Senator Collins’ Statement in Support of Senate Tax Reform Bill
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She released the following statement:
"I don't think there is a single American who thinks that our current tax code is fair, simple, or promotes economic growth. We need a tax system that will boost the economy, help the middle class, and encourage small businesses to grow and create jobs. If we stimulate the economy through tax reform, we can significantly increase federal revenues while boosting Americans' take-home pay.
"By nearly doubling the standard deduction and expanding the child tax credit, this bill will provide significant relief to lower- and middle-income taxpayers. For example, a single mother with one child earning
"Over the past several weeks, I have worked to ensure that the
"First, I advocated strongly for restoring the state and local property tax deduction up to
"Second, my amendment to help Americans struggling with high unreimbursed health care costs was incorporated into the bill. I am pleased that the final bill will include my amendment to lower the threshold for claiming the deduction for these unreimbursed expenses from 10 percent to 7.5 percent of income for two years.
"Third, I'm pleased that my amendment to reverse the
"In addition, I was deeply concerned that the repeal of the individual mandate would almost certainly lead to further increases in the cost of health insurance premiums - premiums that are already too expensive under the ACA. I am very pleased the Majority Leader committed to support passage of two important pieces of legislation before the end of the year to mitigate these increases.
The first, the Bipartisan Health Care Stabilization Act introduced by Senators Alexander and Murray, will provide vital funding in 2019 and 2020 for the cost-sharing reductions received by low-income enrollees in the ACA exchanges. This funding helps low-income families pay their out-of-pocket costs, including deductibles and co-pays. The second is bipartisan legislation I introduced that would protect people with pre-existing conditions while lowering premiums through the use of high-risk pools. This plan will provide
"I have also heard a great deal of concern from seniors with the
"Having secured these key improvements in the bill, as well as the commitments to legislation to help lower health insurance premiums, I will cast my vote in support of the
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