House Passes Historic Tax Bill
This historic bill promises a boon to American job creators. It contains many much-needed reforms that benefit businesses, employees, and consumers.
“Missouri businesses applaud passage of the historic tax cut by the U.S. House of Representatives yesterday,” said Ray McCarty, president and CEO of Associated Industries of Missouri. “Missouri’s family-owned businesses would benefit from the complete elimination of the ridiculous death tax (estate tax) that causes family businesses to be sold when the main owners pass away just to pay the estate tax bill. Corporations benefit from a dramatically lower rate and businesses organized as S Corps, partnerships, LLC’s and other ‘flow-through entities’ would enjoy the lower rates for all individual taxpayers as well as a lower special rate of 9% for small business income between $75,000 and $150,000. While there will be a different bill considered in the U.S. Senate next week, businesses are encouraged by the historic passage of this tax cut bill through the U.S. House and we applaud our elected officials for taking tax reform seriously,” said McCarty.
There are many more important reforms that this bill promises. Currently American job creators are penalized by an outdated tax system that “double-taxes” them on income earned abroad, often resulting in money made overseas not making it to America. With this bill, job creators could bring back money to the United States to grow their businesses, and hire more people. This bill also has a provision that would allow new equipment to be immediately written off, which would allow businesses to buy what they need to grow.
However, the work is still not done for American job creators. H.R. 1 must still pass in the Senate before it reaches President Trump’s desk. But the bill’s success in the House of Representatives is a major step toward a bright future for job creators.