To receive daily emails from Breaking Christian News to your inbox CLICK HERE


SHARE THIS ARTICLE Printer friendly version of this page

Passed! The Largest Tax Overhaul for America Since the Regan Administration

Abigail Robertson : Dec 20, 2017  CBN News

"This is profound change, and this is change that's going to put our country on the right path." -House Speaker Paul Ryan

(Washington, DC)—[CBN News] Republicans are calling this a moment decades in the making—passing the largest tax overhaul since the Reagan administration. (Screengrab via CBN News)

"This is profound change, and this is change that's going to put our country on the right path," House Speaker Paul Ryan, R-WI, declared on Tuesday.

[UPDATE via Fox News: The House gave the final stamp of approval Wednesday to a sweeping tax reform package, sending the deal to Trump's desk to be signed after a 224-201 vote]

"Starting next year in February, every American should check their check, because they're going to get more money to bring home," House Majority Leader Kevin McCarthy, R-CA, told CBN News.

The new tax plan slashes the corporate tax rate from 35% to 21%, which McCarthy says will lead to economic and job growth. It also doubles the standard deduction to $12,000 for single filers and $24,000 for married couples.

"If you take an average family of four making $73,000, they're going to save $2000 on their taxes," McCarthy said. "It lets you keep more of your money. So many Americans who live paycheck-to-paycheck or struggle to be able to have that vacation or save for your kids' college, this is going to make a difference.

And for many, it simplifies the tax filing process down to a postcard.

"The uniqueness is instead of spending weeks and paying someone to do your taxes, you do it in minutes, that's the difference," McCarthy added.

Democratic opponents call the bill a "tax scam" and argue it is just a cut for the wealthy and will raise taxes for the middle class.

But McCarthy says that's just misinformation, and urges everyone to read the bill.

"Just read the bill, don't judge anybody else, read the bill and at the end of the day, you're going to be able to pay less because the rates go down," the California congressman said. "You double the standard deduction so already off the bat, you get twice as much tax free to start out with."

Once the bill passes the house a second time, it will be on its way to the president's desk.

Even after the second House tax vote today, the work in Washington will not be over. Lawmakers still face a budget deadline by the end of this week; no agreement and the government will shut down.







SHARE THIS ARTICLE Printer friendly version of this page

To receive daily emails from Breaking Christian News to your inbox CLICK HERE

Other Recent Articles from Breaking Christian News

Quick-Thinking KFC Worker Helps Save Alleged Kidnapping Victim after She Secretly Slips Him Note 'Begging for Help'

US Congresswoman Introduces Resolution to Label Israel's Founding a 'Catastrophe'

Buffalo Shooter Wore Same Nazi Symbol as the Ukrainian Military

Kansas Town Reverses Decision Removing 'In God We Trust' from Police Cars after Community Uproar

Nursing Moms Step-Up during Baby Formula Crisis: 'To Whom Much is Given, Much Will be Required'

Gates-Funded Research Has Created a Bird Flu Virus Capable of Becoming the New COVID-19

URGENT: Proposed US Amendments to World Health Organization Treaty Would Erode American Sovereignty

Texas Teen Goes to Bathroom at NBA Game, Is Found 10 Days Later Sold for Sex in Oklahoma Hotel

Michigan Court Blocks Enforcement of 1931 Abortion Ban That Would Take Effect if Roe is Overturned

Massive Cross-Border 'Sophisticated' Major Drug Tunnel Found Linking Tijuana to San Diego: '4 Feet In Diameter and About Six Stories Deep'

Report: Biden's DHS' Disinformation Governance Board on Death Watch after Operations 'Paused'

Recount Required in Pennsylvania Senate Race as Trump-backed Dr. Oz, McCormick Neck and Neck

Elon Musk Says He'll Vote Republican in Midterm Elections

The One-Two of Elon Musk and Project Veritas Might End Twitter

'Jesus Has All Authority': Candace Cameron Bure Says 'Powerful Enemy' Attacked Her Home

Tens of Thousands of Youth Shout 'Fill Me, Holy Spirit' at The Send Crusade

'Why Did You Choose to Have Me?': Fox News Host Asks His Mom On-Air Why She Chose Life after Getting Pregnant as a Teen

5 Lies Abortion Supporters Spread About Overturning Roe And How to Counter Them

Michael Flynn Files $50 Million Claim against Feds in Prelude to Lawsuit over Russia Probe: 'Of All of President Trump's Appointees, the Obama White House Hated Flynn the Most'

Pivotal Pennsylvania Primary: Why It Could Hold the Key to US Senate



Search the Articles Archives

Keyword:  
Author:  
Words Posted On:  
Day Month Year



BCN Plus

Follow BCN on Twitter
Are You Praying for Our Government Leaders?
BCN Staff

Steve Shultz
Steve Shultz, Managing Editor
Founder and Owner


Aimee Herd
Aimee Herd, Editor


BCN Plus
Are You Praying for President Trump?
 
 

All articles on this site and emails from BCN are copyrighted property of Breaking Christian News. Permission is given to link to, or share a BCN story if proper attribution is given to both the original writer and summarizer of the story. Breaking Christian News 2005-2019. All Rights Reserved.


Breaking Christian News is a division of Elijah List Publications, Inc. All Rights Reserved


Disclaimer: Articles and links, as well as the source articles linked to; do not necessarily reflect the opinion of Breaking Christian News.

editor@breakingchristiannews.com