Senate Releases Tax Reform Proposal

Senator Richard Burr
2017-11-10 08:36:41
Richard Burr, US Senator North Carolina id="content_main"> *Senate Releases Tax Reform Proposal* This week, the House and Senate have been hard at work on legislation that will unleash the American economy and put more money back in the hands of everyday citizens like yourselves. The Senate Finance Committee, under the leadership of Chairman Orrin Hatch, released a proposal that will now be considered under an open process where Senators from both sides of the aisle will have a chance to debate and offer amendments. I've heard from North Carolinians for years about the burden our tax code puts on them and their businesses. This bill goes a long way towards giving the relief that's needed to millions of folks across the country. For instance, the standard deduction is nearly doubled for both individuals and families, and the child tax credit is greatly expanded. Deductions for charitable giving, mortgage interest, and adoptions are also left intact. All in all, a regular family of four making the median family income will save roughly $1,500 a year, thanks to this bill. That's real money that can make a real difference in families' lives. If we want a global 21st century economy to be led by American innovation, we have to encourage our best and brightest to start and run businesses here - not leave their businesses overseas. We have a once-in-a-generation opportunity to truly change the lives of millions of Americans for the better, and we can't let it go to waste. As a member of the Senate Finance Committee, I'm eager to get to work on such vital legislation that will help grow middle-class paychecks, create new jobs, and help our economy expand. This bill will bring the relief that millions of Americans so desperately need, so you can rest assured that our committee is full steam ahead.
November 10, 2017

Senate Releases Tax Reform Proposal

 

This week, the House and Senate have been hard at work on legislation that will unleash the American economy and put more money back in the hands of everyday citizens like yourselves. The Senate Finance Committee, under the leadership of Chairman Orrin Hatch, released a proposal that will now be considered under an open process where Senators from both sides of the aisle will have a chance to debate and offer amendments.

 

I’ve heard from North Carolinians for years about the burden our tax code puts on them and their businesses. This bill goes a long way towards giving the relief that’s needed to millions of folks across the country. For instance, the standard deduction is nearly doubled for both individuals and families, and the child tax credit is greatly expanded. Deductions for charitable giving, mortgage interest, and adoptions are also left intact. All in all, a regular family of four making the median family income will save roughly $1,500 a year, thanks to this bill. That’s real money that can make a real difference in families’ lives.

 

If we want a global 21st century economy to be led by American innovation, we have to encourage our best and brightest to start and run businesses here – not leave their businesses overseas. We have a once-in-a-generation opportunity to truly change the lives of millions of Americans for the better, and we can’t let it go to waste. As a member of the Senate Finance Committee, I’m eager to get to work on such vital legislation that will help grow middle-class paychecks, create new jobs, and help our economy expand. This bill will bring the relief that millions of Americans so desperately need, so you can rest assured that our committee is full steam ahead.

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