|You might favor this bill if:
► You believe the temporary tax cuts made by the "Tax Cuts and Jobs Act" in 2017 must be made permanent, further adding $631 billion to our nations deficit over the next decade, in addition to the $1.5 trillion already added by the "Tax Cuts and Jobs Act".
|You might oppose this bill if:
► You believe these cuts rather than benefiting working families, would benefit only those wealthy enough to take advantage of the tax breaks. The bill, with a price tag of $631 billion, will further provide incentive to cut federal funding to Social Security, Medicare, Medicaid, education, and other vital public services.
The Protecting Family and Small Business Tax Cuts Act would make permanent several tax provisions enacted under the "Tax Cuts and Jobs Act," most commonly known as the Republican Tax reform bill enacted in late 2017. These provisions, which were originally set to expire by 2025, would now be permanent.
According to the Congressional Research Service, the provisions made permanent would:
- reduce individual tax rates;
- repeal the deduction for personal exemptions;
- limit individual deductions for state and local taxes;
- limit the mortgage interest deduction;
- double the estate and gift tax exemption amount;
- increase the alternative minimum tax exemption amount for individuals;
- repeal or limit several other deductions and exclusions;
- allow a deduction for qualified business income of pass-through entities;
- exclude from gross income discharges of student loan debt due to the death or disability of the student;
- increase the standard deduction;
- increase and modify the child tax credit; and
- increase the limitation for certain charitable contributions.
The bill also keeps the current personal income tax brackets enacted by the Tax Cuts and Jobs Act and makes them permanent, instead of expiring in 2025.
Joint Tax Income
10% - $0 to $19,050;
12% - $19,050 to $77,400;
22% - $77,400 to $165,000;
24% - $165,000 to $315,000;
32% - $315,000 to $400,000;
35% - $400,000 to $600,000;
37% - $600,000 and above.
Single filers Tax Income:
10% - $0 to $9,525
12% - $9,525 to $38,700
22% - $38,700 to $82,500
24% - $82,500 to $157,500
32% - $157,500 to $200,000
35% - $200,000 to $500,000
37% - $500,000 and above
Republicans are assuring the legislation is a way to keep the American economy booming.
The Congressional Budget Office estimates the bill would increase deficits by about $631 billion over the 2019-2028 period. This would be in addition to the already added $1.5 trillion deficit created by the "Tax Cuts and jobs Act."
Several organizations have come out publicly against the legislation.
The legislation passed the House with a vote of 220-191 on September 28th, 2018.
Sponsored by: Rep. Davis, Rodney [R-IL-13].
Cosponsored by: 40 Rep / 0 Dem.