College Athletics Imperiled By House Tax Bill

Posted November 19, 2017

"Over 90% of American families will actually be able to do their taxes on a post card".

Bishop Dewane credited lawmakers for restoring the adoption tax credit, which was not included in earlier versions of the bill.

Collins and Reed, whose support for a budget blueprint were the deciding votes, lost only two of their conference's upstate members - Rep. Elise Stefanik, R-Willsboro, and Rep. John Faso, R-Kinderhook - along with the votes of every New York Democrat on the "Tax Cuts and Jobs Act". A recent NRF analysis found that reducing the corporate tax rate to 20 percent could result in the creation of between 500,000 and 1.5 million new jobs throughout the economy.

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Other problems in the bill cited by the bishop include elimination of the Work Opportunity Tax Credit and tax relief for people paying for tuition and student loans and as well as for individuals who retire on disability. Scott sits on the Senate Finance Committee, which continues their markup on the Senate tax reform plan today.

The chairman of a US bishops' committee concerned with domestic justice issues expressed disappointment over the House of Representatives' passage of "the deeply flawed" tax cut bill. But there's a dire warning in this report about the way this would impact scholarships for athletes, and this feature is part of a tax bill that is broadly and wildly unfriendly to colleges and those who'd like to attend them, in addition to all us regular non-millionaires out here.

Collins said the vote, a preliminary step in Congress toward a significant shift in federal tax policy, would prove historic. It's not even a tax cut. I hear from a lot of people in Eastern Washington, especially farmers, business owners, small-business owners, that that is a very hard tax.

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- Elimination of the personal exemption, which will cause a net loss for families.

Critics say the tax overhaul will help the rich get richer by creating a fourth tax bracket for millionaires, and people in high tax states like California worry that rolling back the state and local tax deductions will cost them.

Turning to the Senate's tax cut bill, Bishop Dewane said the USCCB continued to assess its provisions but offered comments about a few provisions.

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