Sen. Mike Rounds
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HURON – An overhaul of the nation’s tax system for the first time in more than a generation will mean more money in the pockets of everyday Americans while allowing businesses to be more competitive, Sen. Mike Rounds, R-S.D., said Friday.
His conference call with reporters came a day after the House passed a tax bill and just hours after the Senate Finance Committee voted in favor of its version in a late-night session.
“Our goal is to make the American economy healthy,” Rounds said. “That’s what this is all about.”
Other countries have been lowering their tax rates so businesses are more competitive. The United States has lost more than 4,700 businesses overseas, which also means a loss of their employees and the ability to invest their profits here, he said.
The GOP bill will relieve the tax burden on families, Rounds said.
“They will have more in their paychecks; they can decide what they want to do with that money.”
The Senate version went a step farther in that it repeals the individual mandate under the Affordable Care Act.
By repealing it, there will be even more relief for middle income earners, Sen. John Thune, R-S.D., a member of the finance committee, said in a news release.
It will raise more than $318 billion over 10 years, Rounds said.
“I’ve said all along I really do believe that we should eliminate that individual mandate,” he said.