Hensarling Statement on House and Senate Passage of Historic Tax Reform
WASHINGTON–U.S. Congressman Jeb Hensarling (TX-5) released the following statement after the House and Senate passed The Tax Cuts & Jobs Act:
“For hardworking taxpayers, the day has finally come. The House and Senate passed the historic Tax Cuts and Jobs Act, the most meaningful tax reform legislation in over a generation. For those who over the last eight years saw their paychecks stagnate, their savings not recover, and their dreams diminish – help is finally on the way. The legislation now sits on the desk of the President for his signature.
“The law lowers tax rates for all Americans, reduces taxes for Main Street small businesses, and generates more ‘Made in America’ labels by finally making our corporate tax rate competitive.
“This tax reform plan was built for growth: growth of take home pay, growth of better jobs, and growth of the American dream. Economic growth is also a vital part of the solution to our deficit, and history has shown that meaningful tax reform leads to robust economic growth above three percent. Combined with smart regulatory relief and competent monetary policy, I fully believe that the Tax Cuts and Jobs Act can and will deliver sustained strong economic growth.
“Of course, we must combine economic growth with meaningful entitlement reform of current programs for future generations in order to deal with our threatening and unsustainable national debt.
“Although the Tax Cuts and Jobs Act failed to fully repeal the Death Tax and Alternative Minimum Tax and did not achieve the level of simplicity or flatness I had worked for, it remains a great and historic pro-growth achievement and I am proud to support it.”
Among several items, the Tax Cuts and Jobs Act the legislation will:
- Lower individual taxes and set specific rates at 0%, 10%, 12%, 22%, 24%, 32%, 35%, and 37% -- allowing you to keep more of the money you earn
- Roughly double the standard deduction for single and married filers
- Continue to allow you to write off the cost of state and local taxes – enabling the ability to deduct property and income taxes
- Expand the Child Tax Credit to help parents with the cost of raising children
- Deliver tax relief to Main Street by offering new tax deductions
- Allow businesses to write off the full cost of new equipment
- Protect the ability for small businesses to write off interest on loans
- Double the threshold amount for the Death Tax
- Eliminate the Corporate Alternative Minimum Tax which helps job creators focus on growing their business instead of filling out burdensome paperwork
- Boost American energy production while creating jobs and reducing our dependence on foreign oil
- Eliminate Obamacare’s individual mandate penalty tax