The tax reform legislation has been unveiled by the Senate Finance Committee and Senator Thad Cochran says reforming the federal tax code will help foster greater economic growth…
“Small businesses and the middle class need a tax code that does not include the complexities and burdens of current law,” said Cochran. “I am optimistic about the potential for this legislation to increase economic opportunity and help Mississippi families keep more of their take-home pay.”
The Senate legislation is a companion measure to the bill introduced in the House of Representatives.
Once both the House and the Senate pass their respective bills, differences in the legislation will need to be reconciled before being sent to the President for approval.
“We are going to simplify the tax code,” said Vice President Mike Pence. “We are going to simplify seven brackets down to three and we are going to make it possible for 90% of the American people to file their taxes on a single sheet of paper.”
Back in October Senator Cochran voted in favor of the Fiscal Year 2018 Senate budget, which was the first step to advance the tax reform process.