Loebsack Statement on House Passage of Republican Tax Plan

Henrietta Strickland
November 17, 2017

"For too many years, Americans have endured a broken tax code that punishes hardworking taxpayers", Roskam wrote. The adoption tax credit is also maintained in this bill. Such incentives are not only important to assist individuals in attaining the security they deserve, but are vital to our nation's future economic well-being. The bill also provides an additional $600 credit for parents which means a total of $3800 tax credit for a family of four (two parents, two kids).

As tax legislation advances, changes to the tax code should not result in a disproportionate, adverse impact on older Americans. Like the House measure, it would slash the corporate tax rate and reduce personal income tax rates for many. Looking at the S&P 500's performance during the year before previous tax cuts, the market returned more profit than during the year following the bill signing.

The tax bills remove the deduction for medical expenses for when those expenses take a significant portion of the taxpayer's income. Seventy percent of filers who claim this deduction have income below $75,000. "Under this tax plan, everyone benefits and everyone has the same opportunities".

On the individual side, the proposal keeps the seven brackets, lowers the rates for several of them, almost doubles the standard deduction, expands the child credit and eliminates the alternative minimum tax.

Perhaps the worst aspect is that our deficit is expected to increase by over $1.5 trillion, forcing even our grandchildren to pay it down.

"I am also pleased that this tax reform package included our hard fought provisions to increase the child tax credit from a current $1,000 that phases out now at $110,000 to an increased $1,600 per child tax credit that goes up to $230,000 for families".

Other reports by Click Lancashire

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