Hudson Statement on Tax Cuts and Jobs Act
November 2, 2017
FOR IMMEDIATE RELEASE
November 2, 2017
Hudson Statement on Tax Cuts and Jobs Act
WASHINGTON, D.C. - Today U.S. Representative Richard Hudson (NC-08) released the following statement on theTax Cuts and Jobs Act (H.R. 1):
“My goals of tax reform are simple: I want to spur higher wages and more job opportunities, I want to lower the tax burden on working families, and I want to bring jobs back to America. I look forward to further reviewing the Tax Cuts and Jobs Act and continuing to work to reform our nation’s tax code to help improve people’s lives.”
Rep. Hudson and his colleagues are working to advance a plan that makes the tax code simpler, fairer and flatter. Today, House Republicans unveiled legislation that seeks to deliver fiscally responsible tax reform by lowering rates, closing loopholes, and putting hardworking taxpayers ahead of special interests. The bill will be marked up in the Ways and Means Committee next week. The bill:
- 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.
- Lowers individual tax rates for low- and middle-income Americans to Zero, 12%, 25%, and 35% so people can keep more of the money they earn throughout their lives, and continues to maintain 39.6% for high-income Americans.
- Establishes 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 provides a credit of $300 for each parent and non-child dependent to help all families with their everyday expenses.
- Preserves 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.
- Makes filing taxes so easy that most Americans can use a form as simple as a postcard or an app on their smartphone.
- Retains popular retirement savings options such as 401(k)s and Individual Retirement Accounts so Americans can continue to save for their future.
- 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.
- Reduces the tax rate on the hard-earned business income of Main Street job creators to no more than 25% – the lowest tax rate on small business income since World War II.
- Lowers the corporate tax rate to 20% – down from 35%, which today is the highest in the industrialized world.
- Provides immediate relief from the Death Tax by doubling the exemption and repealing the Death Tax after six years, incorporating Rep. Hudson’s legislation, the Farmers Against Crippling Taxes (FACT) Act (H.R. 30), to permanently repeal the federal Estate Tax and end the double taxation that threatens the existence of family farms, small businesses and jobs.
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Issues:Economy and JobsTax Reform