SC Senator Tim Scott comments on new tax reform bill
Yesterday, the tax reform bill passed the Senate, but what will that mean for people.
Changes tax payers can expect are the elimination of the Affordable Care Act (Obamacare) mandate and slashing of the corporate tax rate by 15 percent.
The most important, the doubling of standard deductions while getting rid of individual state and local deductions.
The passing of the new tax reform bill could mean a big tax cut for Americans making more than $100,000 dollars a year.
For the middle class, or those making less than $75,000 dollars it could mean paying more in taxes over the next decade.
No democratic senator voted in favor of this bill, but Republican South Carolina Senator, Tim Scott, voted in favor of the tax bill.
For people who feel this tax plan might not be good for them Scott had this to say,
“Let's just take a look, next year is just a few weeks away, so they'll have an opportunity to examine their paycheck to see the benefits for them specifically and their household, number one. Number two, we’ll find very quickly that the economy is growing faster, and number three the global competition that America has been losing in part because of our high tax rate will now become a place where American companies will prove their metal and make themselves more successful which means more jobs here at home.”
The U.S. Senate and House of Representatives will be meeting to try and iron out the bill’s differences.