Washington– Thursday, the House of Representatives passed the framework for tax reform legislation through the FY2018 Budget Resolution. Congressman Mike Conaway (TX-11) released the following statement upon passage:
“The last time the tax code received a major overhaul, it was 1986 and a gallon of gas cost 89 cents. A lot has changed over the last 30 years, but our overly complex tax code has not and America’s middle-class families, who are now struggling to make ends meet, are suffering as a result.
“Right now, the tax code favors the wealthiest individuals who can afford the army of accountants to take advantage of all the special-interest loopholes and deductions. By closing those loopholes to ensure that the top few are not given unfair advantages, and by simplifying the tax code, American families will be on an even playing field as our economy grows. In fact, the average American family will see an extra $4,000 back in their pockets each year.
“The Republican vision for tax reform supports the American workers and families who have been shouldering the burdens of the recession for too long. Small businesses have been held back, unable to grow and create jobs under the current burdensome tax code. Tax reform changes that, putting Main Street back in the driver’s seat. Modernizing our tax code in the face of globalization puts the needs of our nation, our businesses, and our families first. And that’s a plan for America we can all support.”