Rep. Collins says tax bill he supported today will save taxpayers money

19 November, 2017, 02:48 | Author: Manuel Hopkins
  • Sherrod Brown
	
	 
		
				
		
	
	
			 					Rob Portman
	
	 
			
			
	
	
	
		 					Bob Latta

"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.

CNBC's Jacob Pramuk reports the House plan would permanently chop the corporate tax rate to 20 percent from 35 percent and make other tweaks aiming to make businesses more competitive.

Carper explained that he believes the bill is unfair because the corporate tax cuts in the bill are permanent and tax cuts for middle income families are not. Americans deserve jobs, fair taxes, and bigger paychecks.

Alternative minimum tax: The alternative minimum tax (AMT), which was created to affect only the wealthiest taxpayers but has been a thorn in the side of millions of others, would be completely repealed.

The effort is aimed at preventing companies from shifting profits abroad and encouraging the repatriation of profits earned overseas.

Sherrod Brown
	
	 
		
				
		
	
	
			 					Rob Portman
	
	 
			
			
	
	
	
		 					Bob Latta
Sherrod Brown Rob Portman Bob Latta

Provides a new, low tax rate of 9% for the first $75,000 of business income earned by owners of pass-through businesses of all types who earn less than $150,000, which will help the Main Street startups in every line of business that fuel innovation and job creation in communities across the country.

Pass-through entities: now, profits funneled through pass-through entities like S corporations and partnerships are taxed at individual tax rates as high as 39.6%. Ending the "death tax" is an article of faith for many conservatives, but doing so creates both fiscal and political problems.

Julia Lawless, communications director for Senate Finance Committee Chairman Orrin Hatch (R-UT), told Focus: "Chairman Hatch has been a strong advocate of this [orphan drug tax credit] initiative, which is why the mark [modified 15 November] does not repeal the orphan drug tax credit, but rather makes modifications to it".

In terms of capitalizing America's largest employers, $2 trillion would capitalize Walmart (1.3 million jobs), HomeDepot (340,000 jobs) General Electric (305,000 jobs), Kroger (443,000 jobs), IBM (380,300 jobs) more than twice over.

The votes of Rep. Chris Collins, R-Clarence, and Rep. Tom Reed, R-Corning, were less essential as other upstate Republicans added their votes to a house tax bill passed Thursday. In North Carolina, we can expect more than 27,000 new jobs as a result of this legislation. "There is more work to do but I'm pleased with our progress to bring tax relief to the hardworking families in my district and across the country". It's not even a tax cut.

China: No policy change on N. Korea
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