The Tax Cuts and Jobs Act passed the Ways and Means Committee last week and will be ready for a vote on Friday of this week. The report put out by The Tax Foundation, a non-partisan research and think tank on taxation, estimates that the current tax reform bill will increase take-home pay in Florida, on average, by just over $2,200 and will lead to a 3.1 percent increase in workers’ wages a massive win for middle-income and working Americans.
Conservative Republicans have raised our support for giving adoptive families a tax credit with Chairman Brady. I support the Adoption Tax Credit because it sends the message that government recognizes and supports life and the family unit. Practically, this credit provides adoptive families with some tax relief to helps offset the legal costs incurred during the adoption process.
While in committee, the Adoption Tax Credit provisions were kept in its original form. This would allow adoptive families to receive this tax credit for legal fees incurred during the adoption process.
Finally, individuals will no longer be double-taxed, or triple-taxed in some cases, on assets and businesses passed down from generation to generation because our tax plan repeals the Death Tax. Allowing our small businesses to keep more of their profits means more jobs, better wages for our employees, and a more productive and robust economy that benefits all.
Congressman Daniel Webster represents The Villages in the U.S. House of Representatives.
