Washington– Thursday, the House of Representatives passed H.R. 1, the Tax Cuts and Jobs Act, by a vote of 227-205. Congressman Mike Conaway (TX-11) released the following statement of support following passage:
“Today, the House of Representatives passed the most sweeping tax reform legislation this country has seen in over 30 years. With the Tax Cuts and Jobs Act, Republicans are putting Americans in the driver’s seat. An average, middle-income American family of four earning $59,000 a year will pay $1,182 less in taxes each year than they do today. Small businesses will see the lowest tax rates since before World War II. Larger businesses have new incentives to bring jobs and investments back to America, to help our economy grow stronger.
“This legislation makes our tax code simpler and fairer for hardworking Americans who are being left behind by our current tax code. The first $24,000 a family makes will be entirely tax free under H.R. 1. The new Family Credit, an expansion of the Child Tax Credit, is increased to $1,600 to help offset the cost of raising a child or caring for a dependent grandparent. The Death Tax will be repealed, allowing family owned farms and businesses to carry on the family tradition without crippling double taxation.
“American families deserve the financial relief that will come with the Tax Cuts and Jobs Act. I’m proud to support this legislation, and look forward to the Senate following suit quickly so that President Trump can sign these tax cuts into law.”