Editorial, 11/18: House plan cuts vital municipal bond exemption

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

Unfortunately, the outcome of the tax reform bill passed Thursday by the House would end the tax exemption used for certain municipal bonds by January 1 - a critical tool widely used to encourage investment in public projects that benefit cities, counties and states - and make the bonding process more expensive to both investors and taxpayers alike.

The biggest bottleneck is finding a way to pay for the tax cuts that doesn't hurt the poor or elderly, provides some relief to the middle class, and most importantly, doesn't add $1.7 trillion to the US national debt over the next decade, a figure that exceeds the limits Republicans agreed to for their reconciliation bill. It includes many changes to public and private education deductions.

Currently, the United States has the highest corporate tax rate in the world. "As Congress works to get tax reform onto the president's desk, we must keep up this momentum and let the details get worked out as the legislation progresses". Additionally, the plan lowers the tax rate on small businesses to the lowest it has been since WWII. In Kentucky, the average family will get to keep almost $2,000 more of their paychecks each year.

The bill cuts tax rates on middle and working class Americans, provides an increase to the child tax credit, creates a new family credit, and preserves the child and dependent care credit.

Republicans argue that the provisions in the Tax Cuts and Jobs Act that would lower corporate taxes would stop the flow of companies and jobs overseas. This tax plan is also expected to create almost 30,000 new jobs in Georgia alone, while raising the after-tax income for middle-class Georgia families by more than $2,300.

"I want to congratulate my colleagues in the House for taking another step towards tax relief for hardworking American families", Scott said.

The Senate still must vote on its own version of a tax reform plan and if that passes then it must be settled in a conference committee.

President Donald Trump has made passing an overhaul of the federal tax code a goal for his first year in office and, in a tweet, praised the House's passage of the bill.

Tax cuts for western NY families are one step closer to reality.

If the Senate bill passes, and that is not a foregone conclusion, the two bills will be married together into a new bill, and the House and Senate will vote on it again.

Five other Republican senators have yet to declare support, meaning the fate of the bill is far from certain in a chamber the GOP controls 52-48.



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