PRESS RELEASE
Upon introducing the Tax Cuts and Jobs Act, Speaker
Ryan issued the following statement:
"This is an historic day. For too long, hardworking
Americans have suffered under a tax code that is too unfair, too complicated,
and too expensive. That ends this year. The Tax Cuts and Jobs Act will simplify
the code so you can file your taxes on a form the size of a postcard. Under our
plan, typical middle-class families will see bigger paychecks and receive a
$1,182 tax cut. That means greater take-home pay and more money in your pocket.
Working with the Senate and President Trump, we are going to make good on our
promise to deliver relief to the American people. It's time to get this
done."
The Tax Cuts and Jobs Act is a game-changer for our country.
Under our plan, typical middle-class American families will receive a $1,182
tax cut.
CLICK HERE to
read the section-by-section summary of the Tax Cuts and Jobs Act.
CLICK HERE to
read the policy highlights in the Tax Cuts and Jobs Act.
CLICK HERE to
read examples of how the Tax Cuts and Jobs Act will help
Americans of all walks of life.
For individuals and families, the Tax
Cuts and Jobs Act:
·
Lowers individual tax rates for low- and
middle-income Americans to zero, 12 percent, 25 percent, and 35 percent so
people can keep more of the money they earn throughout their lives, and
continues to maintain 39.6 percent for high-income Americans.
·
Significantly increases the standard deduction to
protect roughly double the amount of what you earn each year from taxes – from
$6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.
·
Eliminates special-interest deductions that
increase rates and complicate Americans’ taxes – so an
individual or family can file their taxes on a form as simple as a postcard.
·
Takes action to support American
families by:
Establishing a new Family Credit – which includes expanding the
Child Tax Credit from $1,000 to $1,600 to help parents with the
cost of raising children, and providing a credit of $300 for each parent and
non-child dependent to help all families with their everyday expenses.
Preserving the Child and Dependent Care Tax Credit to help
families care for their children and older dependents such as a disabled
grandparent who may need additional support.
·
Preserves the Earned Income Tax Credit to
provide important tax relief for low-income Americans working to build better
lives for themselves.
·
Streamlines higher education benefits to
help families save for and better afford college tuition and other education
expenses.
·
Continues the deduction for charitable
contributions so people can continue to donate to their local church,
charity, or community organization.
·
Preserves the home mortgage interest deduction for
existing mortgages and maintains the home mortgage interest deduction for newly
purchased homes up to $500,000 – providing tax relief to current and aspiring
homeowners.
·
Continues to allow people to write off the
cost of state and local property taxes up to $10,000.
·
Retains popular retirement savings options such
as 401(k)s and Individual Retirement Accounts so Americans can continue to save
for their future.
·
Repeals the Alternative Minimum Tax so
millions of individuals and families will no longer have to worry about
calculating their taxes twice each year and pay the higher amount.
·
Provides immediate relief from the Death Tax
by doubling the exemption and repealing the Death Tax after six years. Family-owned
farms and businesses will no longer have to worry about double or triple
taxation from Washington when they pass down their life’s work to the next
generation.
For job creators of all sizes, the Tax
Cuts and Jobs Act:
·
Lowers the corporate tax rate to 20
percent – down from 35 percent, which today is the highest in the
industrialized world – the largest reduction in the U.S. corporate tax rate in
our nation’s history.
·
Reduces the tax rate on the hard-earned business
income of Main Street job creators to no more than 25 percent –
the lowest tax rate on small business income since World War II.
·
Establishes strong safeguards to distinguish
between individual wage income and “pass-through” business income so Main
Street tax relief goes to the local job creators it was designed to help most.
·
Allows businesses to immediately write off the
full cost of new equipment to improve operations and
enhance the skills of their workers – unleashing the growth of jobs, productivity,
and paychecks.
·
Protects the ability of small businesses to
write off the interest on loans that help these
Main Street entrepreneurs start or expand a business, hire workers, and
increase paychecks.
·
Retains the low-income housing tax
credit that encourages businesses to invest in affordable housing so
families, individuals, and seniors can find a safe and comfortable place to
call home.
Preserves the Research & Development Tax Credit –
encouraging our businesses and workers to develop cutting-edge “Made in
America” products and services.
·
Strengthens accountability rules for
tax-exempt organizations to ensure the churches,
charities, foundations, and other organizations receiving tax-exempt status are
focused on helping people and communities in need.
·
Modernizes our international tax system so
America’s global businesses will no longer be held back by an outdated
“worldwide” tax system that results in double taxation for many of our nation’s
job creators.
·
Makes it easier and far less costly for American
businesses to bring home foreign earnings to invest in
growing jobs and paychecks in our local communities.
·
Prevents American jobs, headquarters, and
research from moving overseas by eliminating
incentives that now reward companies for shifting jobs, profits, and
manufacturing plants abroad.
The House Ways and Means Committee will mark up the Tax
Cuts and Jobs Act on November 6, 2017.
·
