Tax Cut Act Passes Out Of Ways And Means Committee

19 November, 2017, 02:50 | Author: Sheri Evans
  • College athletic programs could lose millions to House’s tax bill

Permanent vs. temporary cuts: The Senate bill sunsets numerous individual tax cuts in 2025 while leaving the corporate tax cuts in place permanently.

"I am proud to support the Tax Cuts and Jobs Act passed by the House today".

The House passed its Tax Bill Thursday, and with no Democratic support.

The Senate is set to vote next on its own version of the bill.

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Johnson said he's concerned that the measures fail to provide adequate tax relief for pass-through businesses as S-corporations and sole proprietorships and partnerships are taxed through the individual income tax code.

He said that the bill "takes an important step forward toward strengthening parents' ability to choose a school that best suits their child" and called for reversal of the repeal of provisions that aid teachers and students in nongovernment schools. The Senate Plan differs from the House's proposed legislation in several key ways.

The House Plan includes substantial modifications to existing renewable energy tax credits including the production tax credit ("PTC") and the investment tax credit ("ITC"), and also eliminates other tax incentives entirely, effective beginning after 2017, including the Section 199 Domestic Production Activities Deduction (the "DPAD"), the New Markets Tax Credit (the "NMTC"), the Historic Rehabilitation Tax Credit (the "HRTC"), the Enhanced Oil Recovery Credit, and the Credit for Producing Oil and Gas from Marginal Wells. He said that the rising deficit will likely lead to spending cuts, particularly in programs that aid poor and vulnerable people, much to the chagrin of his committee.

Continues the deduction for charitable contributions for Americans who donate so people can continue to donate to their local church, charity, or community organization. "The time is now to simplify our outdated tax code and let Ohioans keep more of their hard-earned money".

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Personal exemptions: now, a taxpayer is entitled to claim a personal exemption of $4,050 for himself or herself, a spouse and each qualified dependent.

For instance, this bill doubles the child tax credit and the standard deduction for both individuals and families. "It must also seek to pass a law that demonstrates that our nation prioritizes care for the most vulnerable among us".

"The Senate must work to ensure a legislative process characterized by integrity, one in which Americans can fully understand the tax proposals which will be voted upon", he added.

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