AWEA Concerned With House Tax Reform Bill Leaving Out PTC Agreement

AWEA Concerned With House Tax Reform Bill Leaving Out PTC Agreement

AWEA Concerned With House Tax Reform Bill Leaving Out PTC Agreement

Some local organizations are anxious about a loss of income from charitable donations if the Republicans' proposed Tax Cuts and Jobs Act is passed.

Personal exemptions: now, a taxpayer is entitled to claim a personal exemption of $4,050 for himself or herself, a spouse and each qualified dependent.

The bill would almost double the standard deduction, from $6,350 to $12,000 for individuals and from $12,700 to $24,000 for married couples.

Slaughter and dissenting voters, including several New York City-area Republicans, said they their opposition was triggered because the bills would - counter to Collins' estimations - raise taxes on middle-class households. For those that still choose to itemize, House Republicans have maintained important deductions for mortgage interest, charitable contributions, and state and local property taxes up to $10,000. However, the credit would have a short shelf life and would expire after five years. Typically, recharacterizations are used when the value of the taxpayer's account drops.

For businesses, the bill calls for a reduction of the corporate tax rate from the current rate of 35 percent to 20 percent and allows for increased expensing of the costs of certain properties.

Kevin Diaz, Washington correspondent for the Houston Chronicle says Brady has been working his way through the House leadership ranks for years, with the goal of implementing significant tax cuts.

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He says some will see lower taxes, while others will be paying more. In addition, foreign profits invested in non-cash assets offshore would be taxed at the rate of 7%.

Pass-through entities: now, profits funneled through pass-through entities like S corporations and partnerships are taxed at individual tax rates as high as 39.6%.

The legislation passed by the House today lowers tax rates, collapses tax brackets, increases the child tax credit and doubles the standard deduction, which will allow families to keep more of their paychecks.

"For far too long, New Yorkers have been saddled with one of the highest tax burdens in the country".

Julia Lawless, communications director for Senate Finance Committee Chairman Orrin Hatch (R-UT), told Focus: "Chairman Hatch has been a strong advocate of this [orphan drug tax credit] initiative, which is why the mark [modified 15 November] does not repeal the orphan drug tax credit, but rather makes modifications to it".

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