(Neb)-Adrian Smith Backs GOP House Tax Reform Plan Listen
WASHINGTON, D.C. (AP) - Nebraska 3rd District Congressman Adrian Smith says the unveiling this week of the tax reform plan crafted by House Republicans and backed by President Trump “marks the start of real relief.”
The Tax Cuts and Jobs Act was introduced yesterday by Smith and his fellow Republican members of the House Ways and Means Committee, which has jurisdiction over tax policy. He sees the proposal to overhaul America’s tax code for the first time in 31 years as long overdue.
Smith says what he sees as “the overly complex, loophole-ridden tax code” has harmed individuals and families trying to get ahead, stifled economic growth, and made our country uncompetitive in the global economy.” He believes the tax reform bill will effectively deal with those problems.
The tax reform bill doubles the standard deduction, increases the child tax credit by $600, lowers the corporate tax rate, and phases out the estate tax – the death tax to Smith and the Republicans.
The estate tax is currently 40%, but exempts $5.49-million dollars for individuals and almost $11-million for couples. The Tax Policy Center estimates that after deductions and credits, only 5,460 estates nationwide will owe the "death tax" this year. The bill also eliminates the deductions for state and local income and sales tax and caps the property tax deduction at $10,000
Congress's Joint Committee on Taxation estimated Thursday that cut in corporate taxes will reduce revenue nearly $847-billion dollars over the next decade, eliminating the death tax and related measures cuts another $172-billion in revenue, and the 25% income tax rate for "pass through" businesses - owners who pay corporate taxes through their personal income tax will cost the Treasury $448-billion.
Smith says the Ways and Means Committee will begin debate on the bill next week and are on track to have it to President Trump’s desk by the end of the year.
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