|Enacting Historic Tax Reform!
When I first ran for Congress in 2010, one of my top priorities was to create a fairer, flatter and simpler tax system that would lower taxes for hardworking Americans. Guess what? I did it! Last week, my colleagues and I passed H.R. 1, the Tax Cuts and Jobs Act, 224 to 201, which also passed in the Senate and was signed into law by President Donald Trump this morning.
This ought to cause “huge” economic growth that will be a win for all Americans. The new tax law helps American families because it:
- Nearly doubles the standard deduction from $6,350 to $12,000 for individuals and from $12,700 to $24,000 for married couples
- Lowers individual tax rates, and sets the rates at 0%, 10%, 12%, 22%, 24%, 32%, 35%, and 37%
- Expands the Child Tax Credit
- Preserves the mortgage interest deduction to provide tax relief to current and aspiring homeowners
- Supports graduate students by continuing to exempt the value of reduced tuition from taxes
- Eliminates Obamacare's individual mandate penalty tax to provide families with relief and flexibility
- Much, much more
Already, major companies have announced they are reinvesting millions of dollars into their staff, like AT&T, which has announced it will be giving $1,000 bonuses to hundreds of thousands of employees. I’m proud to have been a part of this and am confident this will be great for you and yours.
Tax reform isn’t the only great thing Congress did this year. While the mainstream media doesn't like to report on all the good work my colleagues in the House and I accomplished in 2017, you can learn more about how we've worked to make your life better by visiting didyouknow.gop. From growing jobs, to improving healthcare, expanding veterans care and more, the House accomplished a lot, and I’m looking forward to continuing our hard work in 2018!