House Passes Tax Overhaul Plan

Lloyd Doyle
November 18, 2017

Thank you for contacting me with your thoughts about H.R. 1, the Tax Cuts and Jobs Act.

MacArthur's district includes parts of Burlington and Ocean counties, and in a statement, he said the average property tax bills in those counties were $6,682 and $6,102, respectively.

"Doubling the standard deduction will help some of those in poverty to avoid tax liability, and this is a positive good contained in the bill", the bishops wrote. As a father of three, I know that raising a family can be expensive, and it is time we have a tax code that works with, not against, families. We want to encourage businessmen and women to invest their capital right here in the U.S. By reducing tax rates and simplifying the tax code, our plan will help make America the jobs magnet of the world.

Shimkus says the legislation delivers on President Trump's promise of meaningful relief for low-and middle-income taxpayers, and reduces business taxes so American employers can grow, create jobs and raise wages. As hard-working South Jersey residents already face excessive taxes from Trenton, I can not support compounding the financial burden by eliminating their state and local income tax deductions, capping their property tax deductions, and removing deductions for medical or education expenses. According to figures from New Jersey Policy Perspective, a liberal think tank, 27 percent of New Jersey households could see their tax bills rise.

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 bill also is expected to create almost 1 million new jobs, increase annual after-tax income for middle-income households by an average of $2,598, and grow our economy by more than 3.5 percent.

A tax deduction meant to encourage conservation of environmentally important land and historic buildings has become a lucrative way for real estate developers in expensive resort destinations to finance development projects - depriving the government of billions of dollars of revenue and in some cases doing little to advance environmental protection. You deserve to live your life independently, have a good paying job, and keep more of your hard-earned dollars without thinking that the tax code is rigged against you in favor of Washington, D.C. elites. The 4,815 new jobs projected by the Tax Foundation represents a rate of 706.9 per 100,000.

The bill would lead to the biggest revamp of the United States tax system since the 1980s.

The lower business rates in the bill are designed for one reason only: to bring those jobs and resources back home.

"Tennessee is home to over 500,000 small businesses as well as worldwide employers like Volkswagen, all of which will benefit from the Tax Cuts and Jobs Act".

With sweeping federal tax reform being proposed, UNO students will see both immediate changes and long-term effects.

So long, AMT: The dreaded Alternative Minimum Tax would be nixed in both GOP plans.

- Preserving the Child and Dependent Care Tax Credit to help families care for their children and older dependents such as a disabled grandparent who may need additional support.

The Senate has not voted on its version of the bill.

To read the bill in its entirety and find more information on it, click [here].

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

As always, I appreciate your feedback and look forward to hearing from you in the future.

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