Income Tax Reduction Loses in State House

Feb 24, 2017, 00:12
Income Tax Reduction Loses in State House

The letter puts some of the largest US companies squarely behind House Speaker Paul Ryan and other House GOP leaders, who argue that leveling the global playing field by cutting the USA corporate tax rate to 20% (or lower) will be impossible without their plan for a 20% tax on imports, which would raise $1 trillion over a decade.

GOP House Speaker Tom Leonard announced after 3 a.m. Thursday that he removed Republican Rep. Jason Sheppard of Temperance as chairman of the Financial Services Committee. Sheppard could not immediately be reached to comment. Despite this, House Bill 4001 went down in flames on a 55-52 vote.

Industrial giants such as Boeing and General Electric also favor the tax, but retailers oppose it, citing it would increase the costs on imports that they resell in the USA, according to CNBC.

As passed by a House committee last week, the measure would have cut the tax to 3.9 percent next year and phased it out completely by 2057.

Legislation that would reduce the 4.25 tax to 3.9 percent over four years is on the agenda for a vote. There is growing skepticism of the proposal, including some outright opposition, among Republicans and Democrats alike in the U.S. Senate.

Governor Rick Snyder was not on board with the break citing serious concerns about the budget implications.

In a letter addressed to Speaker of the House Paul Ryan, Democratic Leader of the House Nancy Pelosi, Majority Leader of the Senate Mitch McConnell and Democratic Leader of the Senate Chuck Schumer, the coalition of 16 companies sent out an impassioned plea to roll back federal policies, mainly on the tax front, that restrain the growth of the USA economy.

"I had an overwhelming majority in my caucus that wanted to let the world know where they stood in terms of defending tax payers in the state."

A bill now making it's way through Michigan Legislature would reduce the state income tax rate. Last week, Speaker Paul RyanPaul RyanTrump: House GOP's plan for border tax could create more jobs Conservatives to Congress: Get moving Cornyn: Border wall "makes absolutely no sense" in some areas MORE (R-Wis.) made the case for the proposal in a lunch with senators and gave a lengthy explanation about the benefits of border adjustments during a press conference.

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