Rep. Collins says tax bill he supported today will save taxpayers money

Podcast: Tax reform and the Constitution

Collins leads increased NY GOP support for tax bill

"And in a number of ways this tax bill is going to make it more expensive to go to college", said Marc Egan with the National Education Association.

"I've been calling for tax reform since before I entered Congress, and today the House finally passed a bill that provides a much needed update to our tax code".

The U.S. House of Representatives voted 227-205 to pass the Tax Cuts and Jobs Act, which will cause major changes to tax rates for individuals and businesses.

Bishop Dewane credited lawmakers for restoring the adoption tax credit, which was not included in earlier versions of the bill. The plan, according to the Tax Foundation Taxes and Growth Model, is a pro-growth tax plan that would increase GDP, raise wages, and create more jobs. Now our corporate tax rate is higher than any other industrialized country, which helps explain why so many businesses have packed their bags and taken OUR jobs to other countries.

The estimated savings varies by county - higher in Livingston and lower in Wyoming and Orleans - because of how the bill removes some federal deductions for state and local property tax deductions.

Carper explained that he believes the bill is unfair because the corporate tax cuts in the bill are permanent and tax cuts for middle income families are not.

Sen. Susan Collins, R-Maine, who has voted with Democrats against repealing Obamacare, is reportedly having a more hard time coming to a "yes" vote on the Senate Republicans' tax reform plan since McConnell announced Tuesday that a repeal of Obamacare's individual health insurance mandate would be added to the Senate version of the tax bill. The tax, which is reduced from the current 35 percent tax rate, would be payable over eight years.

Tax Treatment of Interest: Caps net interest deduction at 30 percent of earnings before interest, taxes, depreciation, and amortization (EBITDA). Most families are likely to use the new standard deduction, no longer needing to itemize deductions.

International Income: Moves to a territorial system with base-erosion rules.

Estate Tax: Increases exemption to $10 million, indexed for inflation, with repeal after six years.

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