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By Mac Thornberry for Congress (Reporter)
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House passes Tax Cuts and Jobs Act

Thursday, November 16, 2017 13:43
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WASHINGTON- U.S. Congressman Mac Thornberry (R-Clarendon) voted today in support of H.R.1, the “Tax Cuts and Jobs Act,” which passed the House by a vote of 227-205.

“It is time to create jobs, grow the economy, and improve everyone’s standard of living. We need to let hard working taxpayers keep more of the money they earn – that is exactly what this bill does,” Thornberry said. “This tax reform is our chance to lower taxes, simplify the tax code, and give our economy the boost it needs.”

Highlights:

  • Lowers individual tax rates for low- and middle-income Americans to 12, 25, and 35 percent and maintains a 39.6 percent rate for high-income Americans;
  • Increases the standard deduction and eliminates special interest deductions;
  • Establishes a new family credit and expands and increases the Child Tax Credit;
  • Preserves the mortgage interest deduction for existing mortgages and maintains the mortgage interest deduction for new homes up to $500,000;
  • Continues to allow for state and local property tax deductions up to $10,000;
  • Limits the maximum tax rate for small and family-owned pass-through businesses to 25 percent;
  • Lowers the corporate tax rate to 20 percent; and
  • Doubles the Death Tax exemption and completely repeals the Death Tax after 7 years.

To read the full bill and summary click here.

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Source: http://thornberry.house.gov/news/documentsingle.aspx?DocumentID=398303

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