The estimated savings varies by county - higher in Livingston and lower in Wyoming and Orleans - because of how the bill removes some federal deductions for state and local property tax deductions.
Kevin Diaz, Washington correspondent for the Houston Chronicle says Brady has been working his way through the House leadership ranks for years, with the goal of implementing significant tax cuts.
The Tax Cuts and Jobs Act H.R. 1 is a good jobs creation measure, and a start on tax reform.
The Senate Plan is moving very quickly and is expected to proceed on a schedule roughly one week behind that of the House Plan.
Doubling the standard deduction for individuals from $6,300 to $12,600 and from $12,000 to $24,000 for married couples. 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.
College athletic programs could lose millions to House's tax bill
Slaughter and dissenting voters, including several New York City-area Republicans, said they their opposition was triggered because the bills would - counter to Collins' estimations - raise taxes on middle-class households.
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". The deduction for mortgage interest would be reduced to cover $500,000 of acquisition debt, down from $1 million, but interest deductions for existing loans would be grandfathered. The tax reform legislation passed today reduces the corporate tax rate and encourages businesses to bring their companies back to America.
The legislation passed by the House today lowers tax rates, collapses tax brackets, increases the child tax credit and doubles the standard deduction, which will allow families to keep more of their paychecks. "Today we give hope to middle-income families and Main Street job creators in Texas and across the country that a brighter future is on the horizon - a future where you can keep more of what you earn, start that new business, find that next job, and get that long-overdue raise". The exemption for property taxes is still a point of contention, though.
It's still too early for your clients to take action based on these provisions, but the proceedings should continue to be monitored closely.
Apple Pushes HomePod Release to 2018
But Apple is late to a marketplace dominated by Amazon and Google , with a handful of other players entering the race. The HomePod will also have to compete with recently released devices like the Alexa-enabled Sonos One speaker.
South Kashmir's prodigal footballer son returns
Anantnag's 20-year-old promising footballer, who had joined militant group Lashkar-e-Taiba recently, returned on Friday. The Army said that the 20-year-old footballer took a fearless decision and that he will return to his family soon.
The Weeknd back with ex?
Justin Bieber and Selena Gomez have finally confirmed their romance is back on by sealing their reunion with a public kiss . News that the former couple has been spending a lot of time together, but they haven't rushed to make things official.