Hice: One step closer to tax reform, relief

Hice: One step closer to tax reform, relief

"Under our plan, a median income OH family will save $2,375 annually on their tax bill that they can instead use for gas or groceries, a vehicle payment, retirement, college savings, or a family vacation", he said.

The act would almost double the standard deduction to around $12,000 for individuals and about $24,000 for married couples - reducing incentives for charitable donations.

The chairman of a US bishops' committee concerned with domestic justice issues expressed disappointment over the House of Representatives' passage of "the deeply flawed" tax cut bill.

Eliminates special-interest tax breaks that increase rates and complicate Americans' taxes - so an individual or family can file their taxes on a form as simple as a postcard. For those that still choose to itemize, House Republicans have maintained important deductions for mortgage interest, charitable contributions, and state and local property taxes up to $10,000.

He says the Senate tax reform proposal left in the wind production tax credit along with the phase out language.

Retains popular retirement savings options such as 401 (k) s and Individual Retirement Accounts so Americans can continue to save for their future.

More news: The Keystone Pipeline Spills 210000 Gallons of Oil in South Dakota

Alternative minimum tax: eliminated in both bills. For instance, it would effectively allow 100% Section 179 expensing of business property for a five-year period, but repeal the Section 199 manufacturing deduction and Work Opportunity Tax Credit (WOTC). Family-owned farms and businesses will no longer have to worry about double or triple taxation from Washington when they pass down their life's work to the next generation. 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.

Reducing the tax rate on hard-earned small business income to no more than 25%.

The bill would offer a one-time 12 percent tax incentive rate on liquid assets held overseas, like cash.

Establishes strong safeguards to distinguish between individual wage income and pass-through business income so Main Street tax relief goes to the local job creators it was created to help most.

Job creators praised the bill for lowering corporate rates permanently and sharply, and for overhauling the global tax system. "That means that every USA corporation would have an incentive to keep profits overseas".

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