TALLAHASSEE, Fla. (WTXL) - Republican lawmakers proposed a new tax code called the Tax Cuts and Jobs Act.
The bill seeks to lower taxes, promising savings for the average family, and lower rates and new write-offs for businesses. According to supporters of the reform, the savings would be offset by significant job creations.
The tax code hasn't been updated in 30 years, and advocates want to see one that represents our current society.
It is expected to be simple and easier to file. It also aims to eliminate loopholes and costly deductions that prioritize one business over another.
"So for example, small business owners will see benefits from their rates being capped at 25 percent," said Brianna Shoaf with the Main Street Growth & Opportunity Coalition. "So they can go and spend more time investing in their community, expanding their business, hiring more individuals and so then the middle class will see benefits from those new job opportunities ."
Officials are hoping this will be signed into law by the end of the year.