House and
Senate Panel Pass Tax Bill in Major Step Toward Overhaul
Earlier
today, the house passed a tax bill, cutting taxes by $1.5 trillion dollars and bringing
them one step closer to tax reform. The Trump tax bill is meant to help the
middle class by cutting the number of brackets from seven to four, similar to
the rest of the world. Simplifying the tax code is a top priority for the
current administration, although in comes at the cost of reducing the amount of
deductions an individual can make. The tax bill will help the middle class for
a number of years, then the tax rate will eventually increase. Corporate tax
rates will also be cut considerably, in an effort to keep industry in the
United States. It is now up to the Senate to finish the job. There is concern
that discrepancies on what should be targeted in tax reform will cause the bill
to hit a roadblock in the senate.
Mike
Ziccarelli
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