Many in political circles believed the deduction was unfair because the donation included the rights to get season tickets, which is something of significant value.
"Our current tax system is a mess".
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.
"At this point, tax reform is driving a lot of the debate, and we're certainly in favor of getting tax reform done this year, but it's still being kicked around, and each side is trying to figure out how to address the corporate tax issue and how to accelerate the growth of small businesses, but it's critical that we get something done soon".
"This goes a long way toward passing tax reform by the end of the year", NRF President and CEO Matthew Shay said. "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. "In Eastern Kentucky, more than 43,000 taxpayers claim the child tax credit, which will increase from $1,000 per child to $1,600 per child under our plan".
The Tax Cuts and Jobs Act includes several pieces of legislation previously introduced by Sen. This tax plan is also expected to create almost 30,000 new jobs in Georgia alone, while raising the after-tax income for middle-class Georgia families by more than $2,300. They also say a bigger standard deduction as well as a larger deduction for having dependents would lower taxes on middle-class Americans. However, that measure, which would also need to pass and enter a conference committee to be merged with the House version, faces an uncertain road to 51 votes.
If the Senate bill passes, and that is not a foregone conclusion, the two bills will be married together into a new bill, and the House and Senate will vote on it again.
"Static modeling overlooks the fact that if the reduced corporate tax grows the economy, and there are a lot of studies that show it would - you cut taxes now and make up for it later by growing companies' revenues, which will then be taxed".