It's Senate's Turn After House OKs GOP Tax Cuts and Jobs Act

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Find out what the industry is saying about the tax reform proposals that are working their way through Congress.

College athletic administrators are anxious that proposed reforms in the House's tax bill, which passed Thursday, will have major effects on their programs' funding.

The U.S. House approved the Tax Cuts and Jobs Act, which Republicans say will lower tax rates at all income levels and lower the corporate tax rate.

A November 9 letter to House members by the chairmen of three U.S. Conference of Catholic Bishops' committees outlined what they called "many deficiencies" in the bill and that the bill places "new and unreasonable burdens on families".

The bill also removes pre-tax treatment of employer tuition reimbursement.

Q: The House bill would eliminate the estate tax after 2024. "Just think of how much that's going to save for people who have to pay to have their taxes done because the code is so complicated".

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He said that the bill "takes an important step forward toward strengthening parents' ability to choose a school that best suits their child" and called for reversal of the repeal of provisions that aid teachers and students in nongovernment schools.

Q: The Senate version of the tax bill would end the mandate in the Affordable Care Act to have health care.

Turning to the Senate's tax cut bill, Bishop Dewane said the USCCB continued to assess its provisions but offered comments about a few provisions.

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.

In the proposed measure, Section 1306 would cut deductions associated with charitable contributions for tickets. It's really double taxation after you built that business, built your farm, to then upon the death of somebody have to pay a huge tax upon that asset. By 2027, families making less than $75,000 would face tax boosts while those making more would see cuts. They're going to get an expanded child tax credit. At the same time, the legislation keeps the top income tax rate at 39.6 percent for the richest one percent of America.

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