WASHINGTON, D.C – Representative Jody Hice (R-GA) today released the following statement after the passage of the conference report to accompany H.R. 1, the Tax Cuts and Jobs Act.
“Today, we’re crossing the finish line and establishing a competitive and fair tax system so that future generations will thrive,” said Congressman Hice. “For Americans, this significant tax rewrite will create economic opportunity and keep more money in the pockets of hardworking families and individuals. It will also encourage American businesses to keep their jobs and revenue here, and our job creators will once again be competitive internationally.”
“Rather than being a safe haven for special interests and tax manipulators, the Tax Cuts and Jobs Act will be simple and fair, help create jobs and increase paychecks, and support working families, while restoring certainty to our tax code and our economy,” Hice continued. “I applaud President Trump, Speaker Ryan, Ways and Means Chairman Brady, and all of my colleagues for harnessing this historic opportunity to reform our outdated tax code and deliver on a decades-long promise to the American people.”
The Tax Cuts and Jobs Act:
· Nearly doubles the standard deduction from $6,500 and $13,000 to $12,000 and $24,000 for individuals and married couples respectively;
· Lowers individual taxes to Zero, 10%, 12%, 22%, 24%, 32%, 35%, and 37%;
· Expands the Child Tax Credit from $1,000 to $2,000 for single filers and married couples;
· Repeals Obamacare’s individual mandate;
· Preserves the child adoption credit;
· Preserves the mortgage interest deduction;
· Preserves the graduate student tax credit; and
· Sets the corporate tax rate at 21%, down from 35%.
The full text of the billcan be found here.A summary of the measure can be found here.