U.S. Rep. Jackie Walorski (R-Ind.) Thursday released the following statement after supporting H.R. 1, the Tax Cuts and Jobs Act, which passed the House by a vote of 227 to 205:
“Hardworking Hoosiers send too much of their hard-earned money to Washington and spend too much time figuring out their taxes. Today we are one step closer to changing that.
“The Tax Cuts and Jobs Act delivers a fair and simple tax code that will let working families keep more of their paychecks. And it will help American businesses grow, invest in our communities, hire more workers, and raise wages.
“I look forward to working with the Senate to send tax reform legislation to President Trump’s desk so hardworking Americans have a better chance to live the American Dream.”
BACKGROUND
Congresswoman Walorski on Wednesday spoke in support of the Tax Cuts and Jobs Act on the House floor. Video of her remarks is available here.
Bigger Paychecks
American taxpayers send too many of their hard-earned dollars to Washington, making it harder for middle-class 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 low- and middle-income Americans to 0, 12, 25, and 35 percent. It would maintain a 39.6 percent rate on high-income Americans.
- Roughly doubles the amount of income excluded from taxes, with the standard deduction increasing from $12,700 to $24,000 for married couples and from $6,350 to $12,000 for individuals.
- Supports families by expanding the Child Tax Credit from $1,000 to $1,600, providing a $300 credit for each parent and non-child dependent, and preserving the Child and Dependent Care Tax Credit and Adoption Tax Credit.
- Makes no changes to critical retirement savings options like 401(k)s and Individual Retirement Accounts.
- Streamlines higher education benefits so families can save for college and other education expenses.
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Our outdated tax code makes it harder for businesses to create jobs and compete in the 21st century economy.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 the tax rate on small businesses to no more than 25 percent, the lowest rate on Main Street job creators in nearly 80 years.
- Provides additional tax relief for small businesses and startups with a lower rate of 9 percent on their first $75,000 in income.
- Ensures tax relief is targeted to local 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 20 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.
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 so simple most people can file on a postcard-size form.
- Simplifies the tax code so most individuals and families can file their taxes on a postcard-like form.
- Eliminates special-interest loopholes while maintaining important middle-class tax incentives.
- Continues important middle-class tax deductions, including for charitable contributions, home mortgage interest, and state and local property taxes up to $10,000.
- Protects family farms and small businesses from the Death Tax by immediately doubling the exemption and repealing the Death Tax fully in 2023.
Learn more at walorski.house.gov/taxreform.
Walorski represents the 2nd Congressional District of Indiana, serving as a member of the House Ways and Means Committee.
