“This bill is a Christmas present for every American”
Washington, D.C. – Rep. Tom Graves’ (R-GA-14) today voted for and the House passed the Conference Report to Accompany the Tax Cuts and Jobs Act (H.R. 1), which is the final version of legislation to cut taxes for families and businesses and create more American jobs. This legislation worked out differences between the previously-passed House and Senate versions of the bill.
“This is a historic moment for our country,” said Rep. Graves. “When President Trump signs the Tax Cut and Jobs Act into law later this week, it will mark the first time the tax code was reformed in more than three decades.
“Our bill creates a simpler, flatter and fairer tax code,” continued Rep. Graves. “It puts more money in the pockets of hard-working Georgia families and makes the annual tax filing process much easier. It also spurs economic growth and private-sector job creation by slashing the corporate tax rate, which is currently the highest in the developed world, and cutting tax rates for small business income to the lowest levels since the 1940s.
“This bill is a Christmas present for every American family and business. Beginning on January 1, 2018, the new tax code will take effect, meaning Americans will start taking home more of their hard-earned money as soon as February. The American people elected President Trump and the Republican Congress to do big things, and this fulfills one of our promises,” concluded Rep. Graves.
The bill’s highlights include:
Cutting individual tax rates for every bracket
Nearly doubling the standard deduction from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples
Increasing the Child Tax Credit from $1,000 to $2,000
Modernizing the popular 529 educational savings benefit so it can be used for K-12 education expenses in addition to expenses related to higher education
Repealing Obamacare’s harmful individual health insurance mandate
Expanding the medical expense deduction
Lowering the corporate tax rate from 35 percent to 21 percent
Introducing a 20 percent tax deduction for small- and medium-sized businesses