Congressman Hal Rogers has put his stamp of approval on a tax cut bill passed Thursday by the U.S. House, but some predict the bill will be on shaky ground with the Senate as it moves there for consideration. It includes many changes to public and private education deductions. If the Senate does not pass a bill, the current tax code applies. For instance, this bill doubles the child tax credit and the standard deduction for both individuals and families. As such, if this tax reform bill passes both houses of Congress, lawmakers should consider keeping in place the existing rules created to spur beneficial public projects. Cornyn said. "Our bill will enable hardworking Americans to keep more money and foster a better environment for job creators to grow, invest, and hire".
"It lowers tax rates across the board".
"This goes a long way toward passing tax reform by the end of the year", NRF President and CEO Matthew Shay said. "In Eastern Kentucky, more than 43,000 taxpayers claim the child tax credit, which will increase from $1,000 per child to $1,600 per child under our plan".
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The U.S. House approved the Tax Cuts and Jobs Act, which Republicans say will lower tax rates at all income levels and lower the corporate tax rate. This tax plan is also expected to create almost 30,000 new jobs in Georgia alone, while raising the after-tax income for middle-class Georgia families by more than $2,300. She says it'll give tax breaks to families in the district and help spur the local economy by relieving small businesses. However, that measure, which would also need to pass and enter a conference committee to be merged with the House version, faces an uncertain road to 51 votes.
"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. It's going to be jobs growth, job opportunities and, ultimately, it's going to mean increased economic activity and an increased number of people that are in the workforce that are working, that are paying taxes.
Five other Republican senators have yet to declare support, meaning the fate of the bill is far from certain in a chamber the GOP controls 52-48.More news: Ohio Supreme Court Justice Defends Controversial Facebook Post As "Appropriate"
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