Hensarling Votes for Tax Reform 2.0
WASHINGTON – U.S. Congressman Jeb Hensarling (TX-5) released the following statement after the House passed “Tax Reform 2.0,” a package of three bills which will make permanent the reforms and tax cuts signed into law last year.
“Thanks to tax reform, many workers are now seeing the best economy of their lifetimes. That is why I voted today to make the tax cuts in our law permanent for individuals and small businesses, locking in the reforms that are leading to more jobs and higher paychecks across Dallas County and East Texas. For too long a complicated and onerous tax code diminished the dreams of our citizens, and the passage of Tax Reform 2.0 by the House will help ensure that those days are a thing of the past,” said Hensarling.
Highlights from Tax Reform 2.0:
- Locks in the lower individual tax rates of zero, 12%, 25%, and 35% and top rate of 39.6.
- Maintains the roughly doubled Standard Deduction – from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.
- Makes permanent the new Family Credit – including the Child Tax Credit expanded from $1,000 to $1,600 for each child and the new credits of $300 each for the taxpayer, spouse and other dependents.
- Eliminates the Alternative Minimum Tax for nearly 96 percent of those who paid it last year.
- Doubled exemption from the Death Tax.
- For small businesses, makes permanent the first-ever 20% deduction for pass-through business income.