Carper reacts to tax reform bills

College athletic programs could lose millions to House’s tax bill

Lowers the corporate tax rate to 20% - down from 35%, which today is the highest in the industrialized world - the largest reduction in the USA corporate tax rate in our nation's history. "And in that time, our tax system has become complicated, confusing, and unfair".

Permanent vs. temporary cuts: The Senate bill sunsets numerous individual tax cuts in 2025 while leaving the corporate tax cuts in place permanently.

"With today's vote, President Trump and House Republicans have seized this once-in-a-generation opportunity to reform our nation's tax code", said Collins."Since this plan was introduced, I have crunched the numbers and know that this bill will allow families in Western New York and the Finger Lakes to keep more of what they earn, while unleashing America's competitiveness to bring jobs and profits back home, where they belong".

"It's been 31 years since the last overhaul of the tax code", Latta said.

Reduces the tax rate on the hard-earned business income of Main Street job creators to no more than 25% - the lowest tax rate on small business income since World War II.

Eliminates special-interest tax breaks that increase rates and complicate Americans' taxes - so an individual or family can file their taxes on a form as simple as a postcard.

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Estate tax exemption: roughly doubled to$11.2 million for individuals and $22.4 million for married couples.

Property tax deduction: The Senate bill eliminates the property tax deduction, while the House version maintains it with a cap of $10,000.

Retains popular retirement savings options such as 401 (k) s and Individual Retirement Accounts so Americans can continue to save for their future.

"The Senate must act decisively to avoid the deficiencies in the House legislation and craft a final bill that affirms life, cares for the poor and ensures national tax policy aimed at the common good", the bishop said. "That means that every USA corporation would have an incentive to keep profits overseas". "Our plan will help make American companies more competitive so we can create more jobs and increase wages in the United States rather than sending them overseas". The House bill has its own set of tax cut gimmicks, and ironing them out could prove problematic. The bill also is expected to create almost 1 million new jobs, increase annual after-tax income for middle-income households by an average of $2,598, and grow our economy by more than 3.5 percent.

Similar to the House's proposed legislation, the Senate Plan would repeal the DPAD effective for tax years beginning after 2017.

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