Senate Tax Reform Bill, Including Cornyn Priorities, Passes Committee

Gladys Abbott
November 19, 2017

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. The elimination of some deductions is needed, while curtailing or ending many others can be argued convincingly.

Critics say the tax overhaul will help the rich get richer by creating a fourth tax bracket for millionaires, and people in high tax states like California worry that rolling back the state and local tax deductions will cost them.

While in Delaware, Senator Tom Carper addressed the tax reform bill that is now making its way through congress.

Randy Hultgren of Plano showed support for the bill, stating in a press release "this bill provides tax cuts for the middle class, low-income Americans and USA businesses of all sizes-from home builders, to contractors, to farmers and small businesses in IL". On average, it would end up saving the typical household roughly $4,000 per year.

He also expected that 38,000 small business owners in Eastern Kentucky will experience a tax deduction and the cut in the corporate tax rate will spur job creation. 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.

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"Over 90% of American families will actually be able to do their taxes on a post card". Scott sits on the Senate Finance Committee, which continues their markup on the Senate tax reform plan today.

"With today's vote, President (Donald) Trump and House Republicans have seized this once-in-a-generation opportunity to reform our nation's tax code", Collins said.

Collins said the vote, a preliminary step in Congress toward a significant shift in federal tax policy, would prove historic.

"Static modeling overlooks the fact that if the reduced corporate tax grows the economy, and there are a lot of studies that show it would - you cut taxes now and make up for it later by growing companies' revenues, which will then be taxed". Ron Johnson became the first Republican senator to oppose to the measure, saying it didn't cut taxes enough for millions of partnerships and corporations.

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