Rep. Collins says tax bill he supported today will save taxpayers money

Podcast: Tax reform and the Constitution

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.

Congressman Hal Rogers has put his stamp of approval on a tax cut bill passed Thursday by the U.S. House, but some predict the bill will be on shaky ground with the Senate as it moves there for consideration.

Find out what the industry is saying about the tax reform proposals that are working their way through Congress. "And in a number of ways this tax bill is going to make it more expensive to go to college", said Marc Egan with the National Education Association.

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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. At the same time, the legislation keeps the top income tax rate at 39.6 percent for the richest one percent of America.

Doubling of the standard deduction, the expanded child tax credit - 46,000 families in Eastern Washington take advantage of that.

"It lowers tax rates across the board". On average, it would end up saving the typical household roughly $4,000 per year.

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Collins and Reed, whose support for a budget blueprint were the deciding votes, lost only two of their conference's upstate members - Rep. Elise Stefanik, R-Willsboro, and Rep. John Faso, R-Kinderhook - along with the votes of every New York Democrat on the "Tax Cuts and Jobs Act". A study by the Tax Foundation found that these reforms would result in putting nearly 1 million new jobs and almost 2 trillion hard-earned dollars back in the pockets of Americans across the country. "Ninety percent of Americans will be able to file their taxes on a simple postcard", said Rogers.

President Donald Trump has made passing an overhaul of the federal tax code a goal for his first year in office and, in a tweet, praised the House's passage of the bill.

"Static modeling overlooks the fact that if the reduced corporate tax grows the economy, and there are a lot of studies that show it would - you cut taxes now and make up for it later by growing companies' revenues, which will then be taxed".

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