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| Time | Text |
|---|---|
| The House passed a sweeping $1.5 trillion tax bill Tuesday. | |
| The legislation dubbed the Tax Cuts and Jobs Act lowers individual tax rates. | |
| The final bill doubles the standard deduction used by about two-thirds of U.S. households to $24,000 for married couples. | |
| And the $1,000 per child tax credit would double to $2,000. | |
| But those who itemize will lose some deductions. | |
| The bill sets a new $10,000 cap on the deduction that millions use in connection with state and local income, property, and sales taxes. | |
| The bill also abolishes the Affordable Care Act's penalty for Americans who don't purchase insurance. | |
| Paul Ryan said, Zero Democrats voted to lower taxes. | |
| Instead, they were busy pushing the narrative that the sloppy bill is a Franken-monster set to benefit only corporations and the rich. | |
| But are they really just worried about a legislative accomplishment that will translate to cold, hard cash for middle-class pockets? | |
| According to the Independent Tax Policy Center, 80% of taxpayers will get a tax cut in 2018. Only about 5% will pay more next year under the GOP plan. | |
| The naysayers are yelling about the tax increase that's set to hit more than half of taxpayers in 2027. That's right, 10 years from now, when the bill's temporary tax breaks expire. | |
| The Information Technology Industry Council announced its formal support for the final version of the bill, which it believes will benefit the tech industry. | |
| Although the ITI lobbies on behalf of major firms like Google, Amazon, Oracle and IBM, the technology firms that will benefit the most from the tax changes are companies that make most of their sales right here in the U.S., not the giants that have stockpiled their profits overseas. | |
| The GOP tax bill slashes tax rates for corporations permanently to 21 percent. | |
| Supporters say this will make American businesses more competitive overseas. | |
| But don't worry about those tech giants. | |
| They're taken care of as well. | |
| The bill makes it attractive for firms to stop hoarding their profits overseas and repatriate assets to the U.S. at a lower tax rate. | |
| With approval from both chambers likely, the biggest overhaul of the U.S. tax system in more than 30 years could be signed into law by President Trump before the end of the week. | |
| Leanne McAdoo, Infowars.com. | |
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