House Delivers on Tax Reform Promise, Repeals Obamacare Mandate
In a historic vote today, the
Rep.
Johnson released the following statement:
"The passage of the Tax Cuts and Jobs Act is an extraordinary victory for the American people - paving the way for more jobs, fairer taxes and bigger paychecks. With across the board tax cuts, our economy will expand, families and individuals will get to keep more of their hard-earned dollars to spend how they see fit, and job creators will have the ability to offer better opportunities for more people. Additionally, this bill helps put Americans back in control of their healthcare decisions by removing the unprecedented government mandate that forced patients to buy into a failing healthcare system at exorbitant costs. Relief is within our reach, and I encourage my colleagues in the
Bill Highlights
* Significantly increases the standard deduction to allow roughly double the amount of what you keep each year from taxes - from
* Continues to allow people to write off the cost of state and local taxes - up to
* Supports American families by expanding the Child Tax Credit from
* Preserves the mortgage interest deduction to provide tax relief for current and aspiring homeowners
*
* Continues and expands the deduction for charitable contributions so people can continue to donate to their local church, charity or community organization
* Lowers the corporate tax rate to 21 percent, down from 35 percent, which today is the highest in the industrialized world and will unleash the free market to create jobs and increase paychecks
* Seeks to prevent American jobs, headquarters and research from moving overseas by eliminating incentives in the tax code that now reward companies for shifting jobs, profits and manufacturing plants overseas
* Allows businesses to immediately write off the full cost of new equipment to improve operations and enhance the skills of their workers which in turn will spur economic growth to create jobs and increase productivity
Rep. Clyburn Issues Statement on Tax Bill
Irvin Bill to Continue Children’s Health Insurance Program Signed Into Law
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News