Tax relief for families and small businesses in McLennan County might be on their way.
Republicans in the House of Representatives and the Senate each passed a tax reform bill.
Now lawmakers must work out their differences before presenting it to the president.
Monday Representative Bill Flores met with McLennan County leaders at Baylor University to talk taxes.
Rep. Flores says, “This is a huge win, families win, business win, paychecks go up, unemployment goes down.”
He says, “If you reform taxes particularly if you cut taxes you create economic growth, which creates more income, which creates more tax revenue for the government.”
Rep. Flores says this proposed tax cut would give families with medium to low income and small businesses a break.
“It lowers dramatically individual tax rates particularly for working class Americans for those folks in the 150 and 200 thousand dollar bracket all the way down to the bottom of the income skill.”
Rep. Flores says lowering taxes will add to the national debt, but in the long run it will actually lower it.
“Economic growth creates more income, more paychecks that means more tax revenue for federal government.”
The House wants to make these tax cuts for families permanent, while the Senate wants to expire them in 10 years.
Rep. Flores says, “It is a huge win for the economy and the deficit comes down as well.
He is hoping the Senate and House will come up with the common bill before the holiday break.