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House Passes Corporate Tax Cut, From 35% to 20%
By Mr. Crowd 16 Nov 201714:47
Today, House Republicans passed a monumental bill to cut taxes on businesses and individuals.The Tax Cuts and Jobs Act provides a globally competitive 20 percent corporate rate as well as strong tax reductions for small businesses. The plans call for five years of 100 percent immediate expensing for new investments, encouraging businesses to build and grow.
The bills also provide tax cuts for Americans of every income level and drastic simplification of the 70,000+ page tax code. They also provide a much-needed overhaul to the outdated tax code so that businesses large and small will again be able to compete against foreign competitors and create jobs across the country.
Not only will these reforms reduce the tax burden on businesses, they will also lead to more jobs and higher wages for Americans across the country. A study released by the Council of Economic Advisers found that in isolation, a 20 percent corporate tax rate could result in household wages increasing by between $4,000 and $9,000 over the long term.
The Senate Finance Committee is expected to approve the chamber's bill by Friday. Should the Senate GOP pass its bill, the two chambers will have to craft a joint plan before Congress can pass final legislation.
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