Tax cut would benefit average Americans

Podcast: Tax reform and the Constitution

Collins leads increased NY GOP support for tax bill

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.

Podcast: Tax reform and the Constitution
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.

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