From the office of congressman Bill Flores:
“Today, the House is delivering on our promise to provide much-needed tax relief to hardworking American families and businesses.
We are changing the status quo by putting in place a bold, pro-growth tax system for the 21st century that helps working-class Americans and catapults our nation back to a leading position in an increasingly competitive global economy.
The Tax Cuts and Jobs Act nearly doubles the standard deduction, lowers individual and corporate tax rates, expands the child tax credit, encourages American investment, boosts American energy production and repeals Obamacare’s individual mandate.
I was particularly pleased to see that this bill preserves the beneficial tax treatment for graduate students receiving waived and discounted tuition incentives, which my team and I worked hard to protect.
“Our current tax code is broken, outdated, full of loopholes for special interests and has hindered the growth of our economy for too long.
This is a historic moment as we are putting in place a tax system that will lead to more jobs, bigger paychecks and fairer taxes for hardworking American families.”
From the office of congressman Kevin Brady:
Today, the House took historic action to pass the House-Senate conference committee report for the Tax Cuts and Jobs Act (H.R. 1) – approving the final legislative text to overhaul the nation’s tax code for the first time in 31 years. With this bill, the typical family of four earning the median family income of $73,000 will receive a tax cut of $2,059.
“Today, the House took action on once-in-a-generation legislation that will dramatically improve the lives of hardworking people in Texas and across the country. We rejected today’s broken tax code that has hurt families, businesses, and our economy in favor of transformational tax reform that will create more jobs, increase paychecks, and make the tax code simpler and fairer for Americans of all walks of life. This is truly a historic moment.
“I’m proud of all the lawmakers who stood up for the American people and against the status quo. After years of work to develop this legislation, families will soon be able to keep more of the money they earn. Entrepreneurs will be able to turn that next new idea into a business, create more jobs, and invest in their communities. Businesses will bring American jobs and headquarters back home. And with a stronger economy, workers will have even more opportunities to get ahead.
“This legislation also repeals the harmful effects of Obamacare’s unpopular and ineffective individual mandate – delivering on another promise to provide families with the freedom to buy health care plan that’s right for them. This is a major step forward as we continue working toward a patient-centered health care system.
“The Senate will have the opportunity to act – just as the House did this afternoon – and soon Congress will send this legislation to President Trump to be signed into law. These are the last days of America’s uncompetitive, overly complex, and outdated tax code. In the new year, Americans will have a new tax code that truly works for them.”
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Source: Culture – WTAW