Ohio mayors criticize proposed tax reform package
"This is a huge tax hike for the American people and for our constituents ..." said
She took aim, in particular, at the idea of eliminating the ability of federal taxpayers to write off what they've already paid in state income and local property taxes.
"Ninety percent of the state's GDP is generated in
"Tax reform is needed in order to help our economy, but we need to get it right,"
The bill passed Thursday by the House only with Republican votes would, among many other things, cut the corporate income tax from a current maximum of 35 percent to 20 percent, collapse the number of individual income tax brackets from seven to four, reduce the impact of the estate tax, and get rid of the mandate under the Affordable Care Act that most Americans must maintain health insurance.
To help offset the cost of that and reduce the impact on the federal debt, it would also set new limits on the deduction for local property taxes, eliminate the deduction on state and local income taxes, and eliminate tax credits to help finance private-sector rehabilitation of historic structures.
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