Sen. Roberts Issues Statement on Senate Passage of Tax Reform Legislation
"This historic legislation impacts every single American," said Roberts. "We have worked together to provide meaningful relief for taxpayers, taking money out of
"There is widespread, bipartisan agreement on the need for a fairer, simpler tax code, and this bill does just that. I am so proud to have served on the tax-writing committee and played a role in ensuring this bill lowers taxes for Kansans, creates more fairness in our tax code, and unwinds the burdensome regulatory overkill."
For policy highlights of the Tax Cuts and Jobs Act, go here. For the full text of the bill, go here (http://docs.house.gov/billsthisweek/20171218/CRPT-115HRPT-%20466.pdf).
The
Roberts also praised the provision that repeals Obamacare's individual mandate tax penalty saying, "There is no denying that Obamacare continues to collapse. This provision provides additional relief to low- and middle-income families and allows Americans more flexibility in choosing the health care that best suits them without a penalty from the federal government."
Key Provisions Related to Agriculture:
Improves ability of the agricultural community to use the cash method of accounting, which provides flexibility in managing cash flow.
Creates a new system for small business passthroughs. The majority of farms and ranches are set up as passthroughs and the unique features of agricultural taxation are accommodated including attention to how the new rules will treat farmer cooperatives.
Doubles the exemptions from the estate and gift tax, up to
Protects the current ability for agricultural organizations and other charities to raise funds for operations.
Roberts continued, "For too long government has been an adversary, not a partner. With this bill, we are one step, closer toward restoring this balance, and removing the regulatory burden that has acted as a brake on our economy. We have before us now a comprehensive plan to address these issues, clean up and modernize the tax code. This will help generate more growth in our economy and provide meaningful tax relief for families, small businesses, and farmers and ranchers."
Other Key Provisions:
Reduces individual tax rates for middle-income Americans from the current rate of 22.5 percent to 22 percent; 25 percent to 24 percent; and the 32.5 rate dropping to 32 percent, which will help taxpayers keep even more of their hard-earned money
Nearly doubles the standard deduction
Doubles to child tax credit from
Eliminates costly special interest tax breaks
Modernizes the international tax system
Repeals Obamacare's individual mandate
Continues and expands the deduction for charitable contributions
Preserves the
Blocks the
Preserves the mortgage interest deduction
Expands the medical expense deduction to help Americans with expensive medical bills
Updates the measure's pass-through provisions to better assist
Makes permanent a 21 percent corporate tax rate and shifts the structure of the international tax system
These savings result in a typical American family of four, earning the median family income of
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