McMorris Rodgers supports recent Tax Bill

McMorris Rodgers supports recent Tax Bill

Critics also point out that while business tax cuts are permanent, some of the cuts targeted at middle-class individuals are temporary.

Repatriation tax: Under the House-approved bill, a one-time tax of 14% would apply to existing foreign profits being held in offshore accounts.

Kxly4 talked with Eastern Washington's Cathy McMorris Rodgers who supports the bill.

"Today we seized the opportunity of a lifetime to shed the status quo and transform our tax code to work for middle-income families and small businesses", said Chairman Roskam.

Tax rates: The current tax rate structure of seven brackets would be replaced by just four brackets of 12%, 25%, 35% and 39.6%.

Reducing the tax rate on hard-earned small business income to no more than 25%.

"I want to congratulate my colleagues in the House for taking another step towards tax relief for hardworking American families", Scott said.

Tampa police say trail getting hotter in Seminole Heights killings
Dugan said that person in the videos may not have committed the murders, but added: "If they didn't do it, they know something". The persons walk and demeanor matches video taken October 9, the night Benjamin Mitchell , 22, the first victim, was killed.

Doubling the standard deduction for individuals from $6,300 to $12,600 and from $12,000 to $24,000 for married couples.

Child tax credit: The child tax credit for children under age 17, which is now $1,000, would be increased to $1,600, subject to certain restrictions. The state and local tax deduction, a lightening rod for controversy in high-tax states, would be limited to property taxes of up to $10,000.

Repeals the Alternative Minimum Tax so millions of individuals and families will no longer have to worry about calculating their taxes twice each year and paying the higher amount. For illiquid assets, like equipment or property, the tax rate would be 5 percent. Brady said he's confident the House bill would benefit small businesses and spark job growth, noting that the legislation allows for things like immediate expensing, which would allow business owners to write off the total cost of business expenses right away.

Strengthens accountability rules for tax-exempt organizations to ensure that churches, charities, foundations, and other organizations receiving tax-exempt status are focused on helping people and communities in need.

Job creators praised the bill for lowering corporate rates permanently and sharply, and for overhauling the worldwide tax system.

Makes it easier for American businesses to bring home foreign earnings to invest in growing jobs and paychecks in our local communities. "That means that every US corporation would have an incentive to keep profits overseas".

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