WASHINGTON, D.C. -- Oregon Congressman Greg Walden says the tax cut bill will help Oregonians making under $50,000 a year save $1,300 in taxes, and that'll continue for eight years. "It adds up to about $10,400 in real federal tax breaks over the next eight years for that family in eastern Oregon," he told reporters in a Tuesday call. Democrats have been critical of the bill because, while the personal income tax cuts expire after eight years, cuts for corporations are permanent.
Walden also says the bill will make it easier for Americans to file their taxes. "By nearly doubling the standard deduction, even fewer Oregonians will have to hire an accountant to search the 73,954 pages of the tax codes to scour around to see if they qualify for any of the loopholes and deductions." He says he was able to include a provision that allows you to deduct up to $10,000 in property and state income taxes. However, that means many Oregonians will not be allowed to deduct all of their state income taxes like they've done in the past.
The bill must be voted on a second time by the House, because three aspects violated Senate rules. That vote is expected Wednesday.