National economy continues to grow as tax reform's future remains unclear

College athletic programs could lose millions to House’s tax bill

The biggest bottleneck is finding a way to pay for the tax cuts that doesn't hurt the poor or elderly, provides some relief to the middle class, and most importantly, doesn't add $1.7 trillion to the USA national debt over the next decade, a figure that exceeds the limits Republicans agreed to for their reconciliation bill. As such, if this tax reform bill passes both houses of Congress, lawmakers should consider keeping in place the existing rules created to spur beneficial public projects. Tax reform means more jobs, more competitiveness in the global economy, and more money in consumers' pockets.

The House Republican tax plan, released November 2 by Brady, R-Texas; Ryan, R-Wis.; and other GOP members, condenses the current seven tax brackets to three, almost doubles the standard deduction, and caps the amount taxpayers can write off in state taxes at $10,000. For personal income tax, the current seven brackets are reduced to four, with rates of 12, 25, 35 and 39.6 percent. He says they have also doubled the standard deduction, which will be a big win for struggling families, as well as....

"It lowers tax rates across the board. 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". "The tax burden on working and middle class families has been too high for too long, and I look forward to continuing our work in the Senate and producing results for the American people before the end of the year". This tax plan is also expected to create almost 30,000 new jobs in Georgia alone, while raising the after-tax income for middle-class Georgia families by more than $2,300. "Ninety percent of Americans will be able to file their taxes on a simple postcard", said Rogers.

"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. This is one of the issues that's expected to be addressed in conference committee with a goal of making both individual and corporate tax cuts permanent.

A provision in the House tax bill called "repatriation" could help pay for the cuts, said Barr. Ron Johnson became the first Republican senator to oppose to the measure, saying it didn't cut taxes enough for millions of partnerships and corporations.

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