WASHINGTON (AP/WTVQ) – Kentucky’s congressional members are responding to the House’s passage of the Republican tax bill
The House voted 227-205 along party lines to approve the bill, which would bring the biggest revamp of the U.S. tax system in three decades.
Most of the House bill’s reductions would go to business. Both the Senate and House would slash the 35 percent corporate tax rate to 20 percent and reduce levies on millions of partnerships and certain corporations, including many small businesses.
Personal income tax rates for many would be reduced through some deductions, and credits would be reduced or eliminated.
But projected federal deficits would grow by $1.5 trillion over the coming decade.
Representative Andy Barr (R-KY) voted in favor of the tax bill. He sent out a statement shortly after it passed.
“Importantly, this bill will provide tax relief to the low- and middle-income Kentuckians who need it the most,” said Barr. “The bill takes the lowest 10 percent tax bracket to zero, and doubles the standard deduction, meaning hardworking Americans can immediately take home more of their paychecks. Specifically, the first $24,000 in family income will be completely tax free under this plan. We are nearly doubling the child tax credit and the top tax rate of 39.6 percent will remain for the highest income earners.”
Senator Mitch McConnell (R-KY) also praised the bill’s passage, saying it will put “more money in the pockets of millions of struggling American families so they can pay their bills, save for their future and invest for their children.”
Representative John Yarmuth (D-KY) voted against the bill, saying House Republicans “just approved the great tax scam of 2017.”
“Their plan will increase taxes for 36 million middle class families, shower massive tax cuts on the wealthy and large corporations, and increase our deficits by $1.5 trillion,” Yarmuth said in a statement. “Now the bill heads to the Senate where Republicans plan to add a provision sabotaging the Affordable Care Act and leaving 13 million more Americans uninsured. This isn’t tax reform-it’s an attack on the health and financial security of the American people. Democrats will continue to fight for its defeat.”