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Friday, December 8, 2017

Tax Reform: ?Good For The Middle Class?

Sen. Rounds: 'The Tax Reform Bill … Takes Meaningful Steps To Reform Our Tax Code In A Manner That Will Allow Businesses To Flourish Again And Families To Keep More Of Their Hard-Earned Dollars'

SEN. MITCH McCONNELL (R-KY): "For many Americans the legacy of the Obama economy is sluggish growth, stagnant paychecks and missed opportunities. A lost generation of workers still struggle with the consequences of the Great Recession and find it nearly impossible to get ahead. One of the biggest obstacles to their success has been our nation's complex and outdated tax code. For too long it has dragged down our economy and taken too much from their paychecks. That's why the Republican-led Senate passed a critical tax reform bill that will help make America an economic powerhouse again. We did that by putting more money into the pockets of hardworking families and small businesses, creating more jobs and economic opportunity, and taking steps to ensure that jobs and business stay in America. This was a once-in-a-generation opportunity that we could not let pass." (Sen. McConnell, Op-Ed, "Tax Reform: What's In It For You," Wall Street Journal, 12/3/217)"

SEN. PORTMAN: 'This Tax Reform Plan Helps Middle-Class Families Directly'

SEN. CHUCK GRASSLEY (R-IA): "As one of only three Republican senators on both the Finance and Agriculture Committees, I've made it a priority to represent agriculture and the family farmer throughout the tax reform debate. This legislation is a once-in-a-generation opportunity to make real and long-lasting reforms for farmers, ranchers and every American working in our agriculture industries. … I've long advocated for these commonsense measures because they will help Iowa and the Midwest and will make life easier for middle class Americans." (Sen. Grassley, Op-Ed, "Farmers Need Tax Reform," Quad-City Times, 12/7/2017)
  • SEN. GRASSLEY: "One of the most frequently discussed issues in the tax reform discussion is the estate tax, which can force family farms to break up their operations to pay the IRS following the death of a family member. I support a full repeal of this unfair tax, and the Senate's legislation makes significant progress by doubling the estate tax exemption. This substantial change would let more family farmers pass their hard-earned life's work on to their children, paving the way for the next generation of family farmers." (Sen. Grassley, Op-Ed, "Farmers Need Tax Reform," Quad-City Times, 12/7/2017)
  • SEN. GRASSLEY: "The Tax Cuts and Jobs Act lowers taxes on capital investments and includes a business income deduction, which will help level the playing field between farms that file as corporations and those that file as individuals. More than 94 percent of farms are taxed under IRS provisions affecting individual taxpayers. The bulk of agricultural producers who operate outside the corporate tax code deserve basic fairness. This legislation makes sure that those taxed under the individual and corporate tax codes are treated similarly." (Sen. Grassley, Op-Ed, "Farmers Need Tax Reform," Quad-City Times, 12/7/2017)
SEN. ROB PORTMAN (R-OH): "For years, Republicans and Democrats alike have called for middle-class tax cuts. Last week, the Senate passed legislation that will finally deliver it. … Most importantly, this tax reform plan helps middle-class families directly in three main ways. It lowers tax rates, doubles the child tax credit to $2,000, and doubles the standard deduction to $24,000 per family. This means a larger 'zero income tax bracket,' which will take about 3 million more lower-income Americans off the tax rolls altogether." (Sen. Portman, Op-Ed, "Why The GOP Tax Cuts Will Be Good For The Middle Class…" Cleveland Plain-Dealer, 12/6/2017)
  • SEN. PORTMAN: "The independent Tax Foundation estimates that these reforms will benefit families across middle-class income brackets in 2018. For example, a single parent with two children earning $52,000 a year will see a 36 percent reduction in their taxes. A family with two kids earning $85,000 a year will see a 20 percent reduction in their taxes. And a family with two kids earning $165,000 a year will see an eight percent reduction in their taxes. This is because the biggest proportion of tax benefit goes to middle-class families at the lower end of the economic ladder. The Tax Foundation also estimates that the tax cuts in this proposal will save an Ohio family making $65,000 a year $2,375 a year on their taxes by the time the plan is fully phased in. That extra $2,375 helps working families make a car payment, pay for health care, or save for retirement." (Sen. Portman, Op-Ed, "Why The GOP Tax Cuts Will Be Good For The Middle Class…" Cleveland Plain-Dealer, 12/6/2017)
SEN. TODD YOUNG (R-IN): "Our guiding principle for tax reform was simple: allow hardworking Hoosiers to keep and control more of their money. The goal throughout this process has been to ensure middle-class families and those of modest means see real tax relief. Many American workers have not seen a pay raise in a decade. And over fifty percent of American families are living paycheck to paycheck. This is the pay raise Hoosiers have been waiting for." (Sen. Todd Young, Op-Ed, "Senate Tax Bill Benefits Hoosiers," Indianapolis Star, 12/6/2017)
SEN. MIKE ROUNDS (R-SD): "It has been more than 30 years since our tax code has been reformed. Since then, other countries have lowered their rates to become more successful in an increasingly competitive global market. Meanwhile, our tax rate has barely changed, but the tax code has grown more than 40,000 pages in length. It's no wonder growth has been stagnant for the past decade — averaging just 1.5 percent, half the post-World War II average. We simply cannot afford to continue with the status quo. Fortunately, the economy has begun to bounce back. Second-quarter growth increased to 3.3 percent this year, and the stock market is stronger than ever. Part of that growth stems from the American people expecting to see a tax cut soon, so they feel more confident investing in the economy once again. The Senate's Tax Cut and Jobs Act will keep the momentum going and allow more Americans to keep more of their paycheck and spend that money how they see fit." (Sen. Rounds, Op-Ed, "Making Good On A Promise," Yankton Daily Press & Dakotan, 12/4/2017)
  • SEN. ROUNDS: "The tax reform bill passed by the Senate takes meaningful steps to reform our tax code in a manner that will allow businesses to flourish again and families to keep more of their hard-earned dollars. It will provide more jobs, bigger paychecks and a fairer tax system, especially to lower- and middle-income Americans who haven't seen a pay raise in nearly a decade. Under our bill, businesses will have the stability they need to confidently grow their companies, hire more workers, increase wages and reinvest back into the economy. Reforming the tax code will create a healthy, more vibrant economy that we can pass onto our kids and grandkids, and greatly improve the quality of life for South Dakotans." (Sen. Rounds, Op-Ed, "Making Good On A Promise," Yankton Daily Press & Dakotan, 12/4/2017)
Tags: Tax Reform, Good For,Middle Class, businesses, Senators, Mike Rounds, Todd Yyoung, Rob Portman, Chuck Grassley, Mitch McConnell To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service and "Like" Facebook Page - Thanks!
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