Knight: House Tax Bill Offers 'Unprecedented Relief'

Mae Love
November 18, 2017

Scott, in a speech on the House floor before the vote, said the bill will hurt poorer Americans because it will cut $1.5 trillion from Medicaid and Medicare to pay for the cuts.

Rep. Tom MacArthur (R-3) was the only House member from New Jersey to vote on Thursday for a Republican tax overhaul, a vote that could cost him next year as he goes up for re-election.

AWEA has estimated that the House's version of the tax reform bill would threaten 60,000 American jobs and $50 billion in private investment, mostly in rural areas.

Thank you for contacting me with your thoughts about H.R. 1, the Tax Cuts and Jobs Act. "It must be changed for the sake of families - the bedrock of our country - and for those struggling on the peripheries of society who have a claim on our national conscience".

The plan would end tax deductions for state and local income and sales taxes and limit property tax deductions to $10,000. The result of this business-centered tax reform will create thousands of jobs and make America more competitive on a global scale.

According to a study by the nonpartisan Tax Foundation, a middle-income family in California would see an increase of $2,932 in their annual after-tax income.

Sherrod Brown
			 					Rob Portman
		 					Bob Latta
Sherrod Brown Rob Portman Bob Latta

Child and Family Tax Credits: Increases child tax credit value to $1,600, with the phaseout for joint filers beginning at $230,000, while creating a new $300 per-person family tax credit for those not eligible for the child tax credit, to expire after five years. Our country has one of the worst tax codes in the industrialized world for businesses small and large. However, unlike the House Plan, the Senate's proposed legislation did not address expired energy credits for qualified fuel cell and small wind energy property, qualified microturbine property, or production from advanced nuclear power facilities.

- Maintains the Earned Income Tax Credit to provide important tax relief for low-income Americans working to build better lives for themselves.

Our tax plan is also pro-family. I'd like to take this opportunity to explain some of the ways that this new bill will help folks in Georgia, in addition to some of the amendments I've been fighting to include in the tax package.

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

"Doubling the standard deduction will help some of those in poverty to avoid tax liability, and this is a positive good contained in the bill", the bishops wrote.

- Strengthens accountability rules for tax-exempt organizations to ensure that churches, charities, foundations, and other organizations receiving tax-exempt status are focused on helping people and communities in need.

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