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House Passes Bold, Pro-Growth Tax Reform

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WASHINGTON, D.C. , November 16, 2017 | Andre Castro (202-225-6105) | comments

U.S. Representative Bill Flores (R-Texas) issued the following statement regarding the House passage of H.R. 1, the Tax Cuts and Jobs Act:

“Our decades-old tax code is broken, complicated and full of loopholes for special interests. It is so convoluted that it truly is a ‘swamp code’.

“Today, the House took a crucial step forward to provide much-needed tax relief for hardworking American families. The Tax Cuts and Jobs Act creates a fairer and simpler tax code that is focused on helping working-class Americans. It nearly doubles the standard deduction and increases the Child Tax Credit, while also keeping in place the essential tax credits that help families cope with the increasing costs to raise children. We have simplified the tax code so that most American families will be able to file their taxes on the equivalent of a postcard.   

“The Tax Cuts and Jobs Act also reduces the tax burdens on businesses and job creators of all sizes – from our Texas ‘Main Street’ businesses to major manufacturers. We are reducing the tax rate for small businesses, reducing the corporate tax rate and providing relief from the Death Tax. These measures will help spur economic opportunity at home and improve global competitiveness for American companies.

“While the House-passed Tax Cuts and Jobs Act is overwhelmingly positive, there remains one important provision that should be addressed – preserving the way that waived and discounted tuition for graduate students is treated for income tax purposes. At this time, the Senate’s tax reform bill continues to allow preferable provisions for the treatment of graduate student tuition. As tax reform continues to move through Congress, I am working with my House and Senate colleagues to help provide tax relief for graduate students in the final House-Senate conference tax reform bill.

“We are setting the stage for a tax system, built for the 21st century, which allows hardworking Americans to keep more of their hard-earned paychecks and allows our nation to remain the world’s greatest economic power in an increasingly competitive global economy. When the American people and American companies have a tax code that is a tailwind rather than a headwind, hardworking Americans benefit.”



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Tags: Taxes

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