Senate Republicans have unveiled their tax reform plan and it has now been cleared for a full House vote. A key House panel, the Ways and Means Committee, approved the measure last Thursday. Congressman Tom Reed, a committee member, voted in favor of the measure, known as the Tax Cuts and Jobs Act. Following the vote, Reed said the Senate bill would result in an average of $16-HUNDRED dollars in savings for taxpayers in his Congressional district.
The Corning Republican says the bill cuts tax rates on middle- and working-class Americans, provides an increase to the child tax credit, creates a new family credit, and preserves the child and dependent care credit. At the same time, Reed says the legislation keeps the top income tax rate at 39.6% for the richest one percent of America.
Reed says he is confident that the measure will be taken up in the House this week and will be signed into law by the end of the year.