Hensarling Applauds Pro-Growth Tax Reform Legislation
WASHINGTON–U.S. Congressman Jeb Hensarling (TX-5) released the following statement after Congress unrolled fundamental tax reform legislation:
“It has been a generation since we had meaningful reform to our tax code, and we are paying the price,” said Hensarling.
- Our existing code is a maze of tax breaks for some at the expense of many.
- American taxpayers spend a combined $99 billion each year complying with the individual tax code.
- Our nation has the highest corporate income tax rate in the industrialized world – 10-15 points higher than the majority of our international competitors.
“Today, the House Ways and Means committee presented a plan designed for a fundamental shift in our tax code through meaningful, pro-growth reform. This tax reform stimulates job growth, makes our tax code more simple and fair, and ultimately results in bigger paychecks for working families. Texans and Americans want a tax code that is simple and straightforward, and this legislation delivers tax relief to Americans from all walks of life,” added Hensarling.
Among many things, the Tax Cuts & Jobs Act enables the American people to:
- Keep more of their hard-earned money each month with lower tax rates
- Get reprieve from the weight of rising costs in child care and education with an expanded Child Tax Credit
- End the nightmare of filing taxes by providing an easy-to-use tax form
- See increased economic innovation and competitiveness that leads to more “Made in America” jobs
- Receive relief from the “estate tax” which doubles and triples taxes on family-owned farms and businesses that are passed to the next generation
“I applaud fellow Texan, Chairman Kevin Brady (TX-8), and the House Ways and Means Committee for their hard work to deliver results to the American people. I look forward to examining this proposal and hearing from Texans in the 5th District, industry, and stakeholders on how this will affect their businesses and households.”