Friday, November 24, 2017

Billy Long: It's up to the Senate to work with us to pass a tax reform bill

(From Seventh District Congressman Billy Long)

A lot has changed since 1986, but our tax code isn’t one of them. Ronald Reagan was president and Top Gun, along with its theme song,“Take My Breath Away,” just hit the big screen. Springfield’s own Tommy Whitlock penned that famous theme song. Times were good. Yet, 31 years later, hardworking Americans are living in an era characterized by stagnant wages and businesses moving overseas at the expense of the middle-class. It’s a reality House Republicans understand all too well and one we are working to alleviate. With the passage of H.R. 1, the Tax Cuts and Jobs Act, our bill simplifies an archaic tax code by expanding standard deductions, consolidating tax brackets and closing special-interest loopholes.

Under the House Republicans’ pro-growth tax plan, the number of tax brackets would be decreased by nearly half. In the current code, there are seven tax brackets. Our plan lowers that number to just four: zero, 12, 25 and 35 percent while still maintaining the 39.6 percent. For example, a person making $48,000 could drop from a 25 percent top marginal tax rate to 12 percent under the proposed changes. In dollars, that’s an increase of almost $6,000 to their individual standard deduction — a change that means more take-home money and less government overreach. After all, people know what to do with their money better than the government does.

But individuals aren’t the only ones that win based on the House bill. Not only does this bill create a new Family Credit, which expands the Child Tax Credit, but it keeps the Child and Dependent Tax Credit — reductions that make a difference for working families. The new Family Credit would increase the Child Tax Credit from $1,000 to $1,600. For a family barely getting by, that’s a big difference.

This code works for everyone from Missouri’s working families to its small business owners. As a former small businessman, I know firsthand the challenges small businesses face when it comes to our complex tax code. Missouri is home to over 500,000 small businesses employing 1.1 million workers. But in order to succeed, we need to create an environment that encourages innovation, instead of forcing it overseas to a more favorable tax code. According to the Tax Foundation, the Tax Cuts and Jobs Act would create 975,000 news jobs — 18,000 in Missouri alone. It’s a recipe for success.

Everyone deserves a tax code they can understand. Our current tax code is not only outdated, but unnecessarily complex. Americans spend almost 9 billion cumulative hours a year filing their taxes and $100 billion annually to comply with the individual income tax. There is a reason nine out of 10 Americans have to use some type of software to file their taxes. Under the Tax Cuts and Jobs Act, 90 percent of Americans would need just a postcard (not a PhD) to file their taxes.

The passage of the Tax Cuts and Jobs Acts gets us one step closer to giving hardworking Americans an overdue break. Now it’s up to the Senate to work with the House and pass a tax reform bill worth the president’s signature.

9 comments:

Anonymous said...

Stagnant wages? You mean after the Reagan and Bush tax cuts for corporations/wealthy, wages didn't go up BUT THEY WILL THIS TIME? Stop worrying Billy, you have the folks here fooled.

By the way, CEO wages were 29 to 1 against workers wages in 1978. In 2013 it was 300 to 1. But don't sweat it Billy, just keep saying Guns and Abortion. They will never notice.

Unknown said...

We need that tax reform
We need mandated out of un affordable health care( I don’t plan on needing maternity coverage)
And most of all we need the onerous regulation off the backs of business; then wages will go up for everyone

Thank you Congressman Long and Senator Blunt!!
McCaskill is no hope; just get in there with slimes Chuck Schumer and obstruct 18 karat gold— what a bunch of trash

Harvey Hutchinson 303-522-6622 voice&text

Anonymous said...

Harvey, please show how the Reagan and Bush tax cuts increased wages. Did the deregulation policies under Bush raise wages?

kitty chiwawa said...

Harvey, did you not have a mother/female that birthed your goofy self? SHE needed maternity coverage, every woman that has babies NEEDS maternity coverage, even women that bear sons. You're pretty amazing at times.

Anonymous said...

I wonder if Harvey got his economic 'facts' from listening to Lush RimmJob?

I bet smart guys like Harvey don't plan on needing their homeowners insurance either.

Unknown said...

I have 2 if them
How about you?

Harvey HUTCHINSON 303-522-6622 voice&text

Unknown said...

Kitty,
Yes, I had a wonderful mother!
My father paid the bill in its entirety: so there

Harvey HUTCHINSON 303-522-6622 voice&text

kitty chiwawa said...

So Harvey, are you saying that if a family can afford to pay the bill to create a family, they shouldn't need maternity coverage? What happens if the wage earner dies, in your case it would have been the father? What would the situation have been like for your parents in today's society, with the medical costs like they are now as opposed to when you were born? My own father was born on a farm, they may have had insurance in the late 30's/early 40's, but I doubt it would have cost them in cash/barter what it does today! My own children were born outside of a hospital setting and being small business owners, at the time their father and I did not have insurance that would have covered their births. The method we chose was to use a midwife that didn't accept insurance, their services were priced very low and we had very low-risk births. If we had had to go to a hospital for complications we would most likely have lost our home to foreclosure. Not every family can do it the way your folks and my family did... Think about it.

Anonymous said...

Harvey, just what part of cost sharing do you not understand. We all pay a little for a long time so as we get older we can get the health care we need versus the health care of younger people. Older people pay for the maternity costs and young people pay for cancer, chemo, cataracts, bone problems that affect so many older persons. By the way, have you ever really figured out what portion of your health care costs are attributed to maternity care? I really doubt it as it just suits you to spout off against anything helping others until you bemoan the fact you get sick and cannot afford reasonable and effective health care.