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House Tax Bill Includes Big Cuts To Education

House Tax Bill Includes Big Cuts To Education”

"Since this plan was introduced, I have crunched the numbers and know that this bill will allow families in Western New York and the Finger Lakes to keep more of what they earn, while unleashing America's competitiveness to bring jobs and profits back home, where they belong". 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. The bill now goes to the Senate for more consideration, where the Senate Finance Committee is expected to support its passage later this week.

Tax cuts for western NY families are one step closer to reality.

The House bill passed on a straight party-line vote, with 13 Republicans joining all Democrats in voting against it. The Republicans who voted no were from New York, New Jersey, California and North Carolina according to reporting by the New York Times.

The bill would offer a one-time 12 percent tax incentive rate on liquid assets held overseas, like cash. Those profits are now not taxed until they are returned to the United States, giving companies an incentive to keep that money offshore since they would be taxed at the current corporate tax rate of 35 percent.

What's good for the one percenters, billionaires, trust fund kids, and global corporations isn't necessarily good for Michiganders. For illiquid assets, like equipment or property, the tax rate would be 5 percent.

Getting that money repatriated and invested in the United States economy could be YUUUGE - to use one of President Trump's favorite descriptors - in terms of creating new jobs.

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

Republican State Rep. Adam Kinzinger of Kankakee is in support of the bill, saying on his website "while there are still a few issues to be worked out in the 'Tax Cuts and Jobs Act, ' this is an important step forward to simplify our tax code and make it a more fair system for hard-working Americans". "Lawmakers have tackled a hard project; tax reform is not easy, but today's passage in the House moves us one step closer to accomplishing a once-in-a-generation reform of the tax code".



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