by Countable | 11.16.17
The House passed its version of the Republican tax reform plan, known as the Tax Cuts and Jobs Act, on a 227-205 vote Thursday. A total of 13 Republicans voted no — primarily because of the bill’s changes to deductions for state and local taxes — while Democrats unanimously opposed the legislation.
The bill looks to overhaul the nation’s tax code by reducing the number of personal income tax brackets from seven to four, lowering tax rates, eliminating some itemized deductions while increasing the standard deduction, and reducing the corporate tax rate.
The Senate is drafting its own version of a tax reform bill with the Finance Committee set to finalize the plan this week. Once the bill comes to the floor, the Senate will amend the House-passed version of the bill with their own legislation.
That means that if the Senate passes its bill, the Tax Cuts and Jobs Act will then have to go to conference committee, where House and Senate negotiators modify the bill so that it’s able to pass both chambers unchanged. Once Congress votes on the conference report, the bill can go to President Donald Trump’s desk for a signature and the overhaul of the tax code will take effect starting in 2018.
Would the tax reform plans put forward by congressional Republicans help or hurt the economy? Are there provisions you want included or removed before the bill moves forward? Hit the Take Action button to tell your reps and share your thoughts in the comments below!
— Eric Revell
(Photo Credit: uschools / iStock)
Written by Countable
Our Awfully Compromised and Cash Driven Conservatives have passed their Terrible Tax Bill (Big Shock). Time to Wake Up, get Angry and start Shouting! Do YOU want to pay so that the Ultra-Rich can buy extra Yachts and Russian Brides? Trickle Down = YOU LOSE
What a scam on working people trying to make ends meet. This is a huge gift to millionaires and billionaires and some crumbs for regular people. The Republicans can spread lipstick all over this bill and it doesn’t change the reality of super duper give away to the super rich in hopes they will help others. Biggest scam ever perpetrated on working people.
The GOP is compromised. The party of Lincoln is dead. The house has passed a bill that increases the national debt by 1.7 trillion dollars, raises taxes on the middle class by 2025, and provides permanent tax cuts for the ultra wealthy and corporations. This is NOT fiscal conservatism, this is NOT conservatism. This is a bill that increases the wealth of Donald J Trump and his Russian loving colleagues. This bill is criminal. Paul Ryan and what’s left of the GOP don’t care about Americans.
Vote this bill down.. Permanent tax cuts for corporations and sunsetting middle class cuts is BS.. American individuals need the tax cuts not the corporations who own the government..
Another shining example of true representation in this Congress. I hope you all enjoy your donor-financed election campaigns next year. It must be nice to know you won't have to worry about cash flow -- unlike the average middle and low income citizen you are supposed to represent and just threw under the bus. You should all be ashamed of yourselves -- but that would require a soul and a conscience. You have proven you have neither. Don't ever attempt to preach to anyone about fiscal responsibility again. The citizens have had enough hypocrisy to last several generations.
A record setting stock market, increasing concentration of wealth, 20 trillion dollar debt, and low/middle class struggling economically in many ways, what does “our” house of reps do? Cuts taxes for corporations, punishes blue states with SALT cap, helps wealthy by removing estate tax, and insert fine print to have tax cuts expire for low and middle class in the coming years while continuing cuts for corporations. If this were about growth and jobs, cuts would be only for middle class. Our government should serve its citizens, not corporations. When it comes to war and tax cuts for wealthy/corporations there is “endless” pool of money, when citizens want health care, education, science, and infrastructure sudden “fiscal responsibility appears”. I urge the Senate to grow a spine to block egregious legislation that will hurt us for years to come.
Looks like several GOP representatives just sealed the coffin on their 2018 re-election bids.
Well the rich and big corporations win again! When is America going to wake up to the corruption in our government
Please let me know what millionaires and corporations I now have to support so I can claim them on my taxes as dependents. I refuse to pay and support anyone who makes more money than I do. I refuse to pay to a government who can’t abide by our constitution and keep religion out of politics. A government who takes away freedom. A government with no morals, ethics or regard to the Americans who already pay higher taxes and keep this country strong.
These are sick times.
Shame on the House Representatives who voted to pass this offensive tax bill. History will not remember you kindly.
Only 13 Republican no votes. This bill is a travesty in every way. Anyone voting for it is a disgrace.
The wealthy have complete control of Congress! Everyone else will be their slaves! Shame!
Dear Senators Kaine and Warner, Please stop the current Tax Reform proposals from being enacted. As a Virginia citizen with three children who definitely sits in the lower middle class, I can tell you with certainty that the House proposal and the draft Senate proposal will hurt my family. This is not good for America or the middle class. This is nothing more than corporate favoritism that will never boost our economy. It will simply make the rich richer. HELP US!
Do not vote in favor of this plan. It is truly one sided toward the rich and penalized the poor using the middle class as the scapegoats. Even billionaires are telling us that they do not want the cuts as it will only cause issues with the middle and lower classes. Put the people first.
The tax cut just given by the republican gave the Trump and family 1 billion dollars tax break, increased the deficit 1.5 trillion dollars, will not balance the budget, hose the middle class and poor, create economic salivary of the American people, gut the healthcare, SSN, will not stimulate growth, a give away to wealthy and Wall Street brokers. By the time the American public figure it out, their 401K will be a 201k. Keep voting republican you be out on the street in no time, if you are not there now. The republicans complain that is all the democrats say, the bad thing is, it true. The representative from UT is not poor now.
You should all be ashamed of yourselves for voting for this! I hope your next job is mine, as your future is gone here!
All they need to know is what happened to the state of Kansas when they tried this! Kansas in now nearly 1 trillion dollars in debt - now make that 50 times worse - this tax bill is not good for America or most Americans unless you are part of the 1% - speak out before it's too late - tell you representative and senators to vote NO on this horrible attempt to turn this county into Kansas. In Kansas they are cutting school funding, road repairs and many other programs this country use to be proud of - speak up tell them Vote NO!
As a CPA in FL, this proposed action will hurt the majority of my middle class clients
This bill hurts middle class America. The sick greed of thugs nation makes me sick. How much do you need/want. Most of the people this helps have more money than they can spend in 5 life times yet bitch if they are asked to pay a little extra to help the country that allowed them to get wealthy in the first place. Selfish!!!