WASHINGTON — An area congressman praised the recent passage of federal tax reform by the U.S. House of Representatives.
U.S. House of Representatives
Rep. Bob Latta, R-Bowling Green: Latta voted in favor of passing the Tax Cuts and Jobs Act on Thursday, a bill he said will reform the nation’s tax code to help middle class families and small businesses.
“It’s been 31 years since the last overhaul of the tax code,” Latta said. “And in that time, our tax system has become complicated, confusing, and unfair. The Tax Cuts and Jobs Act provides needed relief to the middle-class families and small businesses that drive our economy. At the same time, under this legislation, nine out of 10 families will be able to file their taxes on a form the size of a postcard. The time is now to simplify our outdated tax code and let Ohioans keep more of their hard-earned money.”
In a release, Latta’s office pointed to assessments by the Tax Foundation that this bill would create more than 33,000 full-time jobs in Ohio and create a small-business tax rate of 25 percent, helping small businesses grow. The bill would also lower the corporate tax rate, which is now the highest in the industrialized world. The bill would nearly double the standard deduction, from $6,350 to $12,000 for individuals and from $12,700 to $24,000 for married couples. Individual Retirement Accounts and 401(k) plans would also retain their tax-exempt status.
U.S. Senate
Sen. Sherrod Brown, D-Ohio: In a Senate Finance Committee hearing Tuesday, Brown criticized the Senate GOP tax plan, saying it would encourage corporations to outsource jobs outside the United States.
“The bill introduced by Senate Republicans has a minimum tax rate for profit that can be attributed to so-called ‘intangible assets’ — things like intellectual property, trade secrets that are kept offshore,” he said during the hearing. “But, as I read it, there is no minimum rate for real business activity overseas. That means that every U.S. corporation would have an incentive to keep profits overseas.”
On Wednesday, Brown pointed to a letter from Congressional Budget Office Director Keith Hall to members of Congress saying the GOP tax plan would cut $25 billion from Medicare. Brown said this would result in a $16.4 billion loss in Medicaid funding to Ohio in 10 years.
“We know the so-called tax bill takes insurance, health insurance, away from 13 million Americans,” he said during a hearing. “We know it causes premiums to skyrocket. But the story doesn’t end there. It also forces direct cuts to Medicare.”
Sen. Rob Portman, R-Ohio: On Thursday, Portman praised the Senate Finance Committee’s approval of the Senate version of the Tax Cuts and Jobs Act, saying it will help the middle class, create jobs and lead to increased wages.
“Under our plan, a median income Ohio family will save $2,375 annually on their tax bill that they can instead use for gas or groceries, a car payment, retirement, college savings, or a family vacation,” he said. “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. Our plan will also level the playing field internationally so we can bring back jobs and investment.”
Several Portman amendments were included in the Senate bill, including his Stop Taxing Death and Disability Act, which eliminates a tax penalty for student loans forgiven for families after the death of their child, the Craft Beverage Modernization and Tax Reform Act, which would provide excise tax relief to the craft beer industry and an amendment to protect the ability of small businesses to employ nonqualified deferred compensation programs for employees and retirees, helping employees save better for retirement.
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