Wind businesses urge Congress to keep wind energy tax credit phase-out

The Devil Is in the Details Differences That Could Doom the Tax Bill iStock

The House today voted to approve the Tax Cuts and Jobs Act of 2017, and the Senate Finance Committee is expected to approve its version of tax reform as soon as Fridaywith a vote by the full Senate to follow after Thanksgiving.

The U.S. House of Representatives passed its version of tax reform - a $1.5 trillion overhaul of business and personal income taxes - and now it will be up to the Senate to make a move on its own version. "However, as written, this proposal appears to be the first federal income tax modification in American history that will raise income taxes on the working poor while simultaneously providing a large tax cut to the wealthy". American Wind Energy Association officials are concerned at language left in the House bill that eliminates the wind production tax credit along with the agreement to phase it out in 2019. "It must be changed for the sake of families - the bedrock of our country - and for those struggling on the peripheries of society who have a claim on our national conscience".

Provides immediate relief from the Death Tax by doubling the exemption and repealing the Death Tax after seven years.

- Retains the low-income housing tax credit that encourages businesses to invest in affordable housing so families, individuals, and seniors can find a safe and comfortable place to call home.

Rep. Graves said, "One reason the American people elected President Trump and a Republican Congress is to cut taxes and help businesses create more American jobs". Because of new financial incentives, more will form small businesses, our country's economic engine, and American companies will return profits and jobs back home.

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- Lowers the corporate tax rate to 20% - down from 35%, which today is the highest in the industrialized world - the largest reduction in the USA corporate tax rate in our nation's history.

The bill passed the House with a vote of 227 to 205.

The bishops' letter also cautioned that the deficit could "be used as an argument to further restrict or end programs that help those in need, programs which are investments to help pull struggling families out of poverty". By throwing out the loopholes and consolidating deductions, our plan will make filing taxes as simple as filling out a postcard. The 4,815 new jobs projected by the Tax Foundation represents a rate of 706.9 per 100,000.

Our plan will bring jobs to America. To read the Tax Foundation's nonpartisan study of the bill, click [here]. As a South Carolinian, I understand limiting the state income tax deduction at $10,000 isn't ideal.

Some local organizations are anxious about a loss of income from charitable donations if the Republicans' proposed Tax Cuts and Jobs Act is passed. It needs to be done, Americans deserve better than the status quo.

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