Washington– Thursday, the House Republican Conference unveiled the Tax Cuts and Jobs Act, a new plan for a simpler, fairer tax code. Congressman Mike Conaway (TX-11) released the following statement of support:
“Our nation’s tax code is no longer working for middle class families. Small businesses are struggling to stay competitive. Job creation is stagnant. Americans are working harder than ever, but just aren’t seeing the benefits.
“Today, House Republicans released a plan for a simpler, fairer tax code. A tax code that helps middle-class families make ends meet, helps small businesses compete, and creates American jobs by incentivizing investments in the American economy.This is the tax code that will put America back to work, and put hard earned money back in the pockets of the families that need it most.
“The Tax Cuts and Jobs Act delivers on the promise we made to the American people when they entrusted Republicans with the Presidency and the majority in Congress. I’m looking forward to getting to work to pass this important legislation, and give Americans the tax cut they deserve.”
Key Provisions of the Tax Cuts and Jobs Act:
Lowers individual tax rates for low- and middle-income Americans to 0%, 12%, 25%, and 35%, while maintaining the top tax bracket at 39.6% for high-income Americans.
Doubles the standard deduction, so the first $12,000 an individual makes, or $24,000 for a married couple, will be entirely tax free.
Simplifies the tax code and eliminates special interest loopholes, lowering rates for all Americans and allowing individuals and families to file their taxes on a form as simple as a postcard.
Preserves deductions American families rely upon: the deductions for charitable contributions and home mortgage interest payments will remain intact for all, as well as the Earned Income Tax Credit for low-income Americans.
401(k) and Individual Retirement Account savings options remain intact.
Dramatically reduces the corporate tax rate to keep America competitive, providing the stability businesses need to grow and create jobs.
Immediately doubles the exemption rate for the Death Tax, and repeals it entirely after six years.
Establishes a new Family Tax Credit, which is an expansion of the Child Tax Credit from $1,000 to $1,600 to help with the costs of raising children.
Preserves the Child and Dependent Care Tax Credit to help families care for their children as well as older dependents who need additional support.