ST. LOUIS (KMOX) – Illinois Congressman Rodney Davis thinks the House’s version of a tax reform plan can be through a conference committee and on the president’s desk before Christmas.
Davis told KMOX’s Mark Reardon small businesses would benefit.
“We capped the first $75 thousand at 9 percent taxes. Right now they can pay upwards of 40 percent because they’re passing the income through and having to pay at individual rates that currently exist. We get rid of those, we cap the rate that they can pay at 25 percent,” he says.
Davis reiterated the simplicity of filing taxes with a new, postcard-like form that allows for major deductions like mortgage interest and charitable contributions. He claims 75 percent of his constituents don’t itemize and opt instead for the standard deduction, which is increasing.