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Bishop Dewane disappointed by House passage of tax cut bill

19 November, 2017, 00:56 | Author: Samuel Sharp
  • Bishop Dewane disappointed by House passage of tax cut bill

Republicans in Congress deserve credit for their desire to wade into the minefield in an attempt to make the nation's tax system fairer and more easily understood. Many in political circles believed the deduction was unfair because the donation included the rights to get season tickets, which is something of significant value.

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

"I am proud to support the Tax Cuts and Jobs Act passed by the House today".

Using a more aggressive model for economic growth, the Tax Foundation, a Washington-DC based conservative think-tank, found that the House tax bill would add about $989 billion to the deficit over 10 years.

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.

His office's projections for a family of four in Genesee County with the average family household income, average home value, an estimated mortgage interest of 4 percent would save an average of $1,637.50 annually under the plan. "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".

With key provisions like doubling the standard deduction, vastly decreasing the small-business tax rate and increasing the child tax credit, this measure works to give hardworking families a leg up.

"Finally, the days of complicated itemized tax returns will be a thing of the past".

The Senate Finance Committee is expected to vote its version of the tax reform bill out of committee on Friday, according to The New York Times, with a full Senate vote expected after Thanksgiving.

"Today's vote by House Republicans passing their tax bill is an early Christmas gift to Donald Trump". It's not even a tax cut.

"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.

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.



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