The House passed Thursday afternoon a sweeping Republican tax bill that will cut taxes for corporations and many Americans, said First District Congressman Roger Marshall who supported and voted for the package.
“A main goal of tax reform has always been to create a healthy economy,” said Marshall, a doctor who hales from Great Bend. “By simplifying the code and reducing tax rates for businesses large and small, we will make America the jobs magnet of the world.”
The House voted 227-205 along party lines to approve the bill, which would bring the biggest revamp of the U.S. tax system in three decades. It also puts GOP leaders closer to delivering to President Donald Trump a crucial legislative achievement after nearly a year of failures.
“The time has come to close the special interest tax breaks and consolidate deductions,” Marshall said. “Simple fairness and common sense demands it. Business owners should now be able to focus on productivity instead of navigating the maze that is our tax code.”
Most of the House bill’s reductions would go to business. Both the Senate and House would slash the 35 percent corporate tax rate to 20 percent and reduce levies on millions of partnerships and certain corporations, including many small businesses.
Personal income tax rates for many would be reduced through some deductions, and credits would be reduced or eliminated. But projected federal deficits would grow by $1.5 trillion over the coming decade.
President Donald Trump calls the House passage “a big step” toward delivering on the Republican Party’s promise of tax cuts by year’s end.
“Gone are the days of a 74,608 page tax code full of bailouts, handouts and lobbyist loopholes for the wealthy and well-connected,” Marshall said. “This commonsense, fair, and simple reform is vital for our economic future, and that of our kids and grandkids. We need an America that competes and wins.”
Trump tweets his approval of the legislation, calling it “a big step toward fulfilling our promise to deliver historic tax cuts for the American people by the end of the year.”
Senate Republicans are debating their own version of the tax legislation in the more sharply divided chamber. Trump has said he wants to deliver a “Christmas present” in the form of tax cuts.
Democrats are using new projections by Congress’ nonpartisan tax analysts to call the Senate Republican tax bill a boon to the wealthy that boosts middle-income families’ taxes.