Industry reacts to passage of House tax bill

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Industry reacts to passage of House tax bill

In a statement November 17, Bishop Dewane cited findings by the nonpartisan congressional Joint Committee on Taxation that show the bill's raising of taxes on the working poor beginning in 2023 while giving simultaneous tax cuts to the highest-income Americans is problematic.

Republicans argue that the provisions in the Tax Cuts and Jobs Act that would lower corporate taxes would stop the flow of companies and jobs overseas.

Republicans and the Washington Post both note that the tax bill would reduce the income tax liability for most middle-class Americans.

The estimated savings varies by county - higher in Livingston and lower in Wyoming and Orleans - because of how the bill removes some federal deductions for state and local property tax deductions.

U.S. Rep. Cathy McMorris Rodgers, R-Wash., answered questions on the proposal, as well as the Senate's tax plan, on Friday at a Spokesman-Review editorial board meeting.

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.

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"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.

Shimkus says doubling the standard deductions means the first $12,000 earned by individuals and the first $24,000 earned by married couples would be protected from federal income taxes under this bill. But he also raised concern that the House measure repeals an exclusion for families assisted by their employer to adopt children in need and eliminates incentives for charitable giving. I have heard the voices of those I represent, and it is clear that they deserve a tax cut. When you double the personal exemption that's going to go to 90%. They're going to get an expanded child tax credit.

"I always like to say I know I can do better".

Turning to the Senate's tax cut bill, Bishop Dewane said the USCCB continued to assess its provisions but offered comments about a few provisions.

"Families that are struggling to make ends meet will see more cash in their pockets to help with everyday expenses", said Collins.

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