SHREVEPORT - Senator Bill Cassidy says the tax cut approved early Wednesday morning by the U.S. Senate is a win for Louisiana.
'We will increase the amount of tax home pay, by decreasing the amount of taxes they pay' said Sen. Cassidy.
Cassidy says the Louisiana residents impacted by the 2016 floods will be able deduct their casualty losses by filing an amended return, resulting in cash in their pockets.
The GOP bill lowers individual tax rates, including the top bracket to 37 percent from 39.6, while doubling the standard deduction and replacing personal exemptions with a $2,000 partly refundable child tax credit.
Cassidy says he was in support of raising the tax credit.
As far as funding CHIP, Sen. Cassidy says the funding will happen, but did say Democrats doesn't care how its funded.
Over 100,000 children in Louisiana receive healthcare through CHIP. Funding is expected to end in February 2018.
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