reporting by Bloomberg's Anna Edgerton.
Estate tax exemption: roughly doubled to$11.2 million for individuals and $22.4 million for married couples.
Currently, the United States has the highest corporate tax rate in the world.
Vaughan says the economic damage caused by the House tax bill to the wind industry will be felt severely in South Dakota, Iowa, Nebraska and Minnesota. Individual Retirement Accounts and 401 (k) plans would also retain their tax-exempt status.
College athletic programs could lose millions to House's tax bill
The Wisconsin Republican is the first GOP senator to come out against the plan, arguing that both the House and Senate legislation benefit corporations more than small businesses.
Prevents American jobs, headquarters, and research from moving overseas by eliminating incentives that now reward companies for shifting jobs, profits, and manufacturing plants abroad. 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. "Since this plan was introduced, I have crunched the numbers and know that this bill will allow families in Western New York and the Finger Lakes to keep more of what they earn, while unleashing America's competitiveness to bring jobs and profits back home, where they belong".
Getting that money repatriated and invested in the USA economy could be YUUUGE - to use one of President Trump's favorite descriptors - in terms of creating new jobs.
"This bill will also jumpstart job creation.
I encouraged him to work with the Senate Finance Committee and his members to make the case for his ideas", Brady told The Daily Caller following the House's passage of their version of the bill Thursday.
'Rampage' Trailer: 'San Andreas' Team Back In Action, Animal Style
Warner Bros has released the first trailer for Rampage , the arcade game film adaptation we did not realise we needed. The gene-editing bomb causes George, a wolf and a crocodile to sprout, gaining height and mass - but that's not all.