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

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

In a release, Latta's office pointed to assessments by the Tax Foundation that this bill would create more than 33,000 full-time jobs in OH and create a small-business tax rate of 25 percent, helping small businesses grow.

Job creators praised the bill for lowering corporate rates permanently and sharply, and for overhauling the worldwide tax system.

"It's been 31 years since the last overhaul of the tax code", Latta said. "The time is now to simplify our outdated tax code and let Ohioans keep more of their hard-earned money". It would reduce individual tax brackets to four from seven and make changes to several tax breaks.

Significantly increases the standard deduction to protect roughly double the amount of what you earn each year from taxes - from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.

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. Individual Retirement Accounts and 401 (k) plans would also retain their tax-exempt status.

"The Senate must act decisively to avoid the deficiencies in the House legislation and craft a final bill that affirms life, cares for the poor and ensures national tax policy aimed at the common good", the bishop said.

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Prevents American jobs, headquarters, and research from moving overseas by eliminating incentives that now reward companies for shifting jobs, profits, and manufacturing plants abroad.

On Wednesday, Brown pointed to a letter from Congressional Budget Office Director Keith Hall to members of Congress saying the GOP tax plan would cut $25 billion from Medicare.

"We know the so-called tax bill takes insurance, health insurance, away from 13 million Americans", he said during a hearing.

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. The bill also is expected to create almost 1 million new jobs, increase annual after-tax income for middle-income households by an average of $2,598, and grow our economy by more than 3.5 percent.

"This bill will also jumpstart job creation".

The House and Senate tax plans have much in common, but there are significant differences as well, any number of which could become flash points when the chambers seek to reconcile their versions of the legislation.

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