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@CongPalazzo Supports House Tax Reform Bill

19 November 2017

The tax reform legislation passed today reduces the corporate tax rate and encourages businesses to bring their companies back to America. Among them, the bill would limit state and local deductions and the mortgage interest deduction, eliminate the personal exemption and almost double the standard deduction. First and foremost, this bill allows hardworking Americans to keep more of their hard earned money. Now our corporate tax rate is higher than any other industrialized country, which helps explain why so many businesses have packed their bags and taken OUR jobs to other countries.

"The Senate must work to ensure a legislative process characterized by integrity, one in which Americans can fully understand the tax proposals which will be voted upon", he added.

The effort is aimed at preventing companies from shifting profits abroad and encouraging the repatriation of profits earned overseas.

The bill also removes pre-tax treatment of employer tuition reimbursement.

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What's good for the one percenters, billionaires, trust fund kids, and global corporations isn't necessarily good for Michiganders. "A simple, fair, and competitive tax code will be rocket fuel for our economy, and it's within our reach", said White House Press Secretary Sarah Huckabee Sanders, according to reporting by Bloomberg's Anna Edgerton.

Deemed Repatriation: Enacts deemed repatriation of now deferred foreign profits at a rate of 14 percent for liquid assets and 7 percent for illiquid assets.

The House passed the Republican tax reform bill, H.R. 1, also known as the "Tax Cuts and Jobs Act", by a 227-205 vote, with numerous provisions that have met with both support and concern from the financial industry. "The House today voted to move the United States toward a tax system that delivers jobs and economic growth". Its greatest defect is the one that prompted Congressman Walter B. Jones (NC-3), a leading fiscal conservative to reluctantly vote against it - it does not include spending cuts along with the tax cuts.

While in Delaware, Senator Tom Carper addressed the tax reform bill that is now making its way through congress.

@CongPalazzo Supports House Tax Reform Bill