WASHINGTON – U.S. Rep. Jackie Walorski (R-Ind.) Wednesday released the following statement after Congress passed the Tax Cuts and Jobs Act, sending it to President Trump for his signature:
“Hardworking Hoosiers send too much of their hard-earned money to Washington and spend too much time figuring out their taxes. Today we are turning away from the status quo and fixing a broken system that for too long has held our country back.
“The Tax Cuts and Jobs Act will let middle-income Americans keep more of the money they earn. It will boost our economy and help businesses grow, invest, hire more workers, and raise wages. It will deliver a fair and simple tax code that puts working families first. And now it is on its way to President Trump’s desk.”
BACKGROUND
The House and Senate both passed the Conference Report to Accompany H.R. 1, the final version of the Tax Cuts and Jobs Act. It passed the House with Walorski’s support by a vote of 224 to 201. Video of Walorski speaking on the House floor in support of this historic tax reform bill is available here.
Bigger Paychecks
American taxpayers send too much of their hard-earned money to Washington, making it harder for middle-income families to thrive. The Tax Cuts and Jobs Actmeans bigger paychecks for hardworking families, more money in their pockets, and more flexibility in how they use it.
- Lowers income tax rates for Americans at all income levels, with rates of 0, 10, 12, 22, 24, 32, 35, and 37 percent.
- Roughly doubles the amount of income excluded from taxes, with the standard deduction increasing to $24,000 for married couples and $12,000 for individuals.
- Supports families by expanding the Child Tax Credit from $1,000 to $2,000 and preserving the Child and Dependent Care Tax Credit and the Adoption Tax Credit.
- Makes no changes to critical retirement savings options like 401(k)s and Individual Retirement Accounts.
- Maintains important education benefits like student-loan interest deductions and expands 529 accounts so families can save for elementary, secondary, and undergraduate education.
Fairer Taxes
The tax code is overly complicated and full of special interest carve-outs and loopholes. The Tax Cuts and Jobs Act eliminates special interest tax breaks and makes the tax code simpler so people can spend less time filing their taxes.
- Simplifies the tax code so most individuals and families can file their taxes as easily as filling out a postcard.
- Eliminates special-interest loopholes while maintaining important middle-class tax incentives.
- Continues important tax deductions for middle-income Americans, including for charitable contributions, home mortgage interest, medical expenses, and state and local taxes up to $10,000.
- Eliminates Obamacare’s individual mandate penalty so no one is forced to buy a health insurance plan they don’t want.
- Protects family farms and small businesses from the Death Tax by doubling the amount of the current exemption.
More Jobs
Our outdated tax code makes it harder for businesses to create jobs and compete in the 21st century economy. The Tax Cuts and Jobs Act will help businesses grow, invest, and hire more workers, and it will keep America competitive in the global economy.
- Lowers taxes on small businesses by offering a 20 percent deduction on business income earned by S corporations, partnerships, LLCs, and sole proprietorships.
- Ensures tax relief is targeted to Main Street job creators by establishing strong safeguards.
- Helps businesses invest and expand by allowing full and immediate expensing of new equipment and by preserving the ability of small businesses to write off interest on loans.
- Lowers the corporate tax rate from 35 to 21 percent, below the average among industrialized nations.
- Levels the playing field for American workers by ending incentives to send American jobs, manufacturing, and profits overseas.
- Supports “Made in America” innovation by maintaining the Research and Development Tax Credit.
For more information about tax reform, visit walorski.house.gov/taxreform.
Walorski represents the 2nd Congressional District of Indiana, serving as a member of the House Ways and Means Committee.
