Sen. Scott releases statement on Tax Reform

19 November, 2017, 02:48 | Author: Lora Ball
  • Podcast: Tax reform and the Constitution

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.

Modernizes our international tax system so America's global businesses will no longer be held back by an outdated "worldwide" tax system that results in double taxation for many of our nation's job creators.

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".

"It's been 31 years since the last overhaul of the tax code", Latta said.

He says some will see lower taxes, while others will be paying more.

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The votes of Rep. Chris Collins, R-Clarence, and Rep. Tom Reed, R-Corning, were less essential as other upstate Republicans added their votes to a house tax bill passed Thursday. The Senate bill keeps the seven brackets while tweaking the levels, with a top rate of 38.5 percent.

Standard deduction: The bill essentially doubles the standard deduction from $6,350 to $12,200 for single filers and from $12,700 to $24,400 for joint filers. Scott sits on the Senate Finance Committee, which continues their markup on the Senate tax reform plan today.

The Wisconsin Republican is the first GOP senator to come out against the plan, arguing that both the House and Senate legislation benefit corporations more than small businesses. But the story doesn't end there. "Our plan will help make American companies more competitive so we can create more jobs and increase wages in the United States rather than sending them overseas". It's not even a tax cut. The bill also is expected to create almost 1 million new jobs, increase annual after-tax income for middle-income households by an average of $2,598, and grow our economy by more than 3.5 percent.

Several Portman amendments were included in the Senate bill, including his Stop Taxing Death and Disability Act, which eliminates a tax penalty for student loans forgiven for families after the death of their child, the Craft Beverage Modernization and Tax Reform Act, which would provide excise tax relief to the craft beer industry and an amendment to protect the ability of small businesses to employ nonqualified deferred compensation programs for employees and retirees, helping employees save better for retirement.

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