After months of talks and delays, Republicans officially unveiled their tax reform bill on Capitol Hill on Thursday.
They say it will simplify the tax code and allow taxpayers to keep more of the money they earned. The proposal would give middle income families a tax break, thanks to doubling the standard deduction and an increase in the child tax credit. Plus, the plan will look at changing what can be deducted regarding local property taxes and state income tax, from the federal tax form. We talked to Senator Rob Portman and he says the plan could help a lot of middle class Ohioans.
“If you are making like 60, 70 thousand dollars a year and you are struggling to make ends meet, because your expenses are up and your wages have been flat, which is a lot of Ohioans. You are going to see some tax relief. What that means is your family budget will be a little better. So if you are in the middle class in Ohio you are going to like what you are going to see, but you should run the numbers and look at your own situation," said Sen. Rob Portman, (R) U.S. Ohio Senator.
Portman says with proposed changes to the tax plan for businesses, Ohio and the other states will see more investments by companies, versus having them leave the country to find more favorable business environment in other parts of the world.
