"The Senate must act decisively to avoid the deficiencies in the House legislation and craft a final bill that affirms life, cares for the poor and ensures national tax policy aimed at the common good", the bishop said.
In a release, Latta's office pointed to assessments by the Tax Foundation that this bill would create more than 33,000 full-time jobs in OH and create a small-business tax rate of 25 percent, helping small businesses grow.
Carper explained that he believes the bill is unfair because the corporate tax cuts in the bill are permanent and tax cuts for middle income families are not.
Naperville News 17's Beth Bria reports. Those profits are now not taxed until they are returned to the United States, giving companies an incentive to keep that money offshore since they would be taxed at the current corporate tax rate of 35 percent.
Repealing the unnecessary death tax and the alternative minimum tax. Additionally, the plan lowers the tax rate on small businesses to the lowest it has been since WWII.
Julia Lawless, communications director for Senate Finance Committee Chairman Orrin Hatch (R-UT), told Focus: "Chairman Hatch has been a strong advocate of this [orphan drug tax credit] initiative, which is why the mark [modified 15 November] does not repeal the orphan drug tax credit, but rather makes modifications to it". (Note that the top rate will remain at 39.6%.) In addition, a "bubble tax" of 6% would apply to a portion of adjusted gross income (AGI) above $1 million.
In terms of capitalizing America's largest employers, $2 trillion would capitalize Walmart (1.3 million jobs), HomeDepot (340,000 jobs) General Electric (305,000 jobs), Kroger (443,000 jobs), IBM (380,300 jobs) more than twice over.
Democratic House Leader Nancy Pelosi of California said of the bill in a New York Times article that "the bill Republicans have brought to the floor today is not tax reform".
"I want to congratulate my colleagues in the House for taking another step towards tax relief for hardworking American families", Scott said. "A simple, fair, and competitive tax code will be rocket fuel for our economy, and it's within our reach", said White House Press Secretary Sarah Huckabee Sanders, according to reporting by Bloomberg's Anna Edgerton.
Tax reform cleared its first major hurdle in Congress on November 16 when the House passed its version of the bill by a 227-to-205 vote mainly along party lines. The House bill has its own set of tax cut gimmicks, and ironing them out could prove problematic.