Today Congresswoman Vicky Hartzler (MO-04) made the following statement on the House's passage of the Tax Cuts and Jobs Act (H.R. 1):
"Today we voted to bring tax relief to hard-working families in Missouri and across the United States who, for too long, have had to focus on just getting by instead of getting ahead. This tax plan simplifies the tax code, allows Missouri families to keep more of their paychecks, and enables American businesses to grow, expand, and compete again in the world. It focuses on families by enhancing the child tax credit, allowing deductions for higher education, and maintaining the adoption tax credit. There are still provisions in this bill we can work to improve, like those affecting graduate students, but it is a big step in the right direction. I look forward to working with my colleagues in the Senate to continue refining this bill to bring the American people the tax relief they deserve."
Highlights of the Tax Cuts and Jobs Act:
- Roughly doubles the standard deduction so hard-working Americans take can take home larger paychecks (under the new plan, the first $12,000 of an individual’s income would be tax-free, the first $18,000 of a single parent’s income would be tax free, and the first $24,000 of a couple’s income would be tax-free).
- Increases child tax credit from $1,000 to $1,600 to help parents with the cost of raising children.
- Preserves the adoption tax credit.
- Maintains the deduction for charitable contributions.
- Preserves the home mortgage interest deduction for existing mortgages and newly purchased homes up to $500,000, providing tax relief to current and aspiring homeowners.
- Reduces corporate tax rate from 35% to 20% so businesses can grow and hire more employees.
- Reduces small business tax rate to the lowest it’s been since World War II.
To learn more about the GOP tax plan, please visit www.fairandsimple.gop or text TAX REFORM to 50589.