Rep. Collins says tax bill he supported today will save taxpayers money

19 November, 2017, 02:52 | Author: Gladys Mathis
  • President Donald Trump hailed the vote to overhaul the US tax system which helped fuel a rally in global marketsMore

Democratic Representative Bill Foster voted against the tax overhaul.

Like what you see? Brady said he's confident the House bill would benefit small businesses and spark job growth, noting that the legislation allows for things like immediate expensing, which would allow business owners to write off the total cost of business expenses right away.

State and local tax income tax deduction: eliminated in both bills. For illiquid assets, like equipment or property, the tax rate would be 5 percent.

- Elimination of the personal exemption, which will cause a net loss for families.

The bill would almost double the standard deduction, from $6,350 to $12,000 for individuals and from $12,700 to $24,000 for married couples.

Alternative minimum tax: The alternative minimum tax (AMT), which was created to affect only the wealthiest taxpayers but has been a thorn in the side of millions of others, would be completely repealed.

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The votes of Rep. Chris Collins, R-Clarence, and Rep. Tom Reed, R-Corning, were less essential as other upstate Republicans added their votes to a house tax bill passed Thursday. I am only looking out for the people of Western New York and the Finger Lakes, and their wallets.

The House Plan includes substantial modifications to existing renewable energy tax credits including the production tax credit ("PTC") and the investment tax credit ("ITC"), and also eliminates other tax incentives entirely, effective beginning after 2017, including the Section 199 Domestic Production Activities Deduction (the "DPAD"), the New Markets Tax Credit (the "NMTC"), the Historic Rehabilitation Tax Credit (the "HRTC"), the Enhanced Oil Recovery Credit, and the Credit for Producing Oil and Gas from Marginal Wells.

Pass-through entities: now, profits funneled through pass-through entities like S corporations and partnerships are taxed at individual tax rates as high as 39.6%. The Senate bill keeps the seven brackets while tweaking the levels, with a top rate of 38.5 percent.

Much of the coverage of the tax plans has centered on how they are likely to impact individuals and businesses, and which groups will be helped and hurt.

Mortgage interest deduction: The House bill caps this deduction at $500,000, while the Senate leaves it at $1,000,000.

Turning to the Senate's tax cut bill, Bishop Dewane said the USCCB continued to assess its provisions but offered comments about a few provisions.

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