Congressional Record - Tax Cuts And Jobs Act

19 Sep 2018

Congressional Record – Tax Cuts And Jobs Act 501 (c)(3) Organizations (Part 13)

Baptist Joint Committee for Religious Liberty,

Washington, DC, November 6, 2017.

Hon. Kevin Brady, Chairman, House Ways and Means Committee, Washington, DC.

Hon. Richard Neal, Ranking Member, House Ways and Means Committee, Washington, DC.

Dear Chairman Brady and Ranking Member Neal:

On behalf of the Baptist Joint Committee for Religious Liberty (BJC), an 81-year-old agency serving 15 Baptist bodies on legal and policy matters relating to religious liberty and the separation of church and state, I write to express strong opposition to Section 5201 of the Tax Cuts and Jobs Act. This provision seriously undermines the independence and integrity of our houses of worship and denominations by creating an exemption to the partisan campaign prohibition that applies equally to all 501(c)(3) organizations. This attempt to encourage certain religious organizations to engage in partisan campaigning is constitutionally problematic following the Supreme Court’s application of the Establishment Clause in Texas Monthly v. Bullock.

Written by TaxConnections Admin | Posted in Congressional Record • Tax Cuts and Jobs Act

18 Sep 2018

Congressional Record – Tax Cuts And Jobs Act (Part 12)

Impact Of GOP Tax Plan On Students (By Jenny C. Bledsoe)

The House GOP tax bill makes graduate school inaccessible for anyone who is not independently wealthy, and it will likely cause current graduate students to drop out of doctoral programs and/or declare bankruptcy.

A single line in the 429-page bill effects this change: 26 U.S. tax code Sec. 117(d) allows students conducting research or teaching for a university (usually Ph.D. students on fellowship) to receive tuition waivers tax free. Any stipends are taxed.

The House “Tax Cuts and Jobs Act,” however, will repeal this provision, meaning that a Ph.D. student making a stipend of $24,000 will be taxed as if they are making $85,200. This would have been my situation two years ago. During the first three years of Emory’s Ph.D. program, a student currently receives a tuition waiver amounting to $61,200. Once you reach “tuition-paid” status after your third year, the annual tuition is $30,600.

Written by TaxConnections Admin | Posted in Congressional Record • Tax Cuts and Jobs Act

14 Sep 2018

Congressional Record – Tax Cuts And Jobs Act (Part 11)

Mr. BRADY of Texas. Mr. Speaker, I yield 3 minutes to the gentleman from Ohio (Mr. Renacci), one of our key members of the Ways and Means Committee.

Mr. RENACCI. Mr. Speaker, I rise today in support of H.R. 1, the Tax Cuts and Jobs Act. First of all, I want to thank President Trump for making this a priority, but I especially want to thank Chairman Brady for his tireless efforts and leadership in bringing this legislation to the floor today.

Three decades ago, there was a 24-year-old starting a business in Ohio. He borrowed money and started hiring people. As he grew his business, he didn’t take a paycheck and kept hiring hardworking middle class Americans. But then, as he started looking over things, he couldn’t hire anymore, because of the tremendous tax bill owed to the Federal Government.

Written by TaxConnections Admin | Posted in Congressional Record • Tax Cuts and Jobs Act

12 Sep 2018

Congressional Record – Tax Cuts And Jobs Act (Part 9)

Eliminating SALT Deduction Is A Tax Increase And Will Devastate Education Funding

H.R. 1 would eliminate most of the state and local tax deduction (SALT)–taking money out of the pockets of as many 44 million middle-class families across the nation. While the bill hammers middle-class families on this, it oddly preserves the ability of businesses to deduct state and local taxes–yet another example of how the bill takes from working families to provide tax giveaways to those who are wealthier.

Eliminating any part of the state and local tax deduction could lead to a tax increase on middle class families and have a negative, ripple effect on the ability of states and local communities to fund public services, like education. That could translate into cuts to public schools, lost jobs to educators, and overcrowded classrooms that deprive students of one-on-one attention.

Written by TaxConnections Admin | Posted in Congressional Record • Tax Cuts and Jobs Act

11 Sep 2018

Congressional Record – Tax Cuts And Jobs Act (Part 8)

Announcement By The Speaker Pro Tempore

The SPEAKER pro tempore. Members are advised that editorial content inserted within unanimous consent requests could result in Members’ time being charged.

Mr. PASCRELL. Mr. Speaker, if it weren’t bad enough, Mr. Speaker–and I come over to this side for a reason: I have got many brothers and sisters whom I love here–this is a terrible bill.

Unanimous consent here. The real price of this bill is hidden. $30 billion in interest on the debt every year. Who pays this? If it weren’t bad enough, the taxes that people have to pay today, as well as our children and our grandchildren, but beyond that, the real price of this bill is further hidden. The temporary family flexibility credit expires after 5 years. The temporary exclusion for independent care costs expires after 5 years.

Written by TaxConnections Admin | Posted in Congressional Record