Congress Passes Historic Tax Reform
Washington,
December 19, 2017
Rep. Loudermilk (R-GA) issued the following statement today after the House voted on final passage of the historic Tax Cuts and Jobs Act:
“This is an investment in the American people. By lowering taxes for millions of middle-income Americans, by doubling the standard deduction, and by getting government out of the way so American businesses can grow - we are investing in America. This bill is about Americans and the American dream. It is about restoring the land of opportunity for every American. It is about empowering the individual to succeed, not continuing to let the government choose winners and losers. This bill allows Americans to keep more of their hard-earned money so they can invest in what is important to them and their families. By passing this historic tax cut and tax reform bill, we are saying we trust the American people to handle their own money more than we trust the Washington establishment. “Although this bill isn’t perfect, it is a giant step forward. I was proud to cast my vote on behalf of the people of Georgia.” Tax Reform Highlights (Courtesy of the House Committee on Ways and Means) For individuals and families, the Tax Cuts and Jobs Act: Lowers individual taxes and sets the rates at 0%, 10%, 12%, 22%, 24%, 32%, 35%, and 37% so people can keep more of their hard-earned money. Significantly increases the standard deduction to protect roughly double the amount of what you earn each year from taxes – from $6,350 and $12,700 under current law to $12,000 and $24,000 for individuals and married couples, respectively. Continues to allow people to write off the cost of state and local taxes– just like Takes action to support more American families by:
Eliminates Obamacare’s individual mandate penalty tax – providing families with much-needed relief and flexibility to buy the health care that’s right for them if they choose. Maintains the Earned Income Tax Credit to provide important tax relief for low-income Americans working to build better lives for themselves. Improves savings vehicles for education by allowing families to use 529 accounts to save for elementary, secondary and higher education. Provides support for graduate students by continuing to exempt the value of reduced tuition from taxes. Retains popular retirement savings options such as 401(k)s and Individual Retirement Accounts (IRAs) so Americans can continue to save for their future. Increases the exemption amount from the Alternative Minimum Tax (AMT) to reduce the complexity and tax burden for millions of Americans. Provides immediate relief from the Death Tax by doubling the amount of the current exemption to reduce uncertainty and costs for many family-owned farms and businesses when they pass down their life’s work to the next generation. For job creators of all sizes, the Tax Cuts Lowers the corporate tax rate to 21% (beginning Jan. 1, 2018) – down from 35%, which today is the highest in the industrialized world – the largest reduction in the U.S. corporate tax rate in our nation’s history. Delivers significant tax relief to Main Street job creators by:
Protects the ability of small businesses to write off interest on loans, helping these Main Street entrepreneurs start or expand a business, hire workers, and increase paychecks. Preserves important elements of the existing business tax system, including:
Modernizes our international tax system so America’s global businesses will no longer be held back by an outdated “worldwide” tax system that results in double taxation for many of our nation’s job creators. Makes it easier for American businesses to bring home foreign earnings to invest in growing jobs and paychecks in our local communities. Prevents American jobs, headquarters, and research from moving overseas by eliminating incentives that now reward companies for shifting jobs, profits, and manufacturing plants abroad. |