U.S. Rep. Jackie Walorski (R-Ind.) Thurday released the following statement after House Republicans unveiled H.R. 1, the Tax Cuts and Jobs Act, which would overhaul the tax code for the first time in 31 years to boost job growth and provide tax relief for middle-class families:
“Hoosiers deserve every opportunity to achieve success and live the American Dream, and that’s what tax reform is all about. The Tax Cuts and Jobs Act will help American businesses expand, invest, and hire more workers, and it will let middle-class families keep more of the money they earn. It’s time to fix our broken tax code and level the playing field for hardworking Americans by once again making America the best place in the world to do business.”
BACKGROUND
Walorski is a member of the House Ways and Means Committee, which drafted the legislation. Following the announcement of the bill, Walorski joined committee members at the White House to meet with President Trump.
More Jobs
Our outdated tax code makes it harder for businesses to create jobs and compete in the 21st century economy. The Tax Cuts and Jobs Act will help businesses grow, invest, and hire more workers, and it will keep America competitive in the global economy.
- Lowers the tax rate on small businesses to no more than 25 percent, the lowest rate on Main Street job creators in nearly 80 years.
- Ensures tax relief is targeted to local job creators by establishing strong safeguards.
- Helps businesses invest and expand by allowing full and immediate expensing of new equipment and by preserving the ability of small businesses to write off interest on loans.
- Lowers the corporate tax rate from 35 to 20 percent, below the average among industrialized nations.
- Levels the playing field for American workers by ending incentives to send American jobs, manufacturing, and profits overseas.
- Supports “Made in America” innovation by maintaining the Research and Development Tax Credit.
Fairer Taxes
The tax code is overly complicated and full of special interest carve-outs and loopholes. The Tax Cuts and Jobs Act eliminates special interest tax breaks and makes the tax code so simple most people can file on a postcard-size form. The committee will consider the legislation next week.
- Simplifies the tax code so most individuals and families to file their taxes on a postcard-like form.
- Eliminates special-interest loopholes while maintaining important middle-class tax incentives.
- Continues important middle-class tax deductions, including for charitable contributions, home mortgage interest, and state and local property taxes up to $10,000.
- Protects family farms and small businesses from the Death Tax by immediately doubling the exemption and repealing the Death Tax fully after six years.
Bigger Paychecks
American taxpayers send too many of their hard-earned dollars to Washington, making it harder for middle-class families to thrive. The Tax Cuts and Jobs Actmeans bigger paychecks for hardworking families, more money in their pockets, and more flexibility in how they use it.
- Lowers income tax rates for low- and middle-income Americans to 0, 12, 25, and 35 percent. It would maintain a 39.6 percent rate on high-income Americans.
- Roughly doubles the amount of income excluded from taxes, with the standard deduction increasing from $12,700 to $24,000 for married couples and from $6,350 to $12,000 for individuals.
- Supports families by expanding the Child Tax Credit from $1,000 to $1,600, providing a $300 credit for each parent and non-child dependent, and preserving the Child and Dependent Care Tax Credit.
- Makes no changes to critical retirement savings options like 401(k)s and Individual Retirement Accounts.
- Streamlines higher education benefits so families can save for college and other education expenses.
Learn more at walorski.house.gov/taxreform and at the links below:
- Read the full legislative text of the Tax Cuts and Jobs Act.
- Read the section-by-section summary of the bill.
- Read policy highlights of the bill.
- Read examples of how the Tax Cuts and Jobs Act will help hardworking Americans.
Walorski represents the 2nd Congressional District of Indiana, serving as a member of the House Ways and Means Committee.
Watch a video statement from Congresswoman Walorski here .
