WASHINGTON, D.C.- Today, Representative Ted Poe (TX-02) released the following statement after the U.S. House of Representatives passed the conference report for H.R.1, the Tax Cuts & Jobs Act.
“Today, the House took historic action by passing the most sweeping, pro-growth tax reform in over 30 years, said Rep. Poe. “The Tax Cuts and Jobs Act creates a simpler and fairer tax code, giving relief to middle income Americans. It also lowers the corporate tax rate to 21%, which is currently one of the highest in the world. This will help make our country more competitive, create more jobs, and increase paychecks.”
A typical family of four earning the median family income of $73,000 will receive a tax cut of $2,059.
The Tax Cuts and Jobs Act:
Simplifies an outdated tax code and promotes domestic and global economic competitiveness.
Increases the standard deduction by nearly double ($12,700 for individuals and $24,400 for joint filers. That money is not taxed at all).
Lowers tax rates across the board.
Expands the child tax credit to $2,000, giving parents more money to help raise their families.
Lowers the corporate tax rate to 21%. This means real tax relief to small business job creators.
Eliminates Obamacare’s individual mandate penalty tax, allowing Americans to buy the health care that is right for them, if they choose to.
Supports graduate students by continuing to exempt the value of reduced tuition from taxes.
Increases the exemption amount from the Alternative Minimum Tax.
Reforms the Death Tax by doubling the amount of the current exemption.
For more details regarding the Tax Cuts and Jobs Act, click here: http://bit.ly/2BIsycf