Portman tells Y'town Rotary tax bill already working, conveys exchange with GM CEO
U.S. Sen. Rob Portman said the tax-reform bill is already paying dividends for people.
The Tax Cuts and Jobs Act, signed into law in December, is a success.
“Over 3 million on the low end of the income bracket won’t have a tax liability at all. That’s an indication of who’s benefiting,” said Portman, a Republican from the Cincinnati area who was at the downtown Youngstown YMCA on Wednesday to tour the facility and speak at the Youngstown Rotary Club meeting.
The bill lowers tax rates, doubles the standard deduction to $24,000 per family, and doubles the child-care tax credit to $2,000 per child.
“Doubling the standard deduction is huge for people in the Mahoning Valley who are making $24,000 a year; it’s all tax-free,” he said.
Portman was asked by The Vindicator about General Motors announcement last month that it was eliminating the second shift at its Lordstown complex, which is expected to eliminate 1,500 jobs there. GM’s popular Chevrolet Cruze is made at the plant.
Portman said he spoke with GM CEO Mary Barra about the decision.
“Her point is what they’ve said publicly, which is the Cruze market is smaller... the customer out there is looking for a different kind of vehicle. Of course my response was ‘Let’s bring some SUVs to Lordstown’ and she said they’re going to look at that."
Read more about the matter in Thursday's Vindicator or on Vindy.com.