The House passed the first total modification of the nation’s tax laws in thirty years and Third District Congressman Adrian Smith was in the majority as the bill passed on a strictly partisan vote. The bill now goes to the Senate for an expected vote Tuesday evening.
Smith says he was pleased that a provision the bill that would have damaged cooperatives was removed. He also praised the bill for keeping deductions that agriculture pays for local property taxes.
Smith says the bill doubles the standard deduction, increases the child tax credit and changes the system so more people can submit a simpler return.
The $1.5 trillion package would provide steep tax cuts for businesses and the wealthy and more modest cuts for middle- and low-income families. The business tax cuts would take effect in January. Workers would start to see changes in the
amount of taxes withheld from their paychecks in February.
The bill would nearly double the standard deduction used by most taxpayers, while those who itemize may lose some deductions depending on your circumstance.