The National Federal of Independent Businesses, American Farm Bureau Federation, Associated Builders and Contractors and National Association of Manufacturers all favored the bill.
The Tax Foundation analysis is based on the original version of the House bill and does not take into account any of the amendments adopted since. This tax plan is also expected to create almost 30,000 new jobs in Georgia alone, while raising the after-tax income for middle-class Georgia families by more than $2,300.
"Tax reform has always been about three things: More American jobs". This money can be used to invest in education, pay for a vacation, improve a home, or any other expense best seen fit.
The bill cuts the 35 percent corporate tax rate to 20 percent. "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".
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 USA businesses of all sizes-from home builders, to contractors, to farmers and small businesses in IL".
"Congressman Tom MacArthur has worked tirelessly to ensure property tax deductions are included in our tax reform plan", said Chairman of the House Ways and Means Committee, Congressman Kevin Brady. Our objectives are straightforward: we aim to deliver more jobs and bigger paychecks for American workers, through a fairer and simpler tax code.
It's time to stop the reckless pursuit of failed tax cuts for the rich. Let's move forward with a fiscally responsible, bipartisan tax plan that serves North Carolinians, and all Americans.
"The federal government is collecting more taxes than ever".
Child and Family Tax Credits: Increases child tax credit value to $1,600, with the phaseout for joint filers beginning at $230,000, while creating a new $300 per-person family tax credit for those not eligible for the child tax credit, to expire after five years.
"This goes a long way toward passing tax reform by the end of the year", NRF President and CEO Matthew Shay said. Our country has one of the worst tax codes in the industrialized world for businesses small and large.
In a letter November 9 to U.S. House members, the three bishops called for amendments to the current draft of the tax reform bill "for the sake of families" and "for those struggling on the peripheries of society who have a claim on our national conscience". We want jobs to come to America and to stay in America. It needs to be done, Americans deserve better than the status quo.