Press release:
Congressman Chris Collins (NY-27) applauded legislation to update our nation’s tax code that was released today by House Ways and Means Chairman Kevin Brady. Collins cited the fact that this legislation will provide tax relief to hardworking families across America, create jobs, and grow our nation’s economy.
“Passing comprehensive tax reform will be one of the most important accomplishments we will see under President Trump,” Collins said. “Making America more competitive on the world stage will truly 'Make America Great Again' and allow more Americans to achieve the American Dream. Our nation is struggling and we need to fix the broken, outdated tax system that has burdened hard-working individuals and has crushed our economy.”
The plan outlined by House Republicans will strengthen the American middle class by doubling the standard deduction, and for those who want to itemize deductions to continue to write off property taxes, mortgage interest, and charitable contributions. The legislation also reduces rates for middle-class Americans, eliminates the Alternative Minimum Tax (AMT) and enhances the Child Tax Credit.
“Tax reform is essential in order to grow our economy for our children and grandchildren’s generations,” Collins said. “I am confident that we will get this bill to President Trump’s desk and will see explosive economic growth.”
The framework puts America’s corporate tax rate below the average of other industrialized countries and promotes greater investment in American manufacturing. Collins supports reducing the minimum tax rate for small businesses and corporations in order to increase American competitiveness, create jobs and grow the nation’s economy.
For more information on H.R. 1, Tax Cuts and Jobs Act, click here.
Uh-huh... this is all for the
Uh-huh... this is all for the middle class. Riiiiiiight....
Notice one missing deduction? SALT - State and Local Taxes. You know those wonderful income taxes folks complain about in NYS? Forget deducting those from your federal taxable income. (Property taxes to a certain extent would stay). This becomes a huge tax shift from states without an income tax to states like NY with high taxes.
So - the wealthy will get their taxes cut. They'll also lose state income tax deductions, but the AMT is going away so wealthy folks who can manipulate their taxes good enough can avoid that. AMT was getting out of hand and hitting 4.5 million taxpayers, but leave it for the higher incomes... But, for us in the middle class? Bend over - that increase in the standard deduction probably won't cover the decrease in our state tax deduction plus increase in tax rate (lowest rate is increasing).
And let's talk fiscal responsibility. The "party of fiscal responsibility" (GOP... HA!) can unilaterally add $1.5 TRILLION to the deficit. No Dems need to vote for this bill - the GOP owns it 100% as it stands. (Yeah - and before you start spewing "but the deficit increased under Obama".... Those budgets included votes from GOP legislators - just as budgets under GW Bush included votes from both parties).
You get what you pay for, and for some silly reason a strategic minority of Americans voted for Trump and his cronies. And we are truly going to pay for it now.
https://www.nytimes.com/2017/11/02/us/politics/tax-plan-republicans.html
As a reminder, three days ago
As a reminder, three days ago he was incredibly pleased that the SALT deduction was going to remain. Apparently he's forgotten that since Monday.
Congressman Chris Collins (NY-27) released the following statement applauding Ways and Means Committee Chairman Kevin Brady’s decision to include a state and local property tax deduction in the House Republican tax reform bill.
"I am pleased that Chairman Brady has agreed to keep the SALT property tax deduction in the new tax reform legislation. It goes to show you that leadership does listen to the concerns we as members point out. Now, New York taxpayers are poised for a big victory when federal tax reform provides them with more money in their pockets and better economic opportunity. It’s time for Andrew Cuomo to follow our lead and deliver comprehensive tax reform when it comes to the state income and property taxes New Yorkers pay."
That property tax deduction
That property tax deduction is limited to $10,000. I know property taxes in NY are high, especially within certain cities, but I have no idea if Batavian readers will be affected. My brother in northern NY pays more property tax than I do in NC even though my appraised tax value is double his.
Last night on NPR a GOP Representative from New Jersey (another high tax state) stated the *average* property tax in his district is $21,000.
Sounds like average property owners will get screwed anyways.
I'm not at all sure how the
I'm not at all sure how the changes in the tax plan will affect me or others in the area. I was just amused that Rep. Collins can always be depended on to strictly toe the party line, even when it goes against his own talking points of earlier in the week. ::shrugs::