Tax Reform Bill Moves on From House Pt 1
DAN NEWHOUSE ... "About 80% of the people who file taxes in the fourth district of Washington use the standard deduction, so we are doubling that. It's going to be $12,000 for individuals and $24,000 dollars of your income if you're a married couple. So, that will really increase, I think, the number of people that take advantage of that standard deduction, simplifying the task of filing your taxes."
Newhouse says it's not always easy, but it's all part of the process ...
DAN NEWHOUSE ... "Our reform will boost manufacturers. It will allow small businesses as well as farmers to immediately write off the full cost of new equipment, which I think is a great thing. This reform will repeal the unfair estate tax which hinders family farms as well as small businesses from passing on the success of a lifetime of hard work on to the next generation."
Newhouse says this act is directed at helping middle-income Americans by focusing on tax relief as well as simplifying the filing process.