"I'm proud to support this bill and President Trump in his bold efforts to tackle tax reform to a degree in which we haven't seen since Ronald Reagan was President in 1986". 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. The bill would also lower the corporate tax rate, which is now the highest in the industrialized world.
According to the U.S. Congress website, the bill increases the standard deduction, repeals the deduction for personal exemptions and repeals the overall limitation on certain itemized deductions for individuals.
Naperville News 17's Beth Bria reports.
Modernizes our international tax system so America's global businesses will no longer be held back by an outdated "worldwide" tax system that results in double taxation for many of our nation's job creators.
Alternative minimum tax: eliminated in both bills.
The effort is aimed at preventing companies from shifting profits abroad and encouraging the repatriation of profits earned overseas.
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%.More news: New Planetary Discovery Is An Important Step For Finding Another Earth
Reducing the tax rate on hard-earned small business income to no more than 25%. For illiquid assets, like equipment or property, the tax rate would be 5 percent.
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.
"It's been 31 years since the last overhaul of the tax code", Latta said. Many economists doubt that will be the case.
Sen. Rob Portman, R-Ohio: On Thursday, Portman praised the Senate Finance Committee's approval of the Senate version of the Tax Cuts and Jobs Act, saying it will help the middle class, create jobs and lead to increased wages.
In a statement November 17, Bishop Dewane cited findings by the nonpartisan congressional Joint Committee on Taxation that show the bill's raising of taxes on the working poor beginning in 2023 while giving simultaneous tax cuts to the highest-income Americans is problematic.